9. Scottie Pippen

After earning $109,192,430 as an NBA player Scottie Pippen made bad financial decisions, such as purchasing a corporate jet at a cost of $4 million, which he proceeded to never actually use. His fortune was also squandered through a series of bad financial investments he made as well as spending money on lavish items and keeping the top rated lawyers on retainer, a rather expensive endeavor even for the richest of individuals. His is currently working as the Chicago Bulls team ambassador in an attempt to earn back the money he lost over the years to lawyers’ fees and mismanaged spending.

10. Allen Iverson

At the top of the heap of NBA players that went from rich to broke is Allen Iverson. After earning $200 million during his career he blew his fortune purchasing expensive jewelry as well as elaborate jets. He also provided his friends, whom he called freeloaders, with money whenever they asked for it. Iverson was also forced to pay $860,000 to a jewelry store he owed money to. His Georgia and Colorado homes were foreclosed on as well. His net worth is now estimated to be below $1 million.

Though each of these NBA players started out on top of the world they quickly saw their fortunes disappear as they spent money recklessly and without abandon. A failure to have a solid financial management plan in place likely led these athletes to take themselves from rich to broke. Only time will tell if any of them learns how to be more responsible with money and are able to recover financially from all the bad decisions they made during and after their careers in the NBA.

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