How does a multi-millionaire become a bankrupt? Time's story about Allen Iverson is instructive. Allen was a NBA basketball star who earned an income of US$145 million over a 15 years playing career. That's a shitload of income. It's almost US$10 million a year. Yet, he appears to be completely broke now. Broke. Zero. How did it happen? Simple. Not living within his means. It's a lifestyle of extravagance, indulgence to the extremes, and a complete lack of prudence in financial planning. Perhaps none at all? Almost. Luckily for him, as broke as he is now, there is a silver lining. He has a lifetime endorsement contract with Reebok for which a $30 million trust fund has been established. While he will not be able to touch that till 2030, at least thereafter, his golden years will still be taken care of. Let's hope he doesn't blow that too! It's ......