Allen Iverson once busted the 'broke' myth, despite spending $40,000 every night in his prime

Allen Iverson was a basketball icon who was idolized by so many during the 1990s and 2000s. Along with the immense popularity comes a double-edged sword, and sometimes people would spread nasty rumors.

After his playing years, "The Answer" released a documentary in 2014. His objective was to tell his story firsthand and clear out all the rumors.

One rumor about the former NBA MVP concerned his lavish spending, that he usually throws away $40,000 a night on parties. In playing for 14 years, Iverson made over $150 million, and there was news that spread that he was broke.

In an interview with CBS, Iverson cleared out that he is financially fine.

"That's a myth. That's a rumor," Iverson said.

The 87-minute documentary featured interviews from former coach Larry Brown and former Philadelphia 76ers owner Pat Croce. Iverson also says that he is just like any other person who has problems, and the documentary shows he is like anybody else.

"I mean the fact that I'm struggling in any part of my life, you know what I mean, and that's what the documentary is for as well," said Iverson. "I really don't care too much about what people that don't care about me say, but a lot of times I get tired of defending myself."

WATCH: Allen Iverson talks about his documentary on CBS News

Allen Iverson wants to inspire the next generation

The story of Allen Iverson is intriguing, but it also provides some good life lessons. While promoting the "Iverson" documentary, the 11-time NBA All-Star wanted to tell his story on his terms so the younger generation could understand and have hope.

"People really don't know who I am," Iverson said. "I'm judged obviously by the idiot box and the newspaper, and, you know, I really want to do this, wanted kids to see that they can make it regardless. You hit roadblocks in life, but I'm living proof that you can overcome the roadblocks and become what you want to become."

Allen Iverson inspired many NBA superstars, and one of them was Dwyane Wade who made him his presenter for his induction to the Naismith Memorial Hall of Fame.

WATCH: Dwyane Wade gives tribute to Allen Iverson