How did Evander Holyfield become broke? What went wrong?

I want to win the lottery so I can spend ridiculous amounts on silly things and end up broke.

It's basically getting to used to your situation and spending massive amounts because you're earning massive amounts and you think it's never going to stop. Plus his marriages and kids. In 2008 i had signed to a major record label in the UK and got quite a large amount advance, by mid 2010, i had burnt through the lot without realising and was almost broke. Just being foolish and thinking money was going to keep rolling in and basically not realising the things i was buying was just adding up to a big amount of money. But we actually had an accountant who put a stop to it in the end, and really the amount i had was a drop in the ocean compared to Holyfield so it makes me wonder that the money that Holyfield had, you would think he would have had some top financial advisors in place. Then again, maybe he did but he has the final say, it's his money I wouldn't be surprised if bypassed financial advisers and trusted "god" with all of his money instead.

It's basically getting to used to your situation and spending massive amounts because you're earning massive amounts and you think it's never going to stop. Plus his marriages and kids. In 2008 i had signed to a major record label in the UK and got quite a large amount advance, by mid 2010, i had burnt through the lot without realising and was almost broke. Just being foolish and thinking money was going to keep rolling in and basically not realising the things i was buying was just adding up to a big amount of money. But we actually had an accountant who put a stop to it in the end, and really the amount i had was a drop in the ocean compared to Holyfield so it makes me wonder that the money that Holyfield had, you would think he would have had some top financial advisors in place. Then again, maybe he did but he has the final say, it's his money

All of the above. The real lesson is having a lot of money is WAY different than having a lot of income. Once the income stops, every penny you spend disappears and isn't replaced. It comes out of what you own. New cars, new homes, staying in expensive hotels, taking a private jet instead of flying coach on an airline -- not to mention child support and such -- all of it subtracts from what you have and once a boxer retires there's very little coming in to replace it (unless you're George Foreman with a grill deal). Ten years go by living the Lifestyle of the Rich & Famous without replacement income and *poof* it's gone. I hear Lennox has a good sum of income coming in as well.

Yep, spending like there's no tomorrow and huge amounts of child support, plus bad business deals. Also probably why he didn't retire until he was damn near 50.

All of the above. The real lesson is having a lot of money is WAY different than having a lot of income. Once the income stops, every penny you spend disappears and isn't replaced. It comes out of what you own. New cars, new homes, staying in expensive hotels, taking a private jet instead of flying coach on an airline -- not to mention child support and such -- all of it subtracts from what you have and once a boxer retires there's very little coming in to replace it (unless you're George Foreman with a grill deal). Ten years go by living the Lifestyle of the Rich & Famous without replacement income and *poof* it's gone.

Poor Evan.

Pretty simple Earnings: $230 million Trainer/Manager @ 30%: - $69 million Tax @ 40%: - $65 million Nett is $96 million 2 divorces probably took at least 50% of that so he's down to say $50 million $30 million house and he's @ $20 million 6 kids on child support for 10years @ say $1 million per year in total and he's down to $10 million Throw in massive donations to his church, a bunch of crappy business deals and he is forced to mortgage the house and pay interest with no real revenue coming in Eventually he defaults on the mortgage and he cant sell the house during the GFC so the bank forecloses The American Dream http://replygif.net/i/95.gif

I saw the house in atlanta he used to own in person years back and WOW!!! It's enormous. Online it says he made around $230 million throughout his career, so where did it all go? How did all of that money vanish in such a quick amount of time? I find it very hard to believe that all of it is gone. Did this man not have anyone he could trust to manage his money? His brother/sister, anyone??? This is sad. Because of his Johnsson:banana:

By not pulling out.

He punched people in the head for a living. No one confused him for an Accountant or Financial Adviser. Although, he should have been smart enough to hire the latter. Too many kids, too many luxuries. Even deep wells can run dry.

Same thing that happens to most of them. They come from a background of being dirt poor, they make enormous sums of money and the only people they have around them are people they pay for the most part. They have no idea how to deal with the kind of money they are making all of a sudden and spend like its never going to end, then it does.This is the norm not the exception, a large percentage of professional athletes end up broke.100% on the spot correct advice. Plus, also remember many boxers come from humble, working-class backgrounds at best. Many with big families. Once the millions roll in the family members will start bringing in business proposals. "Evander, I cook such good friend chicken. Lets open our own restaurant! It's bound to make a killing" "Evander, we should open our own real estate development company. Your uncle and cousin could manage it. We're going to rake in millions!" Needless to say, if you hand your relatives money to "invest" you will likely never see it again.

I saw the house in atlanta he used to own in person years back and WOW!!! It's enormous. Online it says he made around $230 million throughout his career, so where did it all go? How did all of that money vanish in such a quick amount of time? I find it very hard to believe that all of it is gone. Did this man not have anyone he could trust to manage his money? His brother/sister, anyone??? This is sad. It went to buying PU$$Y why do you think Floyd remains as Fred Sanford you indicate by moving his hand side to side

could have bought a box of condoms for a few dollars and still had 100 million in the bank

Doesn't he has like 11 kids?

His net worth is apparently $500,000 so he's not completely broke as such. Nothing compared to what he was once worth, but he still has half a million USD and I'd guess he has at least a few million in offshore bank accounts if he has a half-decent accountant. He was interviewed last month in the UK on Bunce's show and he definitely didn't behave like a man who was desperately broke. He seemed fairly content and happy with life. Here's the full episode: https://watch.boxnation.com/catchup/watch/1137726 He is not completely broke but net worth is just what you own vs what you owe. My father owns about as much in land, overseas in his home country and home he built there, and he never earned millions. It's easy to own $200k or so, worth of land, depending when you bought it and where. Holyfield doesn't own land, it's just an example. I'm saying, he does not have that $500k in cash, and even if he did, that's not an ideal amount of money to be left with after you've earned 10s of millions of dollars.

crossdomain access denied try this proxy link, still might not work though.. http://tinyurl.com/gw8zpgq ^ goto that site then put the below link in the text box and click Go https://watch.boxnation.com/catchup/watch/1137726

works for me, what does it say when you click it? crossdomain access denied

the link doesn't work..... come on man. works for me, what does it say when you click it?

His net worth is apparently $500,000 so he's not completely broke as such. Nothing compared to what he was once worth, but he still has half a million USD and I'd guess he has at least a few million in offshore bank accounts if he has a half-decent accountant. He was interviewed last month in the UK on Bunce's show and he definitely didn't behave like a man who was desperately broke. He seemed fairly content and happy with life. Here's the full episode: https://watch.boxnation.com/catchup/watch/1137726 the link doesn't work..... come on man.