Why do so many former boxing champions go broke?

[Expertise]

Does it happen in other sports aswel?

I mean guys like

Mike Tyson
Muhammad Ali
Evander Holyfield
Rid**** Bowe
Joe Louis
Sonny Liston
Joe Frazier

all made millions and still went broke.

Do you guys think the same will happen to the Klitschko brothers? Do you think the Klitschkos will also spend all their money on cars, grills, rims, bling bling, drugs , ... ??

[Expertise]

Maybe its because promoters rip the boxers of too much

[GrandpaBernard]

Does it happen in other sports aswel?

I mean guys like

Mike Tyson
Muhammad Ali
Evander Holyfield
Rid**** Bowe
Joe Louis
Sonny Liston
Joe Frazier

all made millions and still went broke.

Do you guys think the same will happen to the Klitschko brothers? Do you think the Klitschkos will also spend all their money on cars, grills, rims, bling bling, drugs , ... ??

They don't know how to manage their money.

[THE REED]

It's not just boxing... it's MOST athletes.

When you are used to making MILLIONS of dollars, you don't ever have to question whether you should buy something or not because of money.

You have millions of dollars... you just buy it.. you don't even care how much it costs.

Athletes and actors and other celebs get attached to this way of living, you live this way for years to the point where it's just your natural way of life to have whatever you want.

The problem starts, when they retire...

Unless you're a billionaire, in which the interest of your money makes you millions alone... you can, and will, burn through cash and eventually end up broke.


When the money stops coming IN, but you don't stop living the way you're accustomed too... you will eventually drain your bank.

[Expertise]

But then again there have been champs in the past who didnt go broke.

Guys like rocky marciano, jack dempsey, max schmelling, ...

I guess we will just have to wait and see what happens with the K bros

[GrandpaBernard]

It's not just boxing... it's MOST athletes.

When you are used to making MILLIONS of dollars, you don't ever have to question whether you should buy something or not because of money.

You have millions of dollars... you just buy it.. you don't even care how much it costs.

Athletes and actors and other celebs get attached to this way of living, you live this way for years to the point where it's just your natural way of life to have whatever you want.

The problem starts, when they retire...

Unless you're a billionaire, in which the interest of your money makes you millions alone... you can, and will, burn through cash and eventually end up broke.


When the money stops coming IN, but you don't stop living the way you're accustomed too... you will eventually drain your bank.

to be fair, actors and musicians can often times come from middle class or better backgrounds, so handling money isn't a foreign art for them

Boxers are often hood nigg@s who grew up without much money

[Expertise]

It's not just boxing... it's MOST athletes.

When you are used to making MILLIONS of dollars, you don't ever have to question whether you should buy something or not because of money.

You have millions of dollars... you just buy it.. you don't even care how much it costs.

Athletes and actors and other celebs get attached to this way of living, you live this way for years to the point where it's just your natural way of life to have whatever you want.

The problem starts, when they retire...

Unless you're a billionaire, in which the interest of your money makes you millions alone... you can, and will, burn through cash and eventually end up broke.


When the money stops coming IN, but you don't stop living the way you're accustomed too... you will eventually drain your bank.

Yeah I read somwhere that 60 % of NBA players go broke in their first 5 years of retirement. crazy stuff

[Trigg]

In some cases they lived the high life when they're fighting, and they want to continue living the high life when they retire

Women and champagne doesn't come cheap

[Expertise]

In some cases they lived the high life when they're fighting, and they want to continue living the high life when they retire

Women and champagne doesn't come cheap

So you think the same will happen to the K bros?

[THE REED]

to be fair, actors and musicians can often times come from middle class or better backgrounds, so handling money isn't a foreign art for them

Boxers are often hood nigg@s who grew up without much money

The difference is.. when you go from that... to millions, you become accustomed to those millions... of course there are exceptions.. people who do manage their money correctly... but for the most part, you become accustomed to living a certain way.

Where the luck falls on actors and musicians is they can stay in their field and make money MUCH longer than athletes.

Basically at 40, you're done as an athlete... actors can go into their 80's.