Why do so many former boxing champions go broke?

[Ray*]

Most of them seem to be americans, I like to know if any other boxer from a different continent turn out broke after gaining all those riches.

[Slip Stream]

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 , ... ??

These guys that strike it rich in boxing are just regular guys with dreams of making it big, problem is that some of them do, but because their chances are so slim they bring with them all the frailty and unevenness of simpler lives. Most of these guys have no idea how to deal with all of that fame and money once it starts pouring in. Just because one can make millions by no means assures that they are wise enough to keep them, for most of these guys their wealth is like sand slipping their fingers.

I think we ask too much of them when we ask them to manage it all. I don't know if fame can be managed in the end and maybe it's this double edged sword to where one is hurt just as much as they are helped.

Notice how folks that are bestowed wealth by chance seldom are able to hold onto it?

[RlCKY]

There is a plethora of reasons...too many kids, an entourage that they support, drugs, women, cars, homes, and the thought that the money is gonna keep coming

[01samuelc]

Ali isn't broke.

he did go broke though. he isn't because i think he sold his image rights for 50 million

[01samuelc]

http://www.youtube.com/watch?v=13xfLnxaoQQ&feature=related

Charlie harpers accountant explains it beautifully lol

[ballgamessuck]

Athletic does not equal intelligent. Most of the ones that go broke are idiots.

[GrandpaBernard]

because actors/musicians still get royalties long after they retire and can usually find some sort of work, writing a book, making a vh1 reality show (reserved for broke nba/nfl/singers), work for a studio/company.

What can a boxer do? He made millions, wasnt smart enough to invest it. You think he is going to train other boxers for $30,000 a year? Yea right.

And klitschko brothers aren't going to go broke, they actually have a brain and an education. Thats why they left their promoters as soon as they could and started their own company. They own alot of property in germany/ukraine and alot of investments.

Boxers need a fa as soon as they start getting paid the good money. You make $500k? Let the financial advisor give you $30-40k out of that $500k and they will invest the rest that you cant touch. Make sure the fa is from a reputable company and not bob arum's uncle or visionqwest.

This way when a boxer retires he has a fat portfolio and will be making $100k a year in interest and have tons of stock/investments.

Make 500k > 40k to you 460k to portfolio
make 600k > 50k to you 550k to porfolio.

You could blow your 90k but you will still have 1m in the bank.

But this way a boxer gets the 900k in his hands, he blows it on his entourage (100k), buys a car that he cant afford to keep ($5k or $10k a month + insurance + upkeep) + leases a mansion at $10k a month.

Sttttuuuuuuuuuuuuuuuuuuupid.

like chad dawson is broke, why? It was reported he spent $150-200k on a watch when he only made 300k in a fight.

-_-
-.-
-_-

[AllEyesOpen]

cause they're boxers, not financial experts.