How did Evander Holyfield become broke? What went wrong?

[Anthony342]

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.

[BigNuts]

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.

[deathofaclown]

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

[BigNuts]

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.

[saintpat]

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