- Former pro athletes who are broke: Introduction
- Former pro athletes who are broke: They don’t know where the money went
- Former pro athletes who are broke: Evander Holyfield
- Former pro athletes who are broke: Boris Becker
- Former pro athletes who are broke: According to Charles Barkley….
- Former pro athletes who are broke: So what does it all mean?
Former pro athletes who are broke: Introduction
I know that earning over $400 million and going bankrupt seems unbelievable to most of you, but it’s true. Just ask Mike Tyson. And he’s not the only one. There are many former pro athletes who are broke. They have made fortunes and lost them, with nothing to show for it. No secure investments, no retirement fund, nothing put away for a rainy day.
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Former pro athletes who are broke: They don’t know where the money went
They wake up one day and the money’s all gone, the credit cards have been cancelled, the bank has foreclosed on the mansions and the fleet of exotic cars is being repossessed. The worst part is that most of them don’t even know where the money went.
Former pro athletes who are broke: Evander Holyfield
It’s easy to blow through a fortune. Evander Holyfield spent $230 million in no time flat. He bought a 235-acre Utah estate with 109 rooms that included at least one monthly electric bill of $17,000. There was also a $550,000 loan he took out to pay for landscaping; $200,000 in back taxes, plus alimony and child support for three ex-wives and 11 children.
Former pro athletes who are broke: Boris Becker
It adds up fast when you’re spending like a drunken sailor. Boris Becker is the latest of the sports stars to declare bankruptcy in spite of enormous earnings. The marriages, girlfriends, children and an unsupportable lifestyle finally caught up with Boom Boom. The list of these bankrupt athletes goes on and on and on.
Former pro athletes who are broke: According to Charles Barkley….
Charles Barkley estimates that 60% – 70% of professional athletes go broke and there are many reasons.
- Buying lavish gifts and giving money to family and friends
- Unsupportable lifestyles
- Mansions around the world
- Yachts
- Exotic cars
- Bad business ventures
- Bad money managers
- Not understanding financial matters
- Zero savings
- No rainy day fund
- No retirement plan
Former pro athletes who are broke: So what does it all mean?
Having enormous amounts of money is no guarantee of financial security as you can see. And financial problems can plague both the rich and not-so-rich.
If you’re having trouble paying the bills, don’t wait until you’ve hit rock bottom. The earlier you seek help, the more options will be available to you. With immediate action and the right plan, the Ira Smith Team can have you on your way to financial peace of mind Starting Over, Starting Now. Give us a call today.
