Thread: Bankrupt boxers

Why are so many afro-American boxing stars bankrupt even they made a fortune?

Joe Louis
Riddick Bowe
Mike Tyson
Hasim Rahman
Muhammad Ali
Antonio Tarver

-and many more

Ali and tarver?

Tarver has PPV coming up and Ali sold his name for 50M.

SRR

Originally Posted by neverscared

Ali and tarver?

Tarver has PPV coming up and Ali sold his name for 50M.

Tarver was declared bankrupt just before the Jones-Tarver I

Plenty of fighters have sadly lacked in the financial wizardry department, and not just "so many afro-American boxing stars".

As for Joe Louis, it should be noted he was made bankrupt for not paying tax on monies he made on exhibitions he gave, on behalf of War relief, this was because he donated every penny to the war relief.

Originally Posted by Britkid

As for Joe Louis, it should be noted he was made bankrupt for not paying tax on monies he made on exhibitions he gave, on behalf of War relief, this was because he donated every penny to the war relief.

wow, that is sad. and it makes me mad

Louis wasn't paying his taxes before the war either. He was in debt too, it was the advice of his attorney not to pay the debt, and wait till the government makes you an offer.(Less then he owed) The debt kept increasing, and Louis' earning power declined. Bad combination.

Its the simple fact that many fighters are forced to doing so from poverty, although less now days. Some people in this sitiutation e.g. Bernard Hopkins keep every cent fro fear of going back to the old way. Others react by spending to get everything they never had. People always react different when they get money, some people jus cant manage money.

To say its eclusively Afro-American boxers though is pretty ignorant.

One example off the top of my head. Do you think Henry Cooper would ever really do adverts for awnings if he had a bit of money tucked away?

Originally Posted by Ken Burton

Why are so many afro-American boxing stars bankrupt even they made a fortune?

Joe Louis
Riddick Bowe
Mike Tyson
Hasim Rahman
Muhammad Ali
Antonio Tarver

-and many more

Get ready for sad clicks from the afro american fans you dum a**. There are a lot of broke ass white fighters too.

Originally Posted by AC-Cobra

People always react different when they get money, some people jus cant manage money.

To say its eclusively Afro-American boxers though is pretty ignorant.

I concur. Its a tragedy in this day an age that we can teach a highschool student, physics, calculus, geology, biology and chemistry, but we never teach simple money management skills. No wonder the rich get richer and the poor get poorer. Sometimes I think its a damn conspiracy.

I'm in my late 20's, and only now I am learning the investing with the 401k, etfs, stocks etc. I guess when you have a kid you are forced to pursue substance than flash. Only now I feel comfortable wearing a worn sneakers whilst taking that $100 that I would have spent on a new one and putting it in a college fund or some investment account.

Ironically, it is someone who was pretty well off that took a liking to me and began to teach me these things. Now if I get a windfall of millions I know exactly what I'm going to do with it. On the other hand 6 years ago, if I had a couple millions I would have been sure to blow it.

Originally Posted by Ken Burton

Why are so many afro-American boxing stars bankrupt even they made a fortune?

Joe Louis
Riddick Bowe
Mike Tyson
Hasim Rahman
Muhammad Ali
Antonio Tarver

-and many more

Didnt know of Tarver, what happened to him and Rahman
I know eubank is skint
I wonder how much Naz has left considering his lavish lifestyle and legal costs lately

You can add Henry Armstrong, Benny Leonard and a whole host of others to the list.

Louis and SRR got screwed by the IRS, and probably bad advice from managers. The others probably blew it all, definitely Tyson did. Tarver wasn't really a big earner before his first fight with Jones, I don't know how well he's looking after his money now.
Read somewhere on the weekend that Hamed is worth £70m, have no idea how he's invested it though.
Eubank is skint!

Chistopher Livingstone Eubank

and go to his website now.....

www.chriseubank.com