Famous professional athletes since the beginning of the current version of the capitalism system which much of the West resides in have been known to make and blow vasts sums of cash.
And then some.
You only have to go back in any sport’s history to read of sports stars who have made millions, tens of millions and in many cases hundreds of millions to wind up having nothing at one point.
Some think it is bad financial advice, simpleton accountants, careless investments or in some cases being robbed (which does happen too) but many times there are more simple answers.
One of boxing’s great heavyweight champions George Foreman believes the latter to be the case about fellow heavyweight great Joe Louis.
He said on his official Twitter account:
At the risk of contradicting big George in the defense of Louis to try to maintain balance, there are also some that say Louis’ manager at the time played a role in the situation Louis ended up in after his boxing career.
It is understood however that Louis lived very comfortably later in life with the arrangement he made with his finances after a stint in wrestling post-boxing.
Advisers, managers and promoters back in those days got away with a lot.
It is also important to put into perspective the time of the above.
They got away with much, much more than they ever could or likely will ever again with fighters these days.
It’s a far different business to those days.
Times in the sport have remarkably changed in that regard.
The promoters, managers, advisers and agents work for the boxers these days.
Not the other way round like it was back in the days of Louis where boxers use to work for the promoters.