How Holyfield blew $300 Million
Unfortunately, these types of stories are all too common. I do recall reading that up to 80% of professional athletes end up broke despite earning huge fortunes during their careers.
There is a combination of issues at play here - poor financial literacy, poor planning, impulsiveness, arrogance and the worst financial sin of all....making predictable mistakes. The one thing about predictable mistakes is that they are foreseeable. The reason they are not evident, generally comes down to a lack of experience or knowledge. Does the world champ worth hundreds of millions of dollars really want to take advice? That would seem to disturb the natural hierarchy and the position in which they sit.
The one thing we do know about successful Corporate Businesses is that they spend money getting the right advice. Ultimately, they know it proves cheaper than making costly mistakes.
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