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Holyfield also had a $10 million dollar estate that went into foreclosure in 2008, and has been sued by several companies for not making payments that were owed to them. As a result, he is engaged in the sad and humiliating task of trying to maintain his boxing career at the age of 45. When are we going to learn the lessons of Joe Louis, Mike Tyson and Muhammad Ali?
Both Louis and Ali kept boxing long after their primes, mainly due to financial problems. Louis spent his final years running from the IRS, and Ali still has significant brain damage from fighting longer than he should have. Tyson is the first to admit that he squandered over $100 million dollars in earnings on wasteful spending, drugs and his "odd" relationship with Don King. I always find it interesting that Tyson so readily admits that he screwed up, and then he just does it again. Either way, here are some quick teachable moments that we can all pick up from watching these men ruin their financial lives:
1) Even if you are an athlete, you must get educated. People like Bill Cosby and Oprah Winfrey don't go broke because they make sure they understand where their money is going. They sign their own checks most of the time, and they don't allow money to be handled by people they don't trust. There should also be checks and balances in place to ensure that people aren't stealing from you -- such as random audits by an outside entity. If you are wealthy and uneducated, someone might likely see you as their financial prey. The more you have, the more you have to protect.
2) Spend far less than what you earn. Your life should be making a profit, just like a business. That means that your income should exceed your expenses by at least 20% if possible. If you are fine with barely scraping by, you are asking for a financial disaster. One job loss or a couple of missed paychecks can lead to financial catastrophe.
3) Think carefully before having a big pile of kids. Children are a wonderful blessing. But having too many kids, especially early in life, is a great way to keep yourself in the poor house. Children are expensive, and having children with someone you are not married to will create a long list of headaches for yourself. There is something called a "condom" that some of us apparently refuse to use, and this short-term decision can lead to a life time of discomfort for both you and the kids you've created. Evander's decision to personally re-populate the earth was probably not well thought-out, since he is now unable to provide a sufficient lifestyle for his 11 children. He was "the man" in the ring, but I'm sure he doesn't feel like much of a man right now. I feel sorry for him, and hope that Holyfield can patch up his financial life.
Dr. Boyce Watkins is the founder of the Your Black World Coalition. To have Dr. Boyce commentary delivered to your email, please click here. 
Comments: (25)
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By: Nosrac on 1/26/2010 8:29AM
I am reading this report for the first time this morning,damn another well known black man fuck up.Evander can do what ever he wants to do with his life,however there are 11 children to care for.Now he has financial problems that can affect their care,you where the man in the bed now be the man and take care of all the known children you have fathered.My earthly father was an alcohlic,abusive to my mother and failed to take care of us,i am SICK of these sorry ass brothers who make these children and fail to be a man and secure their care.
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By: LadyJNewYork on 1/26/2010 4:40PM
@ Mark...President Obama inherited all these problems left by George W. Bush, oh and by the way "white men" have already killed this country which is why banks are closing at a record number and wall street dow jones is "iffy"...there's a saying in the bible "the first shall be last and the LAST shall be "first", think on that!!!
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By: AMac on 1/26/2010 5:37PM
I agree with Johnathon, you should have your facts in order before publishing an article. However we must all remember that most of these Blackvoices articles are based primarily on the writer's opinion and not evidence based research. Muhammed Ali has Parkinson's, there is no known cause for that disease except that is a degenerative disorder that affects the central nervous system.
Also being a black female, I get annoyed everytime I read an article and it always ends up being a race issue. That is why this country is still divided now. Blacks are one of the only races that don't stick together and take care of one another. Just a thought....
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By: olanzo38 on 1/26/2010 6:00PM
Once again you are doing a real good number on blacks. You make a good point, but I think you are not taking all into account. Eavander's child support is nothing like the avg payers. And yes if your income changes that drastically you'd better apply. They sure as hell won't drop it for you. Child support in NC is corrupt. Just had case dropped by mother of my oldest two. Not for not paying, but because she is not getting all monies I pay. And there is no money owed out to state or anywhere else. Hell, they only harrass the ones that pay. Otherwise state loses money if they get no money out the deal.They actually need a website about the bs with child support, and how they are corruptat least in NC and Tenn.
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By: Charlene on 1/26/2010 7:01PM
First, who cares what these people do in their homes or others. As long as he isn't asking you for a dimes let it go. I don't believe in a father being forced to pay child support. They should come together as parents and raise the children. What a man gives toward his children goes towards her other children, lover, and household expenses. How a man can complain about paying fifty dollars a month for his child makes me crazy. Men stand up and take care of whats yours. See I didn't say black men or white men, etc. I SAID MEN. This is not an issue that is black or white. I see without color my father was a black man, my mother is a half white/black woman, my grandmother is Indian, and my grandfather is a white man all from different sides of the brush. Stop basing everything on color. Holifield take care of whats yours. Do what you have to do in order for you to do what you want to do.
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