Once the youngest player to ever win the Wimbledon men's tennis singles championship, 49-year-old German-born tennis star, Boris Becker, has been declared insolvent by a UK Bankruptcy and Companies Court.
Becker at one point boasted a personal fortune of over £100 million.
According to a 2009 study by Sports Illustrated Magazine, 78% of NFL players go bankrupt within two years post retirement due to joblessness or divorce.
About 60% of former NBA players are broke within five years of retirement.
The Money Show’s Bruce Whitfield interviewed Henry van Deventer, Head of Wealth Strategy at Old Mutual Wealth.
Research by the National Endowment for Financial Education showed that 70% of those who receive a large windfall of money, end up going bankrupt a few years later, said Van Deventer.
For more detail; listen to the interview in the audio below.
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