What's going on lately with Boris Becker?

1stVolley

Semi-Pro
"Boom Boom's" bankruptcy has been extended indefinitely and he's been auctioning off his memorabilia. Anyone know what the latest is for him? No commentator work these days, obviously.
 

BeatlesFan

Talk Tennis Guru
"Boom Boom's" bankruptcy has been extended indefinitely and he's been auctioning off his memorabilia. Anyone know what the latest is for him? No commentator work these days, obviously.
He was attempting to auction his trophies as early as 2002 and has filed for bankruptcy previously. Considering he's a citizen of Monaco and pays no taxes, his profligacy with money indicates a lifestyle of extreme excess. He's always been like this.
 

1stVolley

Semi-Pro
He was attempting to auction his trophies as early as 2002 and has filed for bankruptcy previously. Considering he's a citizen of Monaco and pays no taxes, his profligacy with money indicates a lifestyle of extreme excess. He's always been like this.
I believe Becker lives in London and his bankruptcy proceedings were enforced by a British court. Part of his profligacy was a $14.4 million divorce settlement with his first wife. Becker said in 2015 that he liked living in Wimbledon so much he was eventually going to apply for British citizenship. I can't determine if he actually did so.
 

Cashman

Hall of Fame
I always feel like Becker gets too much flak for his lavish lifestyle, which is the most visible element of his financial irresponsibility.

He certainly spends way too much money (often pointlessly - like luxury holidays on Ibiza despite owning a finca on Mallorca) and is ridiculously generous to his friends. But his real problem has always been his terrible business acumen. He has lost tens of millions of dollars on a whole host of bad investments, from car dealerships to TV channels to food companies. Throw in his bad romantic decisions and that's chewed up a huge proportion of his wealth.

I reckon the worst decision he ever made was breaking with Ion Țiriac. The old Romanian is mad as a sack of frogs, but he's a great businessman and was a solid mentor. If Becker had stuck with him, I reckon he would still have plenty of money despite his spending.
 
I always feel like Becker gets too much flak for his lavish lifestyle, which is the most visible element of his financial irresponsibility.

He certainly spends way too much money (often pointlessly - like luxury holidays on Ibiza despite owning a finca on Mallorca) and is ridiculously generous to his friends. But his real problem has always been his terrible business acumen. He has lost tens of millions of dollars on a whole host of bad investments, from car dealerships to TV channels to food companies. Throw in his bad romantic decisions and that's chewed up a huge proportion of his wealth.

I reckon the worst decision he ever made was breaking with Ion Țiriac. The old Romanian is mad as a sack of frogs, but he's a great businessman and was a solid mentor. If Becker had stuck with him, I reckon he would still have plenty of money despite his spending.
There is one major difference between Becker and Federer:

Roger Federer: hang out with Warren Buffett, who owns NetJet and Federer was the spoke person for NetJet when he won his 15 GS tittles in 2009. Federer also hangs out with Bill Gates. I wouldn't be surprised if Federer hang out with Carlos Simms too. These three people give Fed advises on many matters including in the field of personal finance. Roger Federer is exactly like Lebron James (aka the king of basketball). King James hangs out with Warren Buffett too, and probably Steve Ballmer who owns the LA Clippers.

Boris Becker: an idiot who hang out with his entourages to his detrimental. Becker is very much like Allen Iverson of basketball. When you hang out with garbage, you get garbage.

That just shows you stupidity does not discriminate.
 

BeatlesFan

Talk Tennis Guru
I believe Becker lives in London and his bankruptcy proceedings were enforced by a British court. Part of his profligacy was a $14.4 million divorce settlement with his first wife. Becker said in 2015 that he liked living in Wimbledon so much he was eventually going to apply for British citizenship. I can't determine if he actually did so.
Boris is still a resident of Monaco as he has been since the age of 15, thus pays no residency tax in that country. He has a home in London, but he will spend less than 3 months a year there to avoid hefty British taxes for staying longer (though he'll pay a small portion). He remains a German citizen. Residency of Monaco is extraneous from citizenship. Djokovic, Raonic, Zverev, Dimi and Goffin all have Monte Carlo as their residence, but are citizens of their home countries.
 
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Musterrific

Rookie
There is one major difference between Becker and Federer:

Roger Federer: hang out with Warren Buffett, who owns NetJet and Federer was the spoke person for NetJet when he won his 15 GS tittles in 2009. Federer also hangs out with Bill Gates. I wouldn't be surprised if Federer hang out with Carlos Simms too. These three people give Fed advises on many matters including in the field of personal finance. Roger Federer is exactly like Lebron James (aka the king of basketball). King James hangs out with Warren Buffett too, and probably Steve Ballmer who owns the LA Clippers.

Boris Becker: an idiot who hang out with his entourages to his detrimental. Becker is very much like Allen Iverson of basketball. When you hang out with garbage, you get garbage.

That just shows you stupidity does not discriminate.
Harsh but true. The company they keep speaks volumes about their wisdom.
 

Musterrific

Rookie
I always feel like Becker gets too much flak for his lavish lifestyle, which is the most visible element of his financial irresponsibility.

He certainly spends way too much money (often pointlessly - like luxury holidays on Ibiza despite owning a finca on Mallorca) and is ridiculously generous to his friends. But his real problem has always been his terrible business acumen. He has lost tens of millions of dollars on a whole host of bad investments, from car dealerships to TV channels to food companies. Throw in his bad romantic decisions and that's chewed up a huge proportion of his wealth.

I reckon the worst decision he ever made was breaking with Ion Țiriac. The old Romanian is mad as a sack of frogs, but he's a great businessman and was a solid mentor. If Becker had stuck with him, I reckon he would still have plenty of money despite his spending.
It's cringeworthy to see people with rare talent use it to accumulate massive personal wealth only to squander it with a series of idiotic decisions. Live within your means - it's a very simple concept.

I guess we'll be seeing him regularly on the seniors tour!
 
I always feel like Becker gets too much flak for his lavish lifestyle, which is the most visible element of his financial irresponsibility.

He certainly spends way too much money (often pointlessly - like luxury holidays on Ibiza despite owning a finca on Mallorca) and is ridiculously generous to his friends. But his real problem has always been his terrible business acumen. He has lost tens of millions of dollars on a whole host of bad investments, from car dealerships to TV channels to food companies. Throw in his bad romantic decisions and that's chewed up a huge proportion of his wealth.

I reckon the worst decision he ever made was breaking with Ion Țiriac. The old Romanian is mad as a sack of frogs, but he's a great businessman and was a solid mentor. If Becker had stuck with him, I reckon he would still have plenty of money despite his spending.
Absolutely. Most celebrities who go broke are not broke because of drugs, luxury and girls but due to bad investments. Celebrities with a lack of education are approached by shady businessmen promising huge profit margins telling them a nice story how this is a secret rich club and thus better profit. A smarter person would have known something is wrong if the someone offers twice the profit of the market but many celebrities get rich without higher education.

Of course sometimes even Harvard trained finance majors get greedy and fall for the quack ( Bernie Madoff) but usually those people are more careful with their investment because they have better information
 

blablavla

Hall of Fame
Absolutely. Most celebrities who go broke are not broke because of drugs, luxury and girls but due to bad investments. Celebrities with a lack of education are approached by shady businessmen promising huge profit margins telling them a nice story how this is a secret rich club and thus better profit. A smarter person would have known something is wrong if the someone offers twice the profit of the market but many celebrities get rich without higher education.

Of course sometimes even Harvard trained finance majors get greedy and fall for the quack ( Bernie Madoff) but usually those people are more careful with their investment because they have better information
good post, but it's quite far away from truth.
1. there is no market return. market is the average of everyone: stellar industries, stellar companies, average, mediocre and those going bankrupt
2. think of Google performance, or Apple or Facebook. Check the last 10 years vs the market average
3. there is a hole plethora of celebrities who invested in Facebook in early rounds, like 100k, and now that stake is worth multi-million. How does this compare to the market average?
4. there are quite some folks that invested in Amazon early on, where much smaller amounts than 100k of equity would be worth more than a Mio these days

lack of education? perhaps
margins above the market? that's the expectation of many investors
 
good post, but it's quite far away from truth.
1. there is no market return. market is the average of everyone: stellar industries, stellar companies, average, mediocre and those going bankrupt
2. think of Google performance, or Apple or Facebook. Check the last 10 years vs the market average
3. there is a hole plethora of celebrities who invested in Facebook in early rounds, like 100k, and now that stake is worth multi-million. How does this compare to the market average?
4. there are quite some folks that invested in Amazon early on, where much smaller amounts than 100k of equity would be worth more than a Mio these days

lack of education? perhaps
margins above the market? that's the expectation of many investors
Yeah Sure, that does happen sometimes but those are outliers that could happen because it was a new industry that was growing. Generally shares of existing, stable markets don't grow like that. Venture capital still exists but while it can lead to big profit most of those start-ups go broke and investing a lot in them is a bad idea, this is something for a small share of your capital if you have exess money that you can afford to lose.investing tons of money into this is bad practice as your facebook share just as well could have been MySpace.

If you invest more conservatively into things like traditional companies, good real estate, gold, share funds profit will be more limited.

I would advise a tennis player to invest 90% of his money conservatively and only 10% more risky.
 
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Dan Lobb

G.O.A.T.
Absolutely. Most celebrities who go broke are not broke because of drugs, luxury and girls but due to bad investments. Celebrities with a lack of education are approached by shady businessmen promising huge profit margins telling them a nice story how this is a secret rich club and thus better profit. A smarter person would have known something is wrong if the someone offers twice the profit of the market but many celebrities get rich without higher education.

Of course sometimes even Harvard trained finance majors get greedy and fall for the quack ( Bernie Madoff) but usually those people are more careful with their investment because they have better information
Same thing happened to Hoad. Was talked into putting money into a bankrupt commercial plaza.
 

Mainad

Bionic Poster

Mainad

Bionic Poster
I loved boris but let’s not forget becoming world number 1 And winning Wimbledon aged 17 means not spending a lot of time in school.
He didn't become world #1 until he was 23 but I daresay winning Slams in his teens probably took a bit of time away from his formal schooling. Don't suppose he's complaining though! ;)
 

Red Rick

Talk Tennis Guru
Becker was playing $25,000 buy in poker tournaments online the other day on GG Poker in what might be the highest level field online, and people were dumb enough to buy action of him lol
 

Mainad

Bionic Poster
Becker was playing $25,000 buy in poker tournaments online the other day on GG Poker in what might be the highest level field online, and people were dumb enough to buy action of him lol
Wonder where he got this $25,000 from if he's supposed to be bankrupt?
 

Red Rick

Talk Tennis Guru
Wonder where he got this $25,000 from if he's supposed to be bankrupt?
He's probably sponsored by the that poker site, so he'd probably be freerolling, doesn't have to pay the buy-in, but gets to keep the money if he wins.
 

Mainad

Bionic Poster
He's probably sponsored by the that poker site, so he'd probably be freerolling, doesn't have to pay the buy-in, but gets to keep the money if he wins.
If he's bankrupt it should immediately go towards paying off one of his creditors.
 
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