What's going on lately with Boris Becker?
- Thread starter 1stVolley
- Start date
BeatlesFan
Bionic Poster
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.
Im(moral) Winner
G.O.A.T.
He was doing some commentator work recently
1stVolley
Professional
Hmm...doesn't look too remunerative.
1stVolley
Professional
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.
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.
bobleenov1963
Hall of Fame
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
Bionic Poster
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
Hall of Fame
Harsh but true. The company they keep speaks volumes about their wisdom.
Musterrific
Hall of Fame
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!
dominikk1985
Legend
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
NicoMK
Hall of Fame
Exactly.
dominikk1985
Legend
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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Thank you bro! Mats was amaizing also.
NicoMK
Hall of Fame
Yes, glorious players that many of us miss...
Is Mats broke too?
Same thing happened to Hoad. Was talked into putting money into a bankrupt commercial plaza.
NicoMK
Hall of Fame
No, I don't think he is.
dominikk1985
Legend
Borg also went bankrupt with his enterprises although it seems he has recovered from that.
1stVolley
Professional
Thank you, atatu. Anyone?
Mainad
Bionic Poster
As of last month, he was apparently locked down in London with his latest girlfriend and playing roof-top tennis.
Boris Becker is joined by glamorous new girlfriend Yoana Montero
With the UK adapting to a sixth week of lockdown in the fight against coronavirus COVID-19, Boris, 52, was in surprisingly high spirits as he practiced his swing.
michael valek
Hall of Fame
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.
1stVolley
Professional
Nevertheless, I find Becker quite articulate. He's also a fine commentator and obviously a good communicator (witness his success with Djokovic).
Mainad
Bionic Poster
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!
Mainad
Bionic Poster
Wonder where he got this $25,000 from if he's supposed to be bankrupt?
Red Rick
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.
Mainad
Bionic Poster
If he's bankrupt it should immediately go towards paying off one of his creditors.
Red Rick
Bionic Poster
Way too lazy to figure out if he cashed but if he'd gone deep into that tournament I'm sure I'd known. Winner got over 2M
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