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.
Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.
Recommendedby THE NEWSROOM
The Money Show’s Bruce Whitfield interviews Khokhela Consulting MD Laurence Grubb.
South Africa’s repo rate remains unchanged at 6.75%. Bruce Whitfield interviews Nedbank economist Busisiwe Radebe.
For centuries it had abundant water supplies. That's over. Bruce Whitfield interviews Future Water Institute’s Dr Kevin Winter.
The Money Show’s Bruce Whitfield interviews Aurik Business Accelerator’s Pavlo Phitidis.
Naspers constitutes a whopping 20% of the Top 40 index. Bruce Whitfield interviews Personal Financial Advisor Warren Ingram.
The Money Show’s Bruce Whitfield interviews Red and Yellow Creative School of Business Chairperson Rob Stokes.
A woman mistakenly shared a naked photo of herself on a parent Whatsapp group and now it's gone viral.
The Level 6B water restrictions will come to effect on 1 February and residents are asked to use only 50 litres of water per day.
Harsher punitive tariffs on the cards as 'Day Zero' becomes a reality as the result of 60% of Capetonians who ignore water limits.
Loo Me is a simple yet effective scented foam that takes the yuck out of "mellowing" toilets preventing multiple flushes.