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How Mega-Rich People Lose All of Their Money — and How You Can Avoid That Fate

The White Coat Investor – Investing & Personal Finance for Doctors·Josh Katzowitz·about 1 month ago
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By Josh Katzowitz , WCI Content Director When I read the recent news that boxing superstar Floyd Mayweather—one of the most accomplished fighters in history (and one of the richest)—was suing his former TV partner, Showtime, for $340 million, it got me thinking: does Mayweather, who reportedly made more than $1 billion during his career, need the money? Those Mayweather-is-about-to-be-broke rumors have been swirling for years. That apparently is why Mayweather, who should have created true generational wealth during his 21-year career, has taken part in boxing/kickboxing/influencer exhibitions in recent years. And soon after he filed the lawsuit against Showtime, he announced he would unretire from boxing at the age of 49, leaving observers to think, “Yeah, he must really need the money.” That was seemingly confirmed by this Business Insider report saying that the IRS is looking to collect an unpaid $7.3 million from Mayweather.…

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