George Foreman, The Come Back King
George Foreman is a comeback king for far more than just his boxing. He once told global media organization, Fortune, “Don’t ever stop earning, it’s a curse to think you have enough. There is never enough. George Foreman, Bill Gates—anyone. Money has to be spent. It is not made to be saved.” George Foreman is a retired American professional boxer, two-times World Heavyweight Champion, Olympic gold medalist, ordained minister, author, and entrepreneur. He has been inducted into the World Boxing Hall of Fame and the International Boxing Hall of Fame.
Foreman won his first heavyweight title with a second-round knockout against, the then undefeated, Joe Frazier in Kingston, Jamaica, in 1973. In 1977 he retired from boxing after a loss to Jimmy Young. Ten years later, he announced a comeback. In November 1994, at age 45, he regained the Heavyweight Championship by knocking out 27-year-old Michael Moorer. This made Foreman the oldest Heavyweight Champion in the world.
Making History In the Ring & In the Kitchen
However, this famous boxer didn’t come out of retirement solely to seize his claim to fame. Having blown most of the approximately $5 million he made when he was a young champion, Foreman was on the verge of bankruptcy at the time of his return. Yet, he refused to go down without a fight. Foreman got back in the ring to reclaim his fortune along with his fame. Like the champion he was, he earned multimillion-dollar purses boxing in the 1990’s and made tens of millions more by reinventing himself as a gentle entrepreneur, selling hamburger grills that bear his name. In 1999, Salton Inc. paid Foreman $137 million to buy out the right to use his name.
It’s Never too Late to Plan Your Estate!
Whether throwing punches or burgers on the grill, George Foreman shows us that it’s never too late to repair your estate. It’s also never too early to become a champion at creating your estate plan. If you want to minimize your estate planning taxes and/or avoid the probate process, then contact The Mendel Law Firm, L.P. for a free consultation on estate planning, trust planning, and/or probate issues.