How much is George Foreman worth?
|Net Worth:||$300 Million|
|Date of Birth:||January 10, 1949|
|Country:||United States of America|
About George Foreman
George Foreman, born January 10th, 1949, Marshall, Texas, was a boxer and recognized entrepreneur. He had a troubled childhood, dropping out of school at the age of 15 and became a known mugger on the street. He made a change when he was 16 however and spent time in the Jobs Corps training as a bricklayer and carpenter determined to turn his life around. He idolized Jim Brown and wanted to play football, but after he could see he wouldn’t get a shot, decided to try boxing instead.
He first came into the public eye at the age of 19 when he won the Olympic gold in heavyweight boxing in the 1968 Olympics held in Mexico City. The next year, he turned professional. Foreman’s rise to fame came from his strength and devastating knock-out power as well as his quietness and reserved attitude.
After retiring, he would become an Ordained Christian Minister. 10 years later however, he would return to boxing and would win the unified WBA, IBF, and lineal titles in 1994. He was also a HBO Boxing Analyst until 2004.
Aside from sports, Foreman is commonly known for the George Foreman Gill. He has had great success with the business venture, even though he was merely advertising the product.
How did George Foreman get so rich?
The high point of Foreman’s boxing career was in 1974 when he faced Muhammad Ali in “The Rumble in the Jungle”. To date, this was one of the most anticipated match ups in history, with Foreman expected to win. It was held in the Congo and caused the whole world to focus on the two opponents, George Foreman and Muhammad Ali, as the two faced off. This was the peak of Foreman’s popularity and he was paid $5 million dollars just to compete, a record for the time. Unfortunately for Foreman he lost the bout and Muhammad Ali became the most talked about fighter in boxing history. While Foreman retired after a a loss to Jimmy Young.
By the end of the 1980s however George Foreman was in dire financial straits, he had spent through all of his career earnings and was on the verge of bankruptcy. Only “fractions away from being homeless” he said, he decided to stage a comeback. It was pure drive and determination that caused the now 40 year old to to return to the gym after a life of excess.
Finally Foreman would get a chance at another top paying fight with his match up with Evander Holyfield in 1991. Billed as “The Battle of the Ages”, this fight alone would pay him $12.5 million dollars, solving all of his financial woes. It was a massive fight held on April 19, 1991 for the WBA, WBC, IBF and Lineal Heavyweight championship belts. It last a full 7 rounds of boxing with Holyfield coming out strong in the first few rounds. Then Foreman struck back with hooks and punches. Finally however when the fight was over the judges scored Holyfield as winning the fight via a unanimous decision.
Foreman went on to continue his boxing career and finally recover the Heavyweight title, beating Michael Moore by knock out in 1994. He continued until 1997 when, at the age of 48, he finally retired a wealthy man.
Most of his riches however have come from the George Foreman Grill, having sold his naming rights for $138 million in 1999. Before selling the rights he was earning 40% of the profits making up to $5 million dollars per month. In total, Foreman made about $200 million dollars from the George Foreman Grill business. It is a portable electrically heated grill manufactured by Spectrum Brands and since 1994 over 100 million of these grills have been sold.
Why is he so famous?
Foreman is mostly known for two things, a boxer, and a businessman. His boxing career is normally split into two parts. The first part is his run from 1969-1977 where he would become heavyweight champion, beating Joe Frazier by a second round knockout in 1973. Then famously having the bout with Muhammad Ali, The Rumble in the Jungle in 1974 which he would lose by knock out.
He would the go on to fight Joe Frazier again in 1976 and beat him again, knocking him out in the fifth round. Yet would retire after a unanimous loss to Jimmy Young. This was foreman at his physical peak and commonly referred to as a “wrecking ball” but lacked the stamina, something that Ali exposed. Jimmy Young took advantage of this flaw as well by boxing defensively for the first 6 rounds, before taking over into the later rounds. Foreman nearly knocked down Young in the 11th, but Young managed to survive. Whilst a close contest, Young’s tactics were the defining factor. Foreman took the loss well, ultimately deciding to retire at age 28 as he felt he had achieved his goals in boxing and wanted to focus on other aspects of his life.
The second part of his career came from 1987-1997 where he would once again regain the Heavyweight title, beating Michael Moore by knock out in 1994, at age 45. He was and still is the oldest Heavyweight champion to date. He would have notable fights against Evander Holyfield, Tommy Morrison, and Shannon Briggs during this period. Unfortunately, he lost all these contests but the fact he was competitive and dangerous suggested he had unfinished business at the high end of World Heavyweight Boxing.
The fight against Holyfield showed that Foreman was still a serious contender for a belt, even though he lost after a back and forth affair. This was Foreman at his most tactically astute in the ring. He was no longer the “Wrecking Ball” but a cunning mastermind adept at counter punching and absorbing punishment. He would try to maneuver his opponent onto his right hand for a one punch knock out. He would also use short combinations and a tight defense to frustrate his opponents. There is also a rumor that Mike Tyson and Foreman were going to fight after Tyson lost to Buster Douglas but this never happened.
He would officially retire with a boxing record of 81 total fights, 76 wins, 5 defeats and 68 wins by way of knock out. He ranked as the eighth best heavyweight of all time by the International Boxing Research organization and ranked the ninth best puncher by The Ring. He is considered as one of the most decorated boxers ever with a fearsome reputation.
Foreman as a businessman was remarkably successful. He is most known for the George Foreman Grill. The Grill was first produced in 1994, however Foreman did not invent it. That was a man called Michael Boehm. However, Foreman did advertise it and lent his name to the Grill. The Grill is successful, selling over 100 million units worldwide and in 1999, Foreman sold his naming rights for a cool $138 million.
What makes him so successful?
George Foreman is a very astute and intelligent person. When he boxed, he was physically imposing and would simply over match his opponents. When he returned, he was able to adapt his style to become more defense orientated and changing to a counter puncher. His awareness and ability to adapt is what made him different and difficult to deal with. He is also a willing learner, as shown by him recognizing the advantages to using the “Cross Guard” when he fought from 1987 -1997, which was not used by the boxers of the time.
Not to mention, he was and still is a very likeable and humble person, a gentle giant. No matter what, he was gracious weather he won or lost, this endeared him to the public as a respectable and likeable man. When he retired for the first time, he became a Christian Minister. When he invested into the George Foreman Grill, the public backed the item and he did not disappoint as it is regarded as a quality home grill. He is considered by many a role-modal and someone who has turned his life around on to separate occasion and finally met with long term success.
George Foreman has become a respected a likable person, while when he started out he was a mugger on the streets. He has shown with perseverance and effort you can move mountains and become the best in your sport, or profession. More than anything you can see that it was determination that really saw Foreman through.
You can just see how determined he was in making his come back to understand how George Foreman has performed so well in his career. Many people just won’t put in the time or dedication to perfect their craft and become the best. Yet even if you were a lawyer, banker or anyone trying to excel in your career, there is a lot you can learn from Foreman, and especially his comeback in the 1990s.