George Foreman was a professional boxer and entrepreneur known for popularizing the George Foreman Grill. He amassed a large fortune through his endeavors, chronicled in the film Big George Foreman.
When Foreman was a youngster, he took up boxing and immediately realized that he had a gift for the sport. He won his first Olympic gold in the 1968 Summer Games in Mexico City in the heavyweight division. Foreman won more championships in the years that followed until calling it quits in 1977 at 28.
After retiring from boxing, Foreman became a preacher and served in that capacity for 10 years. Foreman was far older than most of his competitors, yet he remained at the top of his game until his second retirement in the late 1990s. Foreman’s varied exploits, notably his boxing career, have paid off in terms of his net worth, and he is now widely regarded as one of the greatest fighters of all time.
Early Life
The legacy of George Foreman varies from one generation to the next. Some may remember the 24-year-old Texan who, in 1973, knocked out the unbeaten Smokin’ Joe Frazier with a technical knockout. The same boxer who lost for the first time in the Rumble in the Jungle in 1974 against Muhammad Ali.
The Rumble was a pivotal conflict in Zaire that was the focus of the Academy Award–winning film When We Were Kings. George Foreman may be better known to younger audiences as the affable TV pitchman for Meineke mufflers and the George Foreman Lean Mean Fat Reducing Grilling Machine.
On January 10, 1949, George Foreman entered this world. He was born in Marshall, Texas. He was one of six siblings and grew up in Houston. His real dad is Leroy Moorehead, but J.D. Foreman cared for him growing up.
In his memoirs, George describes himself as a “troubled youth.” When he was fifteen, he quit school to become a mugger. A year later, he decided he needed to make changes and talked his mom into enrolling him in Job Corps. He enlisted in the Job Corps to get his GED and develop skills as a carpenter and bricklayer. After relocating to Pleasanton, California, he started boxing training.
What is George Foreman’s Net Worth?
George Foreman, who came from a poor family, will be worth $300 million in 2023. Foreman’s birthplace is listed as Marshall, Texas. He had a hard upbringing as a youngster in an impoverished family. Nonetheless, he found consolation in boxing, where he soon rose to prominence; in 1968, he won gold at the Olympics in Mexico City.
Over the following decade, Foreman became one of the sport’s preeminent pugilists. In 1973, he fought Joe Frazier to become the world heavyweight champion for the first time. His rule was brief, however, as he was defeated by Muhammad Ali in the historic “Rumble in the Jungle” bout in 1974. Foreman boxed for many more years after converting to Christianity but ultimately retired from the sport in 1977.
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Grilling on a George Foreman
After retiring in the 1990s, Foreman credited a change in diet and lifestyle for his success. In 1994, Salton, Inc. contacted him about becoming a spokesman for their fat-reducing grill. With Foreman’s help, the Grill sold over a hundred million copies by 2009.
Salton paid Foreman $138 million in 1999 for the right to use his name, but he has never disclosed how much he has benefited from the endorsement. Before then, he received 40% of the revenues from each grill sold, which amounted to almost $4.5 million monthly.
George Foreman’s Investment Strategy
Foreman’s investing plan is reflective of his professional development. His financial strategy mirrored his evolution from a professional athlete to a diverse businessman by focusing on boxing and expanding into other industries.
His primary holdings still consist primarily of consumer products. Foreman has done quite well in this market, and he has been generous with the profits from his grill, cleaning supplies, and personal care items. The professional boxer re-invested in his brand via books and TV series, exploring new creative outlets.
These factors also added to his expanding fortune and clout in society. Spiritual reinvestment is an exciting part of his investing strategy. As a clergyman, he invested in religious activity and community service, reflecting his view that success may be measured in more than monetary terms.
What Role George Foreman’s Money Played in His Boxing Career
In 1987, George Foreman came out of retirement and returned to professional boxing because he was going bankrupt, as featured in Big George Foreman. He was having trouble making ends meet after spending almost all of the money he had earned from his boxing career on losing those fights.
So, it was a big surprise when, at age 38, Foreman chose to go back into boxing. He was the oldest boxer ever to win a world title when he won the heavyweight belt in 1994. Foreman’s return was a brilliant move that paid him handsomely and helped him avoid bankruptcy.
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