How did These boom Period era wrestlers go broke?

[Lance Uppercut]

I realize that life on the Road is expensive and things like Room and board aren't comped for most people, but How is that these people who worked at least 3 - 4 years in the most profitable eras of wrestling ever, go so damn broke?

I mean, 80's, 90's, Territories. Even today the way WWE will find a million ways to make money off of you. Apparently, if you make it into a WWE Video game or a talking head on a DVD, you get yourself a pretty nice payday. Let's not forget the last couple of years (until recently) of "Let's get everyone on Wrestlemania so they can get a payday" mindset that they used to have.

WCW, a large number of those guys got paid a ridiculously large amount to sit around and do nothing for years.

I don't know about you, but if I spent years toiling to make it big off of like 10 - 30 K a year, and I suddenly made at least $100 K a year for 3 or 4 years, I'd damn well find a way to stretch that out for a long time. Hell, I might able to live on that for the rest of my life if I just resumed going back to my modest way of living and before I made all that money. Maybe even use it supplement a regular 9-5 (or even minimum wage) job and still live relatively comfortable.

The only ones I see whose time has passed with no money problems are the ones who still work like they're broke. Steve Austin, a multi millionaire, still works his ass off like he's working a 9-5 talking about how Cheap he is, living in an RV, and driving his pick up truck everywhere. Foley's greatest compliment is that he still works and saves his money like he's still poor.

I don't know what Warrior's deal is, but he hasn't worked since 97 and sporadically in between his last WWF appearance and his last WCW appearance and you never hear about either money problems or any crazy business ventures. I don't know what that guy's doing, but he obviously made his money and made it last.

[Jedi-El of Tomorrow]

The same way former big time professional athletes can go broke, they live way beyond their means. They make a million dollars a year, they live a $2 million a year lifestyle. They're just terrible with finances. It seems that things are getting better both with wrestling and big time athletes. I know MLB, NFL, and NBA have seminars for people just coming in to talk about being better with finances, and warning them about what can happen if you're not. I'd imagine the WWE probably has that as part of developmental.

[Hit Girl]

Too much spending, divorces, alimony, children, healthcare, legal fees, and drug habits.

[thegame415]

Oct 24, 2013 1:27:53 GMT -5 Hit Girl said:

Too much spending, divorces, alimony, children, healthcare, legal fees, and drug habits.

["Magic" Mark Hurr]

the allure of strip mall investments and driving semis instead of small vehicles

[Kayfabe FAN don't want none]

Oct 24, 2013 1:27:53 GMT -5 Hit Girl said:

Too much spending,

[EoE: Well There's Your Problem]

Faberge egg collections.

[KobashiChop]

Some people just have no clue how to deal with money. Like those people who rack up shit tons of credit card debt just by being complete idiots.

[TGM]

They're just not ready brother.

[bootytea]

Honestly, no working person should be broke.

It just comes down to people being unable to budget properly. Whether that is a skill or something inherit is the question, but that is just the simplest answer one can give you.

I watched a documentary where a homeless guy was given one hundred thousand dollars, but he blew that money within a month because he spent it on other people and bought some friends cars.

With all that in mind, it is difficult for me to pity these guys. I remember Scott Hall of all people wanting donations for his stint in rehab. Things like that just make me roll my eyes and sigh!

[SOR]

Honestly it's a subject I like to educate myself on because in my life I'm very frugal with my finances and I am that way mainly due to Actors, Athletes and Wrestlers going from making 850k a year or something and then having to sell merch on the indies.

The reason? They live way beyond their means as someone said and continue to do so. Someone like Honky Tonk Man (Who a fan just recently met at a flea market) who had a big 4-5 year run and was on top of a lot of House Shows and on nearly every PPV is now broke. You have to think if the dude made 200k a year he could definitely of banked 50k. Over his entire run he could of saved 200-250k and then just banked a lot of the money he made from the indies, one off appearances etc and he'd probably have another 100k or so on top.

Someone asked about Warrior, he's the perfect example here. He made it big in 88 and really his hype died down around 91. He worked the indies which he would of got paid a lot for. sold his name for a little bit and ultimately had another 2 years of pay days. He would of banked a lot of his money and now the dude has this big house and only has to wrestle when he wants.

[Deleted]

Because whilst making good money the career of a wrestler in the big leagues can be relatively short and once it's over they still try and live the lifestyle they've become accustomed to but can't manage when they have little to no income and anything they had left from their glory days is quickly gone

[Can you afford to pay me, Gah]

Oct 24, 2013 1:43:41 GMT -5 thegame415 said:

Oct 24, 2013 1:27:53 GMT -5 Hit Girl said:

Too much spending, divorces, alimony, children, healthcare, legal fees, and drug habits.

Pretty much this. A combo of one of these if not all. A lot of people where not wise to save money or had so many issues it sucked them dry. Hall had about half of the non spending stuff going on before he was done making big money. He had drug habits, been drivorced, and had to deal with legal fees and Healthcare. Hall had it hard and it was an addiction which until anybody been there, it is hard to understand that it not easy to deal with.

[Magnus the Magnificent]

Just like any other job, the more you earn, the more you spend, unless you are really cheap/economic, and most people aren't.
Add spending on drugs, booze etc, and the money doesn't last as long as you might think.
Wrestling is also a career choice with a limited shelf life. I'd say 10 years tops on average for making good money if you make it, and an injury can stop it at the snap of a finger.
So you are raking in the money, life is good and you've developed expensive tastes.
Then the money flow is drastically cut off, but you are still sitting with the bills coming in.

[ICBM]

Also, if you travel to certain states to work enough times in a calender yr, you must pay that state's income tax in addition to your home of record state. NBA players get the schitt taxed out of them too.

[domrep]

Child support and divorces hurt your net worth. How much did Hogan lose in his divorce?

I guess my question is, how does HTM and Warrior still be able to live a comfortable lifestyle if their biggest pay gigs were 20-25 years ago.

[The Lach is very tired]

It's not just wrestlers. Something like 80% of NFL players are broke within 3 years of retiring.

[SOR]

Oct 24, 2013 8:16:09 GMT -5 domrep said:

Child support and divorces hurt your net worth. How much did Hogan lose in his divorce?

I guess my question is, how does HTM and Warrior still be able to live a comfortable lifestyle if their biggest pay gigs were 20-25 years ago.

With Honky Tonk he's still getting regular work on the indies and he's a big name guy in a lot of cities so would be raking it in on merch. Not a millionaire but definitely could pull in 600-700 on a good night of merch. He's a 500 dollar a night talent.

Indy promoters will hire these legends just to mark out for them. That's how people like Greg Valentine, Honky Tonk Man, Sunny etc live a comfortable lifestyle.

[________ has left the building]

Cocaine is a helluva drug.

[Tiger Millionaire]

Out of pocket medical bills must be a bitch as well.