BORIS BECKER,

The Times of India (New Delhi edition) - - Times Personal Finance - For­mer World No. 1 from Ger­many and youngest player to win Wim­ble­don at 17, Becker re­port­edly owed nearly in debt, and in 2001, he owed in back taxes in Ger­many.

617 crore 50 crore

with a bank­rupt com­pany. At 57, he had no films or en­dorse­ments, no money, had le­gal cases against him, and tax au­thor­i­ties put up a re­cov­ery no­tice on his house. He was forced to restart his ca­reer and man­aged to re­pay all debts. To­day, his net worth is 2,866 crore.

The clear learn­ing here is not to take un­due fi­nan­cial risks af­ter re­tir­ing or launch projects with­out suf­fi­cient ex­per­tise and fi­nan­cial back­ing. One also needs to keep in­vest­ing in re­tire­ment to en­sure that the money keeps grow­ing at a pace faster than in­fla­tion.

Loans don’t go away if you ig­nore them. Re­pay at the ear­li­est

Becker, who once had a net worth of

1,400 crore, and con­tin­ues to rank among the top 10 high­est earn­ers in tennis, was re­luc­tantly forced to auc­tion 82 tro­phies and per­sonal sou­venirs in July this year. One of the pri­mary rea­sons for his down­fall, be­sides a lav­ish life­style, was his re­fusal to re­pay loans and pay taxes, which ran into sev­eral hun­dred crores of ru­pees. He could have saved him­self this predica­ment by sim­ply pay­ing on time the money he owed. It is im­por­tant to un­der­stand that loans keep be­com­ing big­ger be­cause the in­ter­est

Don’t get at­tached to a loss-mak­ing in­vest­ment

The ‘King of Good Times’, Vi­jay Mallya, is a clear in­stance of the de­struc­tion wrought by emo­tional at­tach­ment to a loss-mak­ing in­vest­ment. Cling­ing to King­fisher Air­lines, which was launched in 2005 and grounded in 2012, led to his down­fall as the com­pany kept pil­ing losses. Mallya de­faulted on bank loans that were taken to keep

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