Joe Louis' Failures

Joe Louis reigned for eleven years, eight months as boxing's heavyweight champion of the world, longer than anyone else in history. But although he was incredibly wise in boxing, he failed in his finances. First, he took bad advice from an accountant who told him to delay paying the taxes he owed from his earnings. He should have gotten a second opinion. This failure cost him dearly. Second, he spent his money wildly and never saved. Sadly, this potentially wealthy man remained in debt for the rest of his life. It's so easy to be selectively wise - brilliant in one area of life but foolish in another. The world is full of brilliant businessmen who are clueless husbands and fathers, successful pastors who are foolish with their money. We must apply our wisdom to all areas of life. (Written by Steve Miller. Source: Joe Louis, A Champ for All America, by Robert Lipsyte, Harper Collins Publishers, 1994, pp. 5, 74,75)

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