Originally Posted by SixFootGiant
Rappers and boxers are the worst individuals when it comes to managing money
One of the problems is that the taxes do not take into account that the millions of dollars that a boxer might make during the prime of their career (which can last only a few years) could be the only money that they're ever going to make. The boxers do not usually take this into account either.
You get used to a lavish lifestyle due to having a lot of money in the bank account, until the money stops coming. In your late 30's you can already be out of a job and without any future income. Suddenly the hundreds of thousands that you have made do not seem like such a large amount of money.
A plan beyond boxing should be recommended to every boxer.