James Toney owes $353,000 to the US Tax Department - Page 2

sdcluser

Quote:

Originally Posted by Light_Speed

Damn imagine Pac's financial situation 20 years from now...

20 years??!! How about 5 years with all that entourage.

Enzo Mc is SHIT

Problem is that Toney's not exactly in a position to get TV work...

TheGreatA

Quote:

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.

Derranged

Its a shame that boxers can't manage money better when they have it and have to resort to fighting when they should have retired long ago.

SixFootGiant

Quote:

Originally Posted by TheGreatA

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.

Agreed. Have something to fall back on or at least know the business side of the sport as well.

sdcluser

Quote:

Originally Posted by Derranged

Its a shame that boxers can't manage money better when they have it and have to resort to fighting when they should have retired long ago.

yeah. don't forget about their "business" ventures. should really force these guys to save in an IRA they can't touch until late to mid 50s.

Freedom.

Quote:

Originally Posted by TheGreatA

He made a lot of money and it's too bad he wasted it all away. Boxing is no charity though, he shouldn't be receiving paychecks because people feel sorry for him. Taking a beating in order to pay your taxes is not the right way to go on about it.

What else can he do?

-Kev-

To me, $353k in debt would be the end of my life and then some. But with the enormous debt's i've seen athletes go through, in the millions range, this is actually workable. It's not an astronomical amount in the world of athlete debt. But like I said, to me or any other normal person, this could cause a heart attack. It's all relative I guess.

-Kev-

Quote:

Originally Posted by SixFootGiant

Rappers and boxers are the worst individuals when it comes to managing money

Rappers have no excuse, they're just stupid with their money because they want to be stupid. Their lifestyles are stupid. The 100s of thousands of dollars they spend on cars, jewelry, big house, women, clubbing. It's s stupid lifestyle that only some rappers can avoid and actually stay rich their whole life.

Boxers on the otherhand, get f-cked from left to right with their money. Unless you're your own boss, or are a big big star like Pacquiao, Canelo, Chavez Jr, you're f-cked.

ROSS CALIFORNIA

Toney is an A$$ hole. He deserves it anyway. He talks ****t about everyone.

Enzo Mc is SHIT Undisputed Champion Join Date: Jul 2009 Posts: 2,200 Rep Power: 8 Points: 101,066,575.37 Bank: 0.00 Total Points: 101,066,575.37 Donate	Problem is that Toney's not exactly in a position to get TV work...

Derranged Banned Join Date: Oct 2005 Location: Planet George Age: 31 Posts: 36,922 Rep Power: 135 Points: 103,365,273,122.43 Bank: 162,281,168,740.69 Total Points: 265,646,441,863.12 Donate	Its a shame that boxers can't manage money better when they have it and have to resort to fighting when they should have retired long ago.

-Kev- Banned Join Date: Dec 2006 Location: Caribbean Posts: 17,870 Rep Power: 0 Points: 448,746,223,506.42 Bank: 1,174,034,275,629.72 Total Points: 1,622,780,499,136.14 Donate	To me, $353k in debt would be the end of my life and then some. But with the enormous debt's i've seen athletes go through, in the millions range, this is actually workable. It's not an astronomical amount in the world of athlete debt. But like I said, to me or any other normal person, this could cause a heart attack. It's all relative I guess.

ROSS CALIFORNIA The anti hater Join Date: Oct 2007 Location: Los Angeles Posts: 85,567 Blog Entries: 1 Rep Power: 187 Points: 15,000,158,292.26 Bank: 142,544,672,026,169.28 Total Points: 142,559,672,184,461.53 Donate	Toney is an A$$ hole. He deserves it anyway. He talks ****t about everyone.