Originally posted by Light_Speed
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James Toney owes $353,000 to the US Tax Department
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Originally posted by SixFootGiant View PostRappers and boxers are the worst individuals when it comes to managing money
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.
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Originally posted by TheGreatA View PostOne 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.
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Originally posted by Derranged View PostIts 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.
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Originally posted by TheGreatA View PostHe 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.
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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.
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Originally posted by SixFootGiant View PostRappers and boxers are the worst individuals when it comes to managing money
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.
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