Why do boxers end up broke?

Alot of fighters come from humble backgrounds. You would think they would be more careful with their money. If I ever made millions, I wouldn't change my current average lifestyle. I would do it Freddie Roach style and buy a really nice car and that's about it.

It's what happens when 99% of poor people that didn't build a business or save their way to large sums of money. You see it with lotto winners and athletes all the time. Most people say "If I made $5 million in a fight I'd put it all away and live off $100k/year for the next 50 years". Very easy to say, very hard to do. Its easy to do, you have 5 million every 3 months you can get like 250,000 in dividend payouts which you can either throw in the bank (poor mans method) reinvest in stocks, or buy an investment real estate property without having to take out a loan. If you go broke youre a retard straight up, I need to set up a school to help these brothas get right knowledge on the investment game.

Taxes... Promoters..... Managers..... Training Partners..... Trainer..... Equipment..... Gym Time...... and of course $500,000 for landscape.:nonono:

they prob think the money will always keep rolling in rolling in. then they waste it all

Sorry, but that's not the promoters responsibility. These are grown men. Sure they can advise if they wish, but at the end of the day, it's on the fighter to not spend his money on BS and think the money tree is going to keep blossoming forever. This is a prime example of where a Boxing union or retirement agency may work. A company that dose solely that. Sets up retirement funds, and money manages. Of course there are independent groups that can provide this service, but i am talking about a Specific group/ union, even where the fighter can pay into it with dues etc. in exchange for some sort of retirement protection. Sort of like the NFL retirement fund...and yes i believe that promoters, state commissions should be required to pay into it also. This isn't insurance coverage, I know who's responsibility it is to manage their money correctly. Top sports leagues have several different programs and courses that rookies are required to take when they enter the leagues. Regardless if it's their responsibility or not. Their primary reasons might be selfish (protecting their investment, avoiding bad publicity, etc.), but it also helps the players involved to be more aware of their finances. Why not require fighters in your stable to attend money management courses or hire an accountant, unless you're planning on robbing them blind. I'm all with the retirement fund and protection for fighters. It is something that is long past due for boxers. There's gross negligence on behalf of those that can.

Of course this doesn't apply to all, but here is the problem that happens more often than not. A fighter gets paid lets say 10 mil for a fight. Wow that's allot of cash. Well 10 mil before taxes. That's called getting paid 1099 in the tax world. Fighter spends the whole 10 mil, and says i'll make up the taxes on that 10 mil next fight, well there you go. You have just started to chase the dragon, and live behind the 8 ball. penalties and interest on that original 10 mil you owe has just ballooned, and will continue. Repeat this process and way of thinking with every large payday A fighter gets, and maybe you find your answer. ..this is a prime example of spending more than what you really earned. Hit another nail on the head. Most fighters don't have or never developed the mental discipline required to handle the large amount of money they 'suddenly' are fortunate enough to be earning. For most, educating themselves about finances, investments, and money management is too mind wracking to deal with and an inconvenience.

u guys are forgetting gambling....if floyd is out betting a 100 000 a game...on average he is gonna lost lets say 18000 long term...so he makes 100 bets in like a three month period....90 times 18000= big number....f Gambling is a hell of a drug.

Forget about why... The question is how can we stop it? Promoters need to get their lazy, greedy asses to work and have the fighters in their stable participate in mandatory money management seminars and/or hire independent accountants for them with an accountant watching that accountant, just in case. Juan Lazcano has couple restaurants, while Nate Campbell was filing for bankruptcy. Evander Holyfield has to keep fighting, while Jameel McCline has a couple of businesses. Mike Tyson was broke, while Larry Holmes is a boss, etc. Sorry, but that's not the promoters responsibility. These are grown men. Sure they can advise if they wish, but at the end of the day, it's on the fighter to not spend his money on BS and think the money tree is going to keep blossoming forever. This is a prime example of where a Boxing union or retirement agency may work. A company that dose solely that. Sets up retirement funds, and money manages. Of course there are independent groups that can provide this service, but i am talking about a Specific group/ union, even where the fighter can pay into it with dues etc. in exchange for some sort of retirement protection. Sort of like the NFL retirement fund...and yes i believe that promoters, state commissions should be required to pay into it also.

Forget about why... The question is how can we stop it? Promoters need to get their lazy, greedy asses to work and have the fighters in their stable participate in mandatory money management seminars and/or hire independent accountants for them with an accountant watching that accountant, just in case. Juan Lazcano has couple restaurants, while Nate Campbell was filing for bankruptcy. Evander Holyfield has to keep fighting, while Jameel McCline has a couple of businesses. Mike Tyson was broke, while Larry Holmes is a boss, etc.

If the figures are correct certain fighters have made $300 million you know who that is and that guy is still 100% dead broke. Muhammad Ali is actually being taken care of by an insurance firm who handle everything about him and pay for everything. The amount of boxers who come back for one more fight shows that they have ended up broke, even Mayweather as much as he says he is rich and calls himself the money he is still in debt with the IRS(irs?) and is struggling to pay it back i want to know why do Boxers end up broke more than footballers or cricketers. How does $300 million vanish? And what is an average boxers pay and when they say Mayweather makes $50 million per fight we all know that isn't true how much would he get from it? ****** YOU PRETTYBOY DON'T REPLY HERE** Of course this doesn't apply to all, but here is the problem that happens more often than not. A fighter gets paid lets say 10 mil for a fight. Wow that's allot of cash. Well 10 mil before taxes. That's called getting paid 1099 in the tax world. Fighter spends the whole 10 mil, and says i'll make up the taxes on that 10 mil next fight, well there you go. You have just started to chase the dragon, and live behind the 8 ball. penalties and interest on that original 10 mil you owe has just ballooned, and will continue. Repeat this process and way of thinking with every large payday A fighter gets, and maybe you find your answer. ..this is a prime example of spending more than what you really earned.

Bad money management. IRS Parties jewelry cars women friends food more parties travel friends food more cars jewelry TV's stereo systems more women boats drugs alcohol more women single family home X-box 360 Sony PSP drugs alcohol jewelry friends Pawn shop Unemployment line Food Stamps Welfare panhandling /Thread. It doesn't get any more precise than this...

But surely if you spend your money on booze, clubbing, cars, houses hell even a tiger, you won't even go broke that stuff can't cost the better part of 50 million. Nights out clubbing cost about 20,000 for a caner and by then they would make it up in their next fight if you're an elite level fighter. A million dollars can be spent in a heartbeat. If the money is not put to work earning a decent amount of interest in high yield accounts, it'll wither away like water quickly. Most guys are from the street.They don't get a proper education and don't hae someone to show them what to do with they're money. Most of them get into boxing to get out of poverty.Once you become rich it's easy to have all the good things in life. Also many advisors/managers/yes men that are suppose to manage they're money aren't really there to do that.Just a easy way to make money off somebody and get away with it. Look at Fernabdo Vargas and his manager,Joe Pecora. Most don't trust others to handle their money. A lot of financial advisers don't really have their client's best interest in mind.

Bad money management. IRS Parties jewelry cars women friends food more parties travel friends food more cars jewelry TV's stereo systems more women boats drugs alcohol more women single family home X-box 360 Sony PSP drugs alcohol jewelry friends Pawn shop Unemployment line Food Stamps Welfare panhandling How could I leave out 'clothes'? Large wardrobe collection. more clothes gifts

Most guys are from the street.They don't get a proper education and don't hae someone to show them what to do with they're money. Most of them get into boxing to get out of poverty.Once you become rich it's easy to have all the good things in life. Also many advisors/managers/yes men that are suppose to manage they're money aren't really there to do that.Just a easy way to make money off somebody and get away with it. Look at Fernabdo Vargas and his manager,Joe Pecora.

But surely if you spend your money on booze, clubbing, cars, houses hell even a tiger, you won't even go broke that stuff can't cost the better part of 50 million. Nights out clubbing cost about 20,000 for a caner and by then they would make it up in their next fight if you're an elite level fighter.

Bad money management. IRS Parties jewelry cars women friends food more parties travel friends food more cars jewelry TV's stereo systems more women boats drugs alcohol more women single family home X-box 360 Sony PSP drugs alcohol jewelry friends Pawn shop Unemployment line Food Stamps Welfare panhandling

Many fighters forget they dont get paid after boxing and/or just cant handle the fame.

It's what happens when 99% of poor people that didn't build a business or save their way to large sums of money. You see it with lotto winners and athletes all the time. Most people say "If I made $5 million in a fight I'd put it all away and live off $100k/year for the next 50 years". Very easy to say, very hard to do. Thats a very good point man. Yeah there are a few exceptions but the rest struggle pretty hard and it's sad to see when guys who put the work rate in ending up like that Meldrick Taylor prime example same with Joe Frazier. The street-smart ones who came from a good background stack up in my view. Naseem Hamed is broke aswell now i heard.

it costs a pretty penny to hire someone to shoot(from your own car) at someone talking shi-t about you. it ain't cheap being that insecure!

Not all boxers, some end up broke, some not. Look at De La Hoya, broke? Hell no. Lennox Lewis? Hell No. Doesn't go for all boxers.