Danny Garcia may well be in the thick of his prizefighting prime, but he has already charted out what his post-career plans may look like.
At the top of his priorities, apparently, is to bring a white collar mentality to a fundamentally blue collar pursuit.
The welterweight contender from Philadelphia recently expressed his desire to start up a company that will cater to the oft-overlooked financial needs of professional fighters. As the saying goes, fighters fight, but what about their year-end taxes? Their mortgages? Their pensions? All of the facets, in other words, that are associated with the mainstream but are considered beyond the pale of the boxing industry?
“When I’m done boxing I want to start a firm that helps boxers do their taxes and create a 401K plan, you know what I’m saying?” Garcia said on the Bridge Bizness podcast. “That’s like my real goal. Teaching them about tax brackets, teach them about health insurance.”
Garcia (36-2, 21 KOs), who takes on Errol Spence Jr. (26-0, 21 KOs) Dec. 5 on Fox pay-per-view at the AT&T Stadium in Arlington, Texas, currently has investments in eight properties in the Philadelphia area and in a few stocks. Garcia credits books by Donald Trump and Warren Buffet for informing his budding business sensibility.
“90% of the millionaires in the world are from real estate and only 1% of the world is millionaires,” said Garcia, who fits right into that 1%. “That’s crazy, so I’m going to go with the real estate and the stocks for my longterm income.”
Garcia hopes to impart some of what he has learned, one day, to his peers, many of whom are focused primarily on chasing world titles or their next paycheck, and not necessarily on how to go about filling out a Roth IRA form.
“I want to build a solid foundation so that when a fighter comes to me with a million dollars, I can say, ‘Look, this is for taxes, this is for 401Ks, this is how much you’re going to spend this year, this much is for health insurance,” said Garcia, who own a record label and a clothing brand. “And then in 10 years you keep building up that’s what it will be. That’s like one of my business ideas, so hopefully nobody beats me to the race.”
“Fighters don’t have a will, they don’t have a trust, they don’t have any of that stuff, they don’t have an estate, they don’t have life insurance” Garcia continued. “They don’t have none of that,I guarantee you. That’s what I want to do, help set you up with a solid foundation…even if another fighters listens to this, maybe they can learn from this, you know what I mean?”