How come SRR allowed many more losses late in his career

[Anthony342]

Damn 90-0 twice, another point in the column as proof of Robinson being the GOAT.

[billeau2]

Yeah true, but what about some kind of pension for retired fighters, like athletes from the NFL get?

I would implore you and others to look at how much money fighters pay out in taxes. High earned income makes a person a partner with the IRS! At about 30% off the table, and then the various sales tax, etc, most fighters give away more than half. that is before their expenses...and its not just fighters it is all athletes.

Fighters could develop investments but not all fighters are able to do so....it takes brains and again, earned income is the worse place to start because they take so much.

[Scott9945]

Yeah true, but what about some kind of pension for retired fighters, like athletes from the NFL get?

The problems with a pension for a rogue sport like boxing are:

1) The funds have to come from somewhere, which means the fighter and the promoter both take a hit on their profits. They're not going to like that as fighters generally think short term and promoters are generally greedy.

2) Who is going to hold this money and manage the pensions?

[Panthershock]

So why don't fighters get better at saving their money? And is there some organization that helps fighters save their money, maybe invest it or find some kind of work after retirement? If not, the sport needs it.

lack of education/knowledge on finance. They trust someone to handle the money and wind up getting screwed. They live beyond their means without realizing it because they go from grossing millions to nothing in a few years. Long term payments are owed etc.

No central governing body in boxing makes helping them more difficult

I would implore you and others to look at how much money fighters pay out in taxes. High earned income makes a person a partner with the IRS! At about 30% off the table, and then the various sales tax, etc, most fighters give away more than half. that is before their expenses...and its not just fighters it is all athletes.

Fighters could develop investments but not all fighters are able to do so....it takes brains and again, earned income is the worse place to start because they take so much.

UK is 58% max. US is 55.9% max if you live in California (state income taxes go from 0-13%) Canada is similar, so boxers paying income tax isnt a US phenomena

besides, when you blow millions instantly, odds are you would have done it with double the income anyways

[billeau2]

lack of education/knowledge on finance. They trust someone to handle the money and wind up getting screwed. They live beyond their means without realizing it because they go from grossing millions to nothing in a few years. Long term payments are owed etc.

No central governing body in boxing makes helping them more difficult



UK is 58% max. US is 55.9% max if you live in California (state income taxes go from 0-13%) Canada is similar, so boxers paying income tax isnt a US phenomena

besides, when you blow millions instantly, odds are you would have done it with double the income anyways

Even if you don't blow through it my friend....and personally I think the taxes collected are by one group and paid to one group (thats just me!), regardless tax collection is certainly NOT limited to the USA.

Consider what happens if you buy a property as a rich athlete: If an athlete buys a mansion, they are paying a lot of money, right? Now, lets say they want to live elsewhere: the sale of the property is usually lucrative assuming it can be sold at a profit but anything over a million is taxed as income....So half of your profit (consider real estate commissions, etc) is gone and whatever you do with that chunk of money will probably generate more taxes yet.

I mean me? if I buy a place rather than sell it I rent it out after and look for a place like that when I buy.... Or instead of a mansion an athlete could buy an apartment building....But with a mansion one cannot rent it out and keeping up with the Jonses and all. I mean you can't look rich and famous if you take 3 mil and buy an apartment complex in San Francisco that will generate 10k a month and up for the rest of its days right? No....you buy the Silicon Valley special, replete with marble steps and a gameroom.

If people thought about it and did the math they would understand that when it comes to earned income and taxes...everywhere, it is no accident that athletes statistically wind up broke. This comes from ignorance of reality and a whole cadre of people that reinforce this ignorance.

[Tommy88]

It was pretty sad when Tyson lost to McBride

[Panthershock]

Even if you don't blow through it my friend....and personally I think the taxes collected are by one group and paid to one group (thats just me!), regardless tax collection is certainly NOT limited to the USA.

Consider what happens if you buy a property as a rich athlete: If an athlete buys a mansion, they are paying a lot of money, right? Now, lets say they want to live elsewhere: the sale of the property is usually lucrative assuming it can be sold at a profit but anything over a million is taxed as income....So half of your profit (consider real estate commissions, etc) is gone and whatever you do with that chunk of money will probably generate more taxes yet.

I mean me? if I buy a place rather than sell it I rent it out after and look for a place like that when I buy.... Or instead of a mansion an athlete could buy an apartment building....But with a mansion one cannot rent it out and keeping up with the Jonses and all. I mean you can't look rich and famous if you take 3 mil and buy an apartment complex in San Francisco that will generate 10k a month and up for the rest of its days right? No....you buy the Silicon Valley special, replete with marble steps and a gameroom.

If people thought about it and did the math they would understand that when it comes to earned income and taxes...everywhere, it is no accident that athletes statistically wind up broke. This comes from ignorance of reality and a whole cadre of people that reinforce this ignorance.

i majored in political economics (basically a study of the recent financial crises along with systemic features of capitalist economies) so id love to debate the issue, but this isnt the place

but a boxer or athlete shouldnt be unaware that he has to pay taxes on things
I think what happens is they make millions over a few years and as a result they get credit based on that income making it seem like a lifestyle that is not sustainable is
Like Holyfield's house, he buys a 109 room mansion in 1997, he got credit for it based on huge past earnings, but doesn't he have to realize, im not making money much longer and i cant sustain this

thats what i see the issue as, unsustainable lifestyles based on thinking that income level will always be there

[Panthershock]

It was pretty sad when Tyson lost to McBride

watched the Lewis fight earlier, hasnt seen it in years

with 13 seconds left in the 1st, he was done

only silver lining was his chin that night

[WitherGlove]

I'll just say to the 2 guys about you both need to watch the documentary on Rays life. If he made the kind of money Floyd did he wouldn't have been fighting it's that simple; call it cherry picking or whatever you want, but in the end guys fight for money period. Ray used to pull out of fights a week before if the money wasn't right. I can keep going but it's pointless. I'm not one of those guys who care if a guy has loses perfect example is Ismayl who just lost to kovalev I still think he can fight. But in the end you can look at most fighters today from Manny to Floyd the list goes on etc etc, when they were coming up they fought everyone just like the next man but now that they call the shots they only fight for money period. Look at Mosley people give the guy a pass but when he was the man he ducked Floyd when Floyd became the man he called him out. I mean lets call it how it is, guys like Chavez Sr and SRR fought so many times because they were not making crap back in the day.

[Anthony342]

The problems with a pension for a rogue sport like boxing are:

1) The funds have to come from somewhere, which means the fighter and the promoter both take a hit on their profits. They're not going to like that as fighters generally think short term and promoters are generally greedy.

2) Who is going to hold this money and manage the pensions?

Banks? A new, trusted pension fund? I thought I heard about some retired fighter trying to help out other fighters not go broke recently.