Why do boxers end up broke?

[venom1]

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.

[QQQQQQQ]

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

[MindBat]

Bad money management.

IRS
Parties
***elry
cars
women
friends
food
more parties
travel
friends
food
more cars
***elry
TV's
stereo systems
more women
boats
drugs
alcohol
more women
single family home
X-box 360
Sony PSP
drugs
alcohol
***elry
friends

Pawn shop
Unemployment line
Food Stamps
Welfare
panhandling

[venom1]

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.

[catalinul]

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.

[MindBat]

Bad money management.

IRS
Parties
***elry
cars
women
friends
food
more parties
travel
friends
food
more cars
***elry
TV's
stereo systems
more women
boats
drugs
alcohol
more women
single family home
X-box 360
Sony PSP
drugs
alcohol
***elry
friends

Pawn shop
Unemployment line
Food Stamps
Welfare
panhandling

How could I leave out 'clothes'?

Large wardrobe collection.
more clothes
gifts

[MindBat]

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.

[pacmansuperfan]

It's called "poor man's mentality". A "poor man", no matter how much he has, he will end up broke. IF he has 300 million, he'll adjust his lifestyle to spend more than that, even if he has to have dozens of kids, his inner self wants to struggle, wants to be broke. It's a shame they don't see money as a means to make more money and buy what you need and just that. It's ok to have a good car if you can afford it, but 5? It's ok to have a good house but why have 5 if you are never there? ********, drugs and women will take away what your wired promoters and family left behind. Broke it is.

good answer

[jri9d0]

Bad money management.

IRS
Parties
***elry
cars
women
friends
food
more parties
travel
friends
food
more cars
***elry
TV's
stereo systems
more women
boats
drugs
alcohol
more women
single family home
X-box 360
Sony PSP
drugs
alcohol
***elry
friends

Pawn shop
Unemployment line
Food Stamps
Welfare
panhandling

/Thread.

It doesn't get any more precise than this...

[pacmansuperfan]

u guys are forgetting ********....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