Why do so many former boxing champions go broke?

[-Kev-]

If I had 100s of thousands of dollars, or a couple of millions, I would live a simple life in a normal neighborhood. Never got all the party life and drugs, buying hoes, ***elry, 10 cars. I wouldn't do none of that. Most I would do is probably buy expensive clothing/shoes, that's all. Honestly.


And the same poster made the exact same thread before, and it got deleted. It's obviously a shot at African Americans.

[Expertise]

If I had 100s of thousands of dollars, or a couple of millions, I would live a simple life in a normal neighborhood. Never got all the party life and drugs, buying hoes, ***elry, 10 cars. I wouldn't do none of that. Most I would do is probably buy expensive clothing/shoes, that's all. Honestly.


And the same poster made the exact same thread before, and it got deleted. It's obviously a shot at African Americans.

euhm no its not...

Just wanna know if the same happens in other sports aswell.

[ModernTalking]

They do the rain.

[-Johannes-]

Some athletes like boxers come from a very humble background and they are struck by sudden wealth and fame even if it isn't much fame or money. They're not educated enough to cope with such gains or even to reach out for professional finance management and are scammed by friends and leeches.

[Expertise]

Some athletes like boxers come from a very humble background and they are struck by sudden wealth and fame even if it isn't much fame or money. They're not educated enough to cope with such gains or even to reach out for professional finance management and are scammed by friends and leeches.

I dont know man, Marciano, dempsey, schmelling all come from humble backgrounds to and werent educated. They still had allot of money after retirement.

Anyway man we will just have to wait and see how the Klitschkos end up

[GrandpaBernard]

Some athletes like boxers come from a very humble background and they are struck by sudden wealth and fame even if it isn't much fame or money. They're not educated enough to cope with such gains or even to reach out for professional finance management and are scammed by friends and leeches.

bingo

[Expertise]

Maybe its cause boxers dont get any retirement program like NFL players

[New England]

Does it happen in other sports aswel?

I mean guys like

Mike Tyson
Muhammad Ali
Evander Holyfield
Rid**** Bowe
Joe Louis
Sonny Liston
Joe Frazier

all made millions and still went broke.

Do you guys think the same will happen to the Klitschko brothers? Do you think the Klitschkos will also spend all their money on cars, grills, rims, bling bling, drugs , ... ??

post smells a bit racist to me..

naming a bunch of black boxers that have // appear to have gone broke

and then two white boxers, and asking if they will spend all their money on "cars, grills, rims, bling bling, drugs, etc..." (stuff associated with a hip hop// "thug" lifestyle)





boxers often go broke because they stop making money
and continue to spend it

[Medved]

Because Actors/Musicians still get royalties long after they retire and can usually find some sort of work, writing a book, making a VH1 reality show (reserved for broke NBA/NFL/Singers), work for a studio/company.

What can a Boxer do? He made millions, wasnt smart enough to invest it. You think he is going to train other boxers for $30,000 a year? Yea right.

and Klitschko brothers aren't going to go broke, they actually have a brain and an education. Thats why they left their promoters as soon as they could and started their own company. They own ALOT of property in Germany/Ukraine and alot of Investments.

Boxers need a FA as soon as they start getting paid the good money. You make $500k? let the Financial Advisor give you $30-40k out of that $500k and they will invest the rest that you cant touch. Make sure the FA is from a reputable company and not Bob Arum's Uncle or VisionQwest.

This way when a Boxer retires he has a fat portfolio and will be making $100k a year in interest and have tons of stock/investments.

Make 500k > 40k to you 460k to portfolio
Make 600k > 50k to you 550k to porfolio.

You could blow your 90k but you will still have 1m in the bank.

But this way a Boxer gets the 900k in his hands, he blows it on his entourage (100k), buys a car that he cant afford to keep ($5k or $10k a month + insurance + upkeep) + LEASES a mansion at $10k a month.

Sttttuuuuuuuuuuuuuuuuuuupid.

Like Chad Dawson is broke, why? it was reported he spent $150-200k ON A WATCH WHEN HE ONLY MADE 300k IN A FIGHT.

[STEELHEAD]

boxers on the whole are not considered mental dynamos. most are mental midgets. take holyfield for example. he gets on a religious kick. has a dozen babys. then gets taken to the cleaners in a divorce. sheesh!
i wonder if he still lists himself as a pastor in the phone book?