Why do the best fighters always end up broke?

[Bodyshot3]

For the vast majority of these fighters the Tax Man is far more lethal and painful than anything they will face in the ring....

......the Tax Man knows where you live, what's inside your bank account, how much you spend, he's got the law in his corner and he is able to go to war with you 24/7 by just clicking his mouse.

Tragically, so many of the big fighters simply don't have a plan for managing the massive amounts of income that arrive in their bank accounts overnight. Unless you have some decent advice, every dollar/pound you earn is liable for taxation and 'the more you earn = the more you need to pay.'

That's why people like Iron Mike, Holyfield and others have literally ended-up fighting for millions of dollars just to keep their payments up with the IRS.

Bright, modern fighters like David Haye and Lewis have finally grasped the fact that the Revenue always hits the hardest and that's why they have multiple residences in multiple places, probably plenty of offshore accounts and some proper money left in a bank in somewhere like the Cayman Islands.

[Dr Rumack]

This doesn't just apply to boxers. Sports Illustrated ran a report a few years back that said 78% of NFL players are bankrupt or in serious financial difficulty within two years of ending their playing careers. And 60% of NBA players are bankrupt within five years.

It's not difficult to understand why it happens. These guys just haven't ever learned the basics of personal finance like ordinary people have to. They get these huge paychecks that make them feel like kings, and they're in an environment where conspicuous consumption is the name of the game. Budgeting, planning for the future, keeping spending under control, they just don't have any concept of it in most cases. Without that discipline they're pretty much doomed to blow all their money.

[Skittlez]

For the vast majority of these fighters the Tax Man is far more lethal and painful than anything they will face in the ring....

......the Tax Man knows where you live, what's inside your bank account, how much you spend, he's got the law in his corner and he is able to go to war with you 24/7 by just clicking his mouse.

Tragically, so many of the big fighters simply don't have a plan for managing the massive amounts of income that arrive in their bank accounts overnight. Unless you have some decent advice, every dollar/pound you earn is liable for taxation and 'the more you earn = the more you need to pay.'

That's why people like Iron Mike, Holyfield and others have literally ended-up fighting for millions of dollars just to keep their payments up with the IRS.

Bright, modern fighters like David Haye and Lewis have finally grasped the fact that the Revenue always hits the hardest and that's why they have multiple residences in multiple places, probably plenty of offshore accounts and some proper money left in a bank in somewhere like the Cayman Islands.

Lennox Lewis owns the IRS.. I'm sure he don't have to worry about anything.

Why you think Holyfield and Tyson got that azz taxxed? Cuz they messed with Lewis.

[elfag]

It's a sad thing, guys like Evander.

I mean Holyfield in my opinion one of the greatest ever, he was always great to watch. In tons of huge fights and seems quite smart but the dude is broke.

Lennox spanked that ass. Still rich.

[elfag]

Lennox Lewis owns the IRS.. I'm sure he don't have to worry about anything.

Why you think Holyfield and Tyson got that azz taxxed? Cuz they messed with Lewis.

No he just pays his bills. The first time, without interest and penalties.

[Bodyshot3]

@skittlez.......

Lewis does not own and never will own the IRS or the Inland Revenue.

These institutions can bring people who earn more money in a month than Lennox got in a whole career. That's a cast iron fact, based upon many years of professional experience.

As a financial adviser, who helps people keep some of the money they have worked hard to achieve, I am fairly confident about where the absolute power lies on these matters.

[#1Assassin]

in holyfields case paternity suits and child support in addition to the lavish spending and don king.

all fighters dont end up broke, just the ones who lose their head. spend way too much, work with guys like don king or get a bunch of kids with different women. holyfield did all of the above.

its about looking after your money and most fighters do that. but you dont hear about steve cunningham and his restaurant in philly. or carl froch buying property, fixing it up with his own two hands and selling it at a higher price. you dont hear about paul williams either, investing in property and several successful businesses in his native city.

you just hear about the ppl who blew it all.

[Szef]

Lennox Lewis is worth 156 million US Dollars.

Lennox buys a new boat every time his old one gets wet.


Lewis is one smart rasta champion, he and his aging but still lovely wife are rich as kings and queens.

They have multiple businesses and Lennox isn't a fuking ******ed moron who invest heavily in blings or politics.



IT'S FUNNY HOW Lennox Lewis is rich as sin but all his main rivals are broke or soon to be broke.

Holyfield-Broke
Bowe-Broke
Tyson- was broke, had to beg Hollywood for dimes

Vitali-soon to be broke


Ukrainian politics are ruthless and it's eating at Vitali 20 million already gone... vitali is only worth 24 million.. I PREDICATE Vitali will be fighting for pennies within the next decade.

Vitali is NEVER retiring.. he's gonna fight until Anthony Joshua is prime rofl

Man you're ****ing ******ed, seriously. Your hate on Vitali is ridicoulous. If you're so sure Lennox beat his ass than why on every occasion you bash him and say how much Lewis was better than him. You're a insecure moron, just log off and start a cult or something

[KING MEAT]

Im a hater for questioning the financial planning of a boxer? Come on man.

yes. .................

[Ray Corso]

I can't think of any pro boxer who wasn't overly generous with his money! Often its the trust or accountants they are lapsed or simply thiefs!! For some reason a fighter isn't as concerned with earnings "saved" I'm not sure why that is but it is fact more often than not! In many cases it might be because they had no prior experience with large sums of money, sounds crazy but I know its true in a few cases! I find it extremely sad that someone like Evander had lost his winnings, he was aware of his accounts at one time but after his split for his wife he seemed to fail to maintain responsibility. He was actually the model for maintaining healthy savings habits and good investment at one time! I'll guess there was more than one in his pockets!
Ray.