Why most boxers go bankrupt?

You need a certain personality to be a fighter.Very very few people can keep the part of them that makes them successful at fighting contained to the ring and keep it from spilling over and affecting the rest of their lives.

 

A lot of athletes not just boxers go through this .. I think the main reason is most come from poor backgrounds having nothing. Then when they get a lot of money , they blow it all on the life of luxury and taking care of family, friends, etc. Most just cant say no when asked for money ..Also, they get scammed from bad business ventures and trusting the wrong people when it comes to their money getting managed... Also, they do not factor in the IRS's tax take.. Unfortunately, Hearns is a perfect example of the above stated

 

Most people that do is because they just waste it on things they do not need. Ok there is a time to be extravagant.

A friend of mine earns 5 times as much as me, but he will end up with less than me in the end, already in a lot of ways he is financially poorer than me, all due to his spending.

 

Many people from all walks of life go bankrupt. But it seems that professional athletes and lottery winners are among the most likely to do so. In the athletes' cases, their careers generally last a relatively short time. The lottery winners only hit it big once unless they are able to win a second time in very rare cases. Unless the athletes and lottery winners put much of their money into savings or wise investments, there are generally going to be problems for them in the future.

- Chuck Johnston

 

- lack of formal education: sign away Power of Attorney
- Too trusting
- Too generous with "hangers on"

 

Let's face it, most athletes are genetically blessed in the sense of physical attributes and physical intelligence, but overall intelligence, hm not quite....

 

"Or is it just a desire to blow it all away and these guys have no fear of losing it all and starting over?"

Of course not.

It's quite obvious really, if you think about it at all.

Most boxers grow up without much money - and certainly have no experience with running a business.

If you give a 20-year-old guy 2 million a year for five years, he'll accept that as how the world is, and is going to be. He will naturally spend millions on stupid things - as opposed to putting it in a low-yield, low-risk investment portfolio.

When the tap gets turned off in a few years his BFF's will mostly vanish - as will the hot chick who wouldn't have looked twice at him without the money - and he will find his deferred tax bill under a pile of unopened letters.

Not hard to work out.

 

Most people are awful with money and have little concept of planning and strategy. Especially many professional athletes.

 

First your legs go, then your money goes, then your wife goes!

 

close !! For me it was, My legs went , then my wife went with my money!!

 

The vast majority of people who win the National Lottery end up bankrupt.

If you give a lot of money to a person who is accustomed to having very little, and doesn't really understand how money works, then they are likely to blow it.

A boxer is a good candidate for this on many levels.