This is a start and more ABC belts should do the same ...most major sport has some kind of pension plan. Not Pro Boxers ,this would save live and families....Most Pro boxers end up broke after its all over. BOXING NEEDS A START ,IF PEOPLE ON ESB DON"T BELIEVE THAT MAJOR DRUG TESTING NEEDS TO BE DONE THEN THIS SPORT WILL GO BY THE WAYSIDE AND AS TIME GOES ON THE TRUST FACTOR HAS BEEN LOSS. WE TALK ABOUT EVERYTHING ELSE ON THIS FORUM WHY NOT REAL ISSUES LIKE THE INTEGRITY OF THE SPORT. Pensions for 20 WBC champs One of Sulaiman's happiest days Photos: Pepe Rodriguez/WBC Thursday was a special day for the World Boxing Council. Phone company TELMEX through the efforts of Carlos Slim has started a monthly pension for life and medical insurance to be given to 20 Mexican former world champions and two widows. Making the announcement and standing up just two months after having undergone a complicated surgery in his left knee, WBC President Jose Sulaiman addressed the small crowd. WBC President Jose Sulaimans speech: Today, a historic page in national and world sport will be written, due to the fact that never before in the more than 300 years of current boxing had there been an institution or person who even thought about offering retired boxers who are in their senior years and are going through hard times, the opportunity of a good life. Great Jose Becerra retired over 50 years ago; the most recent was Victor Rabanales, 15 years ago. TELMEX Foundation and that outstanding Mexican, Engineer Don Carlos Slim, through our friend Arturo Elias Ayub, will donate, as of today, a pension for life to 22 of our greatest idols of Mexican boxing of all time. Boxing was the first sport that was practiced on earth, since the times of the cavemen when people would fight for the leadership of the tribes, for food and for women. From there, it appeared again in Ethiopia, in an engraving from 8,000 years B. C., the first proof of boxing; from there it went on to Egypt, Mesopotamia, Crete, and was one of the first 4 sports in the first Olympic Games around 500 years B. C To later appear in the Roman circus, where boxers would fight for their lives. After an age of mystery during the Middle Ages, boxing reappeared in the exclusive clubs of Great Britain. In Mexico it was the sport that gave our country its very first Olympic medal and keeps being the sport that has obtained the most Olympic medals for our country; professional boxing in Mexico is today, the most important one in the world, only second to the United States. The boxer is that person who is born in a very humble cradle, and does not find a place in the Mexican society, until that special gift sprouts in him or her, a God-given gift of having a brave heart, fists of steel, and that ability to face a rival. The boxer rises to fame and idolatry, becomes a king and starts earning a lot of money, even though there are rare exceptions, they are reached by the abuse they are the object of, the abuse of different people of the boxing industry itself; they also have to face high taxes due to such a short career, bad business deals and wanton behavior in their lives into which they are pushed by those bad friends who just like bees go to the honeycomb when it has honey. Then comes the way down, when the ring spotlights are turned off and everything is over; their friends are gone and they live from that little bit they still have, if they still have something; many fall into the sadness of loneliness and oblivion and just keep dreaming of their times of greatness, with nostalgia. There cannot be in the whole world, someone who does not see the boxer with grief and sadness, as the boxer had everything and now has nothing. It is here, in the year 2010 .. 10,000 years after the appearance of the first trace of boxing, when a great Mexican man appears, someone who has always been a boxing fan, someone who has a deep humanitarian sense, who knew about this dramatic situation of real life and felt it in his heart, Engineer Don Carlos Slim .. Who expressed his wishes and took the necessary steps through TELMEX Foundation and Arturo Elias Ayub, in order to hold out his friendly hand to our great heroes, Mexican idols, who took the name of Mexico around the world with honor and pride. I thank my friend Arturo Elias Ayub and my son Mauricio for the dynamism and commitment that both displayed and put into practice when developing this great program in aid of our great idols. Today is one of the happiest days of my life and I kindly ask all the people in attendance, very respectfully, to rise and give an ovation of recognition and gratitude to that man who has shown with facts that he is a great Mexican: Engineer Don Carlos Slim .. Many thanks to all
Every other person that works is expected to fund their own retirement, fair enough if these guys were good with money they would be accountants. At the end of the day though at lot of guys (myself included) are not accountants, but will do our best to put some aside.
The WBC is ****ing disgraceful. If Sulaiman gave a **** about these fighters he would be donating a portion of his sanctioning fees to a similar program. To date he has done nothing to further boxing. I would love if every boxing writer in the world just refuses to mention the name of the WBC or quote Suliaman in any context. **** the WBC.
I don't think a pension plan would help, honestly. These guys often make MILLIONS and squander it. A pension plan providing a thousand dollars a month wouldn't do a thing, sadly. Financial illiteracy runs rampant among the boxing world and I hate it as much as anyone, but a pension fund... I just don't see it working. Pension funds in general are going the way of the dodo bird. They're a drag on organizations. Paying people after they're no longer producing kills companies.
fighers fight hard n play hard its in most fighters your manhood takes a huge ego boost when your a good fighter people give you respect or fear you i dunno its addictive.
That is solid, but a bit unrealistic. What they should do is automatically section off a portion of purses to defined benefit annuities with huge insurance companies for mega-fights.
Not a bad idea. Unfortunately any fixed-income investments made today are going to get raped by inflation in the coming years, as I see it. Low rates + rampant currency printing = ....
Maybe, unless deflation takes hold which I feel is far more likely being that wages and growth are stagnant and previous growth was bubble fueled. There is some weird "inflation or food/deflation of durable goods" ish going on. So maybe you are right a variable annuity? Just while a fighter is active some range of his purses go into an IRA style investment. Once he hits a certain amount of winnings he buys in. If not? He just retires with his IRA.
Ya, in the deflation example I suppose it'd work in the short term. Variable annuity could work also. My whole problem is just that no amount of money in a pension is going to save some of these guys who squander millions, since the most they could ever hope to earn from such a pension plan would be materially lower. As for the inflation or food/deflation of durable goods you mentioned, it wouldn't surprise me to see some deflation happen, at least in the short term, except that Ben Bernanke is head of the Federal Reserve and he's been vocal about pumping the economy up if it needs it by running the printing presses. If anything, I'm more concerned about hyperinflation with him pulling the levers!
Depends on the actuary. I think you are right though. If you do it according to the unique issues facing a boxer? It might work out. It would also be "crappy" by normal person standards, hahaha. Still I bet Bow would like to get a little dough every month. I just can't see what can inflate. Americans are tapped out. Any hyper inflation would literally bring America to the brink. I see food/gas/utilities going up and big ticket items taking a serious dump. Americans are unemployed and losing houses, but buying $4 coffee and $600 iPods. American economics makes no damned sense. lol:
That says it all. Literally. Which is why, rather than trying to really forecast and act accordingly, I prefer solid dividend payers with long track records that demonstrate their durable competitive advantages and pricing power within their industries. It's about the best thing I can think of, and it's simple.
Word. I am messing with corporate high yield debt (due to their massive cash positions), emerging markets, and CA municipals (If that other BS was too big to fail a state, voters, damn sure is! :yep). Gobbling up monthly payments making short term high dividend plays on market dips. Scared as hell of a rapid onset of inflation though. F my bonds up, hahaha. I am also scared as hell of rapid moves in equities even though I do dabble in "stable" dividend players like you pointed out (Vice!). I just see nowhere to go but down as America gets older (boomers cashing out) and companies are not hiring (401ks not being made/fattened). I feel I can sense collapse. America is looking more like RJJ (ATG that is past it) and less like a agile up and comer daily... :think
Ahh, didn't know you were invested in bonds. That explains this interest rate stuff. Ya, as far as dividend payers, I basically look for those with strong international operations so that less of their earnings are reliant on a waning nation.
