why does joe frazier live in poverty?

Ali Vs. Frazier 4! so Frazier can eat.

 

There are times when I think that Floyd may be wrong for what he does, but then I remember what happened to Louis, Spinks, Frazier, Barkley, etc., then I think **** it. Ain't nobody going to go out of there way to help him after his boxing career is long over with. Go get that money and **** everybody else. Only God can judge you!

 

The IRS scam is downright criminal -- on the government's part.

Here's how it works: Boxer A earns a $1 million purse. His manager gets, say, 30 percent and his trainer, say, 10 percent (varies case to case, of course, but the exact numbers aren't important).

So the IRS taxes the boxer for the full $1 million, and then the manager and trainer also pay taxes on the same money -- money the boxer never sees.

Unless a boxer has smart enough management, they can end up owing the IRS tons of money without ever knowing it. Smart management sets it up so the manager and trainer get paid directly from the promoter (Shelly Finkel being one who does this right) so the boxer isn't on the hook for taxes on money he never sees.

If I remember right, Frazier was managed by a small corporation of investors (much like Ali) in the early portion of his career, and one of the reasons was to avoid direct tax liability on the boxer. I don't know how that was handled later when he got into the big money.

I'm sure Frazier gets lots of appearance offers for autograph shows or to be on hand to hype a big fight. He obviously doesn't seem to take a lot of those. Frazier is a hard and stubborn man, and it's entirely possible he got burned a couple of times and decided not to do that anymore.

Or maybe he's comfortable living how he's living and doesn't want to pimp himself out.

 

But you also gotta put most of the responsiblity on the fighter.

Frazier, being a GROWN MAN, knew that the cash would eventually stop rolling in like that, and ANYone with any sense of foresight into the future has to realize this, and prepare for it.

Basic reasoning is apparently overridden by living for the moment, and not coming to grips with the fact that the huge paydays will one day, stop.

Most of it is the fighter's own fault. How many of us have NEVER had access to that kind of money, and yet we are able to live pretty well.

 

Frazier is not Donald Trump or George Bush. When they mismanage their loot and go bankrupt, the government gives them a no interest loan, wipes their slants clean, and allows them to **** up and go bankrupt again and again.

When Ali, Frazier, Tyson, or Joe Louis get overwhelmed by the Steins to the point of bankruptcy, they get no such free handouts.
In fact, very likely they'll shortly afterwards get a friendly audit by the KK.IRS and an impossibly large overdue tax bill that usually follows them to the grave.

 

Frazier is not broke. His favorite hobby is customizing old cars, and you MUST have a little money to do that.

 

Frazier isn't broke but word is he's owned by the mob.

 

U can buy an old car for as low as $400, and customize it for a few thousand. Don't need to be rich or wealthy to restore cars.

 

Leon Spinks did used to work in Mcdonalds, now he's a School bus monitor in a small town, he's actually married to the bus driver who helps him cope with his dementuare.

 

Boxers are notoriously bad with their money.

Iran Barkley made millions but still lives in the projects in the South Bronx.

Matthew Saad Muhammad was homeless after his career ended. Joe Louis, Leon Spinks, Sugar Ray Robinson, etc...the list of fighters with money problems goes on and on.