100% this. I remember fiddling about with compound interest figures when I was a kid and it was like the sun coming up in my head.
Boxers waste alot of money on jewelry, cars, women, have kids out of wedlock and other silly things that flushes their money down the drain.
Sad Story, regardless who stole what from him he shouldn't be broke he blew it at the end of the day.
Most boxers just aren't very bright people to begin with, and that's further compounded by head trauma. You don't need to have economics degree to learn the basics of investing or to have the wherewithal to put money away for a rainy day. It's sad what happens to these many of these guys, but in most cases they're just as guilty for their current predicament as the managers and promoters who swindle them.
You speak the truth money market accounts are pretty simple and with a little money,anybody can get One.
He mentioned taxes. He was on the hook for paying the tax on 10mil, not just the part that was left. Also, the manager, promoter and trainer should have been paid a percentage of the net, not the gross. Those little details make a big difference over time. If he paid the manage, promoter and trainer a percentage of the gross and paid 39 percent in taxes, he was in the hole 230k. If he paid them a percentage of the net, he would have made 1.2 mil.
Like I said, screwed over legally, these vultures take advantage of fighters and claim it’s just business. The truth of the matter is they take advantage of those that don’t know any better.
Great video! Thanks for posting it. I always followed Moorer. I had mentioned before that I saw him in his early years down at Cobo Arena, he was a wrecking machine. I love the idea of a Union for the fighters, but Health Insurance for the fighter will always be an insurmountable task in the sport. The fighters know the damage that will come turning pro. Maybe not like a doctor, but they understand what the sport brings with it. Props to Michael Moorer for tellin' it like it is, it's a brutal sport, all the way around. With the money, I was happy with the way Jackie handled it. She'd take nothing from my purses until I was fighting 10 rounders. She gave me a formidable gym to train at, got me the fights at the places that I wanted to fight at. She did plenty for me, thank you Jackie. Jackie is great, Michael Moorer is great. Soooo many people in the sport are great. But the rotten are the rotten and sheeit all over the sport. And the fighters are left to live a life with a damaged mind. A Union would be great for the fighters! But the fighters, for the most part are forgotten
Pretty much this ^ Whether it's a 10+ million lottery win or a 10 million+ boxing career earnings, if you spunk it, you spunk it... Chances are, had he actually doubled his career totals at the time, he'd probably still be in the position he currently is...
Alot of them are family men aswell. But few actually see that big money. Tell me where these inner-city people (boxers) are going to learn economics and investing on the streets or the gym?
Insurance can be done for these guys. Especially if they had a union. Take 2% from pre tax earnings from every sanctioned fight and put it in a fund. Have Fidelity run it.
All these guys have the same sad sap story. My manager/promoter/trainer/wife/friend screwed me etc. No accountability. Didn't Bowe have a fleet of 50 luxury cars and 20 houses for his hangers on? Now he's selling autographed gloves at flea markets. With Moorer I think his abrasive personality also turned a lot of people away that could've helped him in business. He was working as a trainer in Freddie Roach's gym but got fired over personal conflicts.