Why do boxers go broke? Part IV of the wide-ranging interview

This is a good read, but we know this is a problem in all sports but boxing hits my heart since these guys are the ones really putting their lifes in the line. Any links to get the rest of the parts?

 

Great read.

 

you guys don't know the subject being interviewed, have no idea if he has any credentials, and you are all captivated. You guys are unusually stupid.atsch

 

Scrolling on the thread, surprised there's no mention of the most glaring problem. But for the rare exception, fighters have very little education, can barely read. They're bottle-fed gym rats, period. Ill-prepared for business or handling money.

When they're used up at a relatively young age, unless somebody trustworthy was looking after there earnings, they end-up like so many, wandering the streets.

 

I generally judge by myself, **** the credentials!

 

so what about what he said sounded untrue?

 

Yeah these guys have a ton of training expenses if they are lucky enough to get to the championship level on their own talent, because they need to maintain that very high level. I figured it would be a huge percentage, and they aren't smart enough to just plop down 150,000 cash for a permanent home in cash up front in an area like Vegas where you can get a decent home at that cost now.

 

Great read, but where the fck is the info? Rest of the interview? Name?

C'mon SON!

 

He should have calculated boxers saving interest, in his calculation.

If someone has 4 000 000$ in bank and get let’s say 5% interest annually he would make 200 000$ per year on that alone.

That guy is talking like they make money and then have to live just their savings rest of their life.

It’s not true. They could live with their interest and not use actual savings anything else than some bigger purchases like houses.

If they would buy houses, they could rent them and get more yearly income.

Basically that guy is giving pretty bad advice in money management, to his fighters.


It’s moronic to think your milions as a pay check get early and divide it to yourself monthly in next 60 year period.

 

Of course they could afford it. They wouldn’t need steady salary of 1700$ per month when they get more than 100 000$ interest out of their savings.

 

Didn’t you say other thread that you work in field of finance? :think

His entire calculations were based on ******ed thought that fighter will put all his money on the big chest and use them as time goes by.

Also his percentages seem way too high, but I don’t have facts, so maybe he is right and 70% of fighter’s money goes to trainers and stuff.

Still bad money management and lousy advices

Not really

 

good for you. you are an idiot, but way to be independent:happy!!! *****.

 

thank you. and these guys acted as if he's gonna get a pulitzer ****ing prize.atsch

 

Unless the dude speaking is Matchroom's Barry Hearn,who is a certified accountant by profession,I would question the breakdown of the fighters purse and his expenses.As a training expense,the fighter can write these costs off his income for tax purposes.Ditto with many other expenses.
Doesn't make sense to me.:huh

 

70% in expenses seems very high to me? Great read.