Larry Holmes did it. As stated in my previous post.. You don't need to have an economics degree to learn the basics of investing or to have the wherewithal to put money away.
I read Teddy Atlas's book, Teddy may be a prickly character but Moorer came off as a selfish wanka who didn't help himself.
Larry Holmes, Sugar Ray, Leonard, Michael Spinks, Lennox Lewis, Floyd, Mayweather and quite a few more didn’t end up broke. Did we mention George Foreman?
Even Michael Bentt who only managed a couple good paydays in his career has done pretty well for himself post-retirement.
Sure, there have been fighters who made the bank and held on to it. But for every one of those guys, how many were there that made it and squandered it? Or and had it stolen away by some creep. What will you grow up knowing about economics when the $1 that you got for lunch money was already spent? They tend to follow the streets and the only way they seem to make money in the hood is dealing drugs?
I first heard the term "compound interest" while watching an old Blondie and Dagwood movie on television. It went like this: Dagwood Bumstead : Wait a minute, wait a minute, what does it amount to today? Sharkey, the Loan Shark : Well, today, being the tenth day, you owe me a little over 75 bucks, huh? Dagwood Bumstead : Huh? Oh, I can't understand that interest. Sharkey, the Loan Shark : Oh, you can't huh? Well this is known as compound interest. Dagwood Bumstead : Compound? Sharkey, the Loan Shark : Yeah. Compound fracture interest. Dagwood Bumstead : Compound fracture? Sharkey, the Loan Shark : Yeah. If you don't get that dough up in 24 hours, I com' and pound a fracture in your skull! See how it works out?
Lucky I think should be the correct wording. there are plenty of guys who invested and the dice rolled well. But plenty did exactly the same and it all fell apart. Jim watt half way through his career made sure to set up his car sales business. And that fell apart before he jumped straight into commentary.
I will quietly say…I’m certain MM has Asperger’s. Speech pattern, phrases, just delivering information is such a strange order.
This is true for boxing, any sporting professional, and your everyday worker. It is up to you to save and not blow your money. When I leave my company they don't owe me a damn thing. When a position becomes obsolete they will cut you or move it overseas. It is up to you to save. There are dumbass with money in every profession.
They knew and took advantage of Michael. All boxers should go through an education course on what they should be doing and how things should be done.
I remember a recent James Kinchen interview, and he had to go to work right after he retired, said he had nothing, and he was a pretty big name.
They registered as self employed or employees of a business where they were paid a dividend rather than a salary. That company is usually a trust. Moorer paid them (or their company/trust) They ran all overheads as expenses and write offs They fell into a different tax bracket and got a tax break Throw in clever accountants and you can get away with a lot of things Boxers aren't that smart. Their motivation is glory. Managers and promoters are business savvy, greedy and money hungry FIRST so they know how to structure their companies to take advantage of taxes.