Which Boxers Are Broke or Will Be Broke?

Very interesting comments. You obviously have much insight into these matters.

I agree that much of this boils down to lack of personal responsibility and that managers should not always be blamed. On the contrary, managers and promoters often do their level best to get these guys to be prudent with their money (this is especially true in the NFL which deserves a great deal of credit for its efforts). But their wise counsel often goes unheeded.

Having worked in the tax field for 20 years (many of those years as a government auditor) I came across a number of pro athletes and entertainers who had the experience you described. So many make huge amounts of money but blow it all practically overnight and go broke because they never recapture the limelight.

I remember one instance where a guy belonged to a rock & roll band that was what is called a "one hit wonder" group. A musician made loads of money but was reckless with it. Thankfully, he signed a contract with a lady I knew who was a good financial manager - the musician suddenly attracted all kinds of groupies and other skanks who were out to get inside his pants and his wallet. He begged the manager to release some of his money as his new girl friends (that's right, there were more than one) kept egging him on about him ''lending'' them money [money they never intended to re-pay]. But the lady manager would not release any money and the musician got mad at her though there was nothing he could do about her intransigence. After a while the skanks all left him because he did not give them any money. As I wrote above, his group was a one hit wonder and he never made the same type of money after that. Thereafter, the musician called his lady manager a life saver - it was because of her business experience and financial wisdom that he was able to save a truckload of money.

This is what so many of these athletes and entertainers must understand: fame is short. The money will not be coming in forever. Therefore, wise up and save your money!

 

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That's some straight up bull****.

 

Pacquiao for certain. Hes making 20 mil purses but is in debt WHILE fighting. That cant be good

 

Any boxer that turns down 40 million dollars but now wants to fight for free

 

I dont really see it as a bad thing to live in your gym.
assuming of course it actually is your gym and u have a separte part to it with a decent bedroom etc..

i know a bloke who has a gym in an industrial type building and upstairs in the office part he converted it to an apartment with a lounge room and normal creature comforts..... its pretty sweet.

 

Jeff Harding drank, gambled, divorce, brought a pub went bankrupt was living on the streets till Jeff fencech and a few others helped him out

 

For all the **** he gets Jeff Fenech doesn't seem to be to bad of a bloke!

Helped out Jeff, he put up the escrow money to bring Shane out to Aus the first time so the fight had a chance.

Seems more like kinda bloke who if your his friend your his best friend if not he is an enemy

 

Floyd's too smart and he's obsessed with finances. Broner seems very dumb. Broner and Kirkland will be sad cases. Aerola seems pretty tragic as well. I'll guess alcoholism will be his downfall. I hope I'm
Wrong on all of these guys...

 

Women count men money...duh

 

You can't teach someone who isn't willing to learn. Many of them would rather 'live the life' than listen.

 

Dude it happens because Boxers generate a lot of money, but boxing for the most part is filled with snakes, liars, and cheats. So a lot of these guys get swindled by promoters, managers, lawyers, accountants, and advisers all to manipulate and con money away from the fighters. Don King is the most famous for it, but he is hardly the one in the fight game that does this sort of ****.

Nevermind the entourages full of the free loaders, the expensive cars, mansions and hoes, that's just the tip of the ice berg.

 

No i don't buy that it is all promoters and Managers fault, Firstly don't be dumb enough to allow yourself to have a bunch of hangers on, you don't need to have a team of 50 odd people that's stupid just a team with the essential things. Secondly Tyson and Holyfield went broke because they were stupid with their money whatever way you look at it. I mean Tyson said Don King robbed him very true except in a court case Tyson was awarded 20M FFS thats enough for anyone to live on. Tyson easily despite King had about 300m he belw his money on Cars, Tigers and a bunch of other crap. Holyfield come on what its the promoters fault he had 12 kids with several women and got divorced 3 times. Secondly he bought a ridiculous size house with a Gardening bill of 100K a year or something. Many also gamble it away. Snakes have something to do with it but mostly its because many are to stupid to realize people are hangers on and then they blow all their money on crap. They think the money will just keep rolling in and when it stops their ****ed.

 

Unfortunately there's a lot more money in stealing it from them than there is in teaching them how to manage it for themselves. :yep