Why do Fighters always end up Broke?

Fighters end up broke because they have spent most of their life in the gym rather than in the books, most of them (not all) are just flat out stupid. It says something about someone when they decide to make a living getting punched.

 

Boxers are not financially educated guys.

Most boxers come from poor or lower income backgrounds, not growing up ever really knowing how to handle money.


Their mentality is likely very blue collar, their view of finances is "bring home a paycheck", they dont know anything about financial planning and savings. Their likely idea of savings is having a Bank Saving account, and that is it.

When you have them making large amounts of cash, they spend much of it. Cars, buying houses. Even if they live modestly, lets say they buy a house and a minivan for their family, they're not SAVING money or INVESTING money. They just spend it.

At the same time, you have their entourages, their camp, their managers, their promoters. All these guys are getting a cut.

When a guys career is over and he cant fight anymore, he hasnt made himself a nest egg at all, he likely has lots of expenses, and he goes broke.

 

They always spend their money like little children.

 

Couldn't have said it better myself.dealdeal

 

1). Child support. They have a dozen children by six women and then try to keep from paying so the women gang up and take them to court and attach possessions and houses etc. etc. etc.

2). Once they retire they are no longer "cash cows" and managers and attorneys no longer represent those who cannot pay them. Thus reasonable voices are no longer heard and the boxer continues to live in a lifestyle they were used to while fighting.

3). Stupidity....nuf said 'bout that one.

4). Lack of general work skills and discipline.

 

sugar ray
lennox lewis
vargas
tito

 

Larry Holmes is wealthy.
SRL is wealthy
Tommy Hearns is quite comfortable
Lamotta did okay
"Little Red" Lopez is comfortable
Lennox Lewis is doing okay
Whittaker seems to be doing okay
Haglar is doing well.
Minter looks to be doing okay
Mickey Ward is doing okay
Duran is far from broke
Arguello is okay
Mancinni is doing okay

The list goes on and on. It's a myth that fighters always end up broke. The real issue is, for example, that Chacon being broke and brain damaged is a more sensational story than the one about his good buddy Danny Lopez becoming a succesful constrution contractor.

 

For a while I have believed that boxing would be better served if managers were replaced by sports agents. Sports agents my be *******s but they most always do what is best for their client. Part of the reason is that they work with so many established leagues like the NFL, NBA, MLB etc that do not tolerate the kind of **** that boxing managers get away with.

 

A) Stupid money management. See: Evander Holyfield, who built a $155M mansion, forgetting that it costs millions of dollars a year to maintain a 56 bedroom mansion.

B) Not understanding the contracts they enter into. See: Any DKP fighter, especially Mike Tyson.

C) They forget to pay taxes, or get bad advice that they don't need to pay taxes. I can't remember who off the top, but there have been a few guys who have been very publicly caught by the tax man, including Holyfield.

 

It's not too unsurprising that people who get punched in the head for a living maybe aren't the best at money management

 

They get broke thinking they won't get broke. There are millions of ways to lose a million, some people just don't realise this.

 

Has nothing to do about race. There are white, hispanic and italian boxers who now are broke and even turned to crime. It is about intelligence and guidance.