i know we are a few pages in advance.....but i just had to say it, this could be the funniest post i have ever read in my life
Most of these guys end up boxing because they were in trouble as kids or they were trying to avoid getting into trouble. These arent college educated men. Im not knocking boxers as stupid, but rather that these are not the kind of guys that ever took a money management class at their local community college. Like TooPretty said, a lot of poor communities, people dont know much about money other than the numbers on their paycheck. They make it big, and they turn into little kids, buying all the **** their parents could never get them. Factor in women, parties, entourages, big ass houses, car payments, and possibly some child support, and its not a mystery.
1. They have big expenses, hangers on, training fees. 2. They are taxed heavy, 40% of a purse in the UK. 3. They probably spend heavy and make risky decisions. 4. They marry models and actresses and have expensive divorces. 5. Drink and drugs. 6. Promoters take big chunks of the purses. 7. They don't save and invest prudently. Fighters should invest most of the earnings in pensions to get the big tax break. They used to be able to retire and take pensions early, not sure if that has changed now.
Because most aren't smart outside of what they learn to do in the ring. Start young and have no real education, and what intellect they have is channeled into fighting. Not like in team sports, where they have a chance to get a coach that mentors them that there is more to life. And teachers them that there chances are slim, and they can be good at other things, and their intelligence extends beyond more than just the sport they are engaged in. Just a tidbit
Bad decisions and bad long-term planning. They probably have the thought that the money will keep coming in again and they can spend as much as they want and still be set but that isn't the case. If atheletes took a sports public speaking class, financial planning, saving, and investment class, and a class on an understanding of the sports world they'd be set. One doesn't need these classes but they would certainly help to better everything about an athlete.