Why is Manfredo Jr so poor?

Hope he gets a few more good pay days always liked watching him fight maybe a groves or degale fight in the uk

 

It's not "the sport" as such, it's just that many boxers don't seem to have much financial sense so they can't manage the money they have. It's not really anything specific to boxers as well, a lot of society is the same, it's just boxers have more money to spend and invest, usually badly.

 

he invested in the real estate market in provendce just before it crash would have been better snorting or spending his money on whores atleast he would have got some enjoyment out of it

 

Manfredo is broke because Manfredo didn't earn enough during his boxing career to be considered a full-time boxer. Manfredo is a glorified ESPN2 fighter, and the contender didn't change that. Hell the contender paid $1 Million to the winner(which Manfredo wasn't) and that was before Taxes, and no telling how that money is to be distributed.

Going back to ESPN2, the ESPN2 angle: http://www.bloodyelbow.com/2011/3/15/2053137/examining-pay-structure-in-boxing-and-mma
And if you think that was low: http://www.badlefthook.com/2012/4/1...-purse-report-friday-night-fights-boxing-news

Michael Katsidis for his fight with Albert Mensah made $25,000 as the headliner of that card.

Another Case: http://www.badlefthook.com/2012/2/7/2782936/miranda-vs-chilemba-purse-report-friday-night-fights

Edison Miranda, who's fought the likes of Andre Ward, Kelly Pavlik, Lucian Bute, etc. made $12K for his fight with Chilemba.

These are established, well known international operators in the boxing world. So even if Manfredo earned more from his Calzaghe fight, it is nowhere near enough to say, he shouldn't be broke even with his support in New England.

If I was to guess to how much Peter made from the Calzaghe fight, about a $100K-$150K max(edit: he made $500k, though he doesn't say how much he took home). Nothing close to seven figures. And from the contender, couldn't find out what the second(edit: $250K) and third place fighters made. Hell wouldn't be shocked if SRL said the losers fought for free since the show provided the corners and the gym for them.


------
Also remember any amount a boxer makes has to be broken up amongst the promoter, manager, trainer, taxes. Then that new amount is then broken up amongst the family and if he's stupid an entourage. then the remainder is placed in a savings account.

Let's say Peter earned an average of $100K per year for his boxing career. I don't believe this **** for a second, I think the number is much closer to $50K. But just for arguments sake. And let's say again that his trainer, manager, mistress, promoter etc. would eat up half of that right there. Then another 15-25K can go towards living expenses. Then if he wants his kids to have nice things and go to expensive schools then there is another $5K, So at the end of his $100K year, he can end up with $20K left over to do with what he pleases and this is assuming he is a smart money manager to begin with. Imagine if it was only $50K or if he had other advisors, man would be broke in a heartbeat.

 

So he's made about 1 mill in his career. At any rate you should be able to have a $200k house, 2 cars and a 401k all paid for with that money.

He made bad investments. Real estate is an overrated investment. Invest $1 mill in perennially safe dividend stocks, like telecommunications companies, and make $50-$70k off that for the rest of your life.

 

Sounds easy enough. But Manfredo didn't take home a million dollars during his career. Taxes(State and Federal), Trainer, manager, etc. ate that up. Its like saying if you were a contractor and someone hired you to build them a home from scratch and they gave you $500K to do it, then you should take home $500K. You wouldn't because you have to pay for plans, materials, heavy equipment rentals, permits, subcontractors like electricians and plumbers, etc. So when its all said and done, you are looking at a much smaller portion than that to take home as profit.

Same thing here, Peter has to pay for trainers, cutman, sparring partners, managers, promoter, hell even his trunks and gloves. But before that he'll get whacked by Uncle Sam and the state of Rhode Island or Connecticut for taxes depending on where he fought that night. Then add in health insurance so he can get the continual brain damage looked at, which is at a higher rate than the rest of us due to his occupation. And that's just to keep his boxing career afloat.

Now taking that greatly reduced amount over the life of his career and try stretching that to buying a $250K house in Providence(average price of a 4 bedroom house(he has 3 kids) back in 2004) 2 cars, at say $25K each and that million dollars gets chopped down a lot.

Now that's not to say Peter ****ed up by investing in the Providence, RI real estate market. If he wanted to be a property owner, buy a REIT and keep moving. Or at least be smart if you want to have more control and form an LLC to invest in property and pay yourself a dividend so they can't come after you if this **** goes belly up. As for the blue chip strategy, I disagree that the strategy would have netted him $50K a year, because I don't think that he ever reached a million in investment income during the course of his career. But he definitely could have netted $10K or $15K a year which along with him and his wife working full time even if combined they earned $60K would be a nice middle class existence for their kids. Certainly enough to send their kids to college if they did work study.

 

:nono

 

Because his wife is sexy and all sexy wives drain you of two things......your semen and your dough! That's the life of a beat up old pug married to a sex machine. Why do you think Rocky married such an ugly girl in Adrian? He knew no matter what happened in life, she would never find anyone better. He was her first, last and only. Manfredo's wife on the other hand has been shellacked by me and many others. Poor Peta....:verysad.

 

racists, financial advisors, real estate moguls and your typical know-it-alls here on the esb forum.

this thread has it all.

funny thing about it is that the majority of these guys here dont have two nickels to rub together.

in fact, theyre probably bankrupt themselves.

 

A $200K house buys you a shack these days unless you're in the middle of nowhere. 1 million isn't enough to retire on considering his age and family. You guys put too much into making money off of interest. High interest = high risk. That's not what you want to put your money in if you're investing for the future.

 

$200k buys you a nice place in almost anywhere except big metropolitan centers.

A million is enough if you invest it patiently and correctly. $1 mill, t-comm stocks w./ guaranteed 5-7% return: $50-70k for the rest of your life, well above the $44k which is the average household income in the US. Plus, that amount is taxed at a lower rate than regular income.

 

He was living it up.