Why do boxers blow so much money?

[Trainer Monkey]

Daxx hit it on the nose actually,with out a manager watching over a fighters best interests,instead of their own,the contract can be written,totally legally,where the fighter sees almost buttkiss

[Beanflicker]

It could be any number of reasons. Not to sound predjudice, but lets face it a lot of boxers come from rough, poor backgrounds and are often uneducated. Coming from poor backgrounds, I think some of these guys want to flaunt their wealth by spending extravagently, especially guys who belong to that kind of materialistic hiphop culture.

[awdleyfuturehalloffamer]

But since they are self employed, don't they get to write off certain expenses that helps to lower taxes paid. So any taxes they pay up front gets reimbursed when tax season rolls around.

[Trainer Monkey]

But since they are self employed, don't they get to write off certain expenses that helps to lower taxes paid. So any taxes they pay up front gets reimbursed when tax season rolls around.

Nope,once they sign a management contract,somebody is technically the boss,even when their technically a free runner,the taxes are taken out of their purse for the initial income,just like any other employee,the promoter is employing them.
If they were fighting under cards they were the promoter for,then theyd be self employed.

[killersheep]

Daxx hit it on the nose actually,with out a manager watching over a fighters best interests,instead of their own,the contract can be written,totally legally,where the fighter sees almost buttkiss

Of course there are bad managers as well that can act as a catalyst to bankruptcy. Boxing is full of people that take a cut and misinform, and make a very good living doing it.

[Trainer Monkey]

Daxx hit it on the nose actually,with out a manager watching over a fighters best interests,instead of their own,the contract can be written,totally legally,where the fighter sees almost buttkiss

Of course there are bad managers as well that can act as a catalyst to bankruptcy. Boxing is full of people that take a cut and misinform, and make a very good living doing it.

Thats what I was more or less saying,one guy will do you a total solid,and the other guy will totally jack you up.
Thats why I tell all of my fighters,read the damned contract before you sign a thing,and I want to read it too. You dont read that contract,any contract,your butt will be sitting in the poorhouse wondering what happened.
Youd be amazed how few fighters will even read it before they sign

[Lance Uppercut]

They are usually poorly educated. Its like given a child a large amount of money; they will spend it until it is gone.

[Trainer Monkey]

They are usually poorly educated. Its like given a child a large amount of money; they will spend it until it is gone.

Dude,me and Daxx arent kidding
I can send a fighter off for a 1K fight,I can write in to the contract a billion freebies,and forgo my management fee,and they still only come back with $900
By the time you hit the big time,your freebies are used up,everyone wants a taste

[KananKrus]

Deprivation rearing its ugly head...

[luvfightgame]

I don't think it's any less of an issue in other sports. We just don't hear about it as much. The NBA has started to teach rookies how to deal with money and their old friends that only want money.

Daxx and TM are right. But in general the deck is stacked against us. The laws are tailored to strip you of wealth. That's why lotto winners, celebs, athletes, etc. make a seemingly enormous amount of money and end up broke. Our wonderful public servants are hard at work dreaming up new ways to redistribute the fruits of your labor...... it's called poli-tics....

Poli- many
tics- blood sucking insects...

[DaxxKahn]

Boxers are dumb the same way the common man is. I don't really mean dumb, but we are indoctrinated to believe certain things that just aren't practical. That to achieve the American Dream we must go into debt. Many athletes are just an extreme version of this. It's why we'll 'buy' a $350,000 house when we only earn like $80,000 a year. That mortgage takes you 30 years to pay off which totals well over a million by the time you have the whole thing paid off. A big house, a big car and all the other accoutrements of wealth without truly being wealthy. True wealth lasts several lifetimes over but these guys' money lasts like a candle in the wind.

Well then Mr Economy and expert of the common man's spending habit's

If a man earns only $80,000 a year what house would you like him to buy?...Don't know where you are from but where I am from you aren't geting a house under $150,000 and that is nothing to look forrward to spending the rest of your life in.....

[DaxxKahn]

Daxx hit it on the nose actually,with out a manager watching over a fighters best interests,instead of their own,the contract can be written,totally legally,where the fighter sees almost buttkiss

Of course there are bad managers as well that can act as a catalyst to bankruptcy. Boxing is full of people that take a cut and misinform, and make a very good living doing it.

Thats what I was more or less saying,one guy will do you a total solid,and the other guy will totally jack you up.
Thats why I tell all of my fighters,read the damned contract before you sign a thing,and I want to read it too. You dont read that contract,any contract,your butt will be sitting in the poorhouse wondering what happened.
Youd be amazed how few fighters will even read it before they sign

Even guys that do you solid are getting 20% once on an elite level...and TBH they are entitled to it...Hell mate you work with guys and know how hard it is....I mean hell imagine being the MGR of a guy like Hatton let's say...You could not even handle the job alone.....

Very seldom will you see a mgr taking a tiny bit.....By law they are allowed a 1/3rd of your earnings...though you hardly see anyone taking it it does happen....

You come from welfae up-bringings and you have a guy getting you 1,000,000 dollar paydays...the way these guys see it 700,000 is one hell of a paycheck....

Like I said mate you know how it goes in the sport, and like I said people only see the $$$ amount in the check they do not realize what needs to be paid out.....

And that is without the freeloaders

[JT Rock]

Besides Mayweather oweing taxes, what are these alleged money trouble rumors?

[albsur2006]

Besides Mayweather oweing taxes, what are these alleged money trouble rumors?

Well, he apparently had 7 million dollars in jewels stolen from his house, plus he owes a Florida land developer a couple million dollars. Also, his financial advisor likely invested a lot of his money in the stock market and since the end of 2007, the stock market has crashed. I make around 80000 a year and my 401(k) earnings for 2008 were -50%. NEGATIVE 50%!!! So rich people who have their money in stocks and mutual funds lost even more than that. Plus, he gambles, spends money on luxury items, among other things. I do think most of that stuff is planned out and an investment in his public persona (Money Mayweather) but if hedgefund managers and CEOs of corporations are hurting right now, then you could imagine what it's like for your regular rich guy. Mayweather definitely can be considered rich but once those checks stop coming in...If I were him, I'd come back for two or three more big paychecks and then scale everything back and retire responsibly.

[Tito BHB]

The worst thing is the boxers who end up in trouble come from humble beginnings, 99.9% of them never dreamed of earning as much as they did.. and then a few bad moves and it all goes..

There is so much discipline required to be a boxer and to be successful its a wonder that sometimes that discipline doesnt carry over to money..

And spending money is a hell of a way to blow off steam..

When i train for a fight.. get disciplined, eat right, train hard.. its tough and you gotta put all the work in and when your looking good and feeling fit its then that you really want a big dirty burger king and you really miss nasty ass unhealthy foods lol..
after a fight i take a little while off, i can drink alchohol again if i like, eat crappy foods.. thats how you blow off steam.. course if i had a mil in my pocket im sure i could find more interesting ways to blow off steam..lol

So i figure maybe that plays a part.