Quote Originally Posted by Slim the BoxingManiac View Post
It's sad, isn't it? These boxers are given all this money to beat the crap out of each other in the ring, but they're never given the knowledge on how to maintain their finances. That's what ends up getting the lot of them. That's one of the things I always liked about Marciano. He held onto his money, and had enough to live the rest of his life very comfortably.
They need some version of what Allen Iverson supposedly had. A financial person had set up an account (probably a trust), whereby Iverson gets 1 million a year till age 55 and he can't touch the principal. There is 32 million in it. Iverson made a ton of money in his career between contracts, endorsements, etc..., and likely one of his financial managers talked with Iverson and they set aside large amounts so that he would never be able to go broke.

Bobby Bonilla was with the NY Mets for the 2nd time in 2000. The Mets bought out the final year of his contract (5.9 million). Bonilla willingly agreed to defer it. starting on July 1, 2011, Bobby Bonilla will remain on the franchise's payroll for 25 years, collecting an annual salary of $1,193,248.20.

That is a beautiful deal.

All athletes need financial managers, accountants, lawyers, etc., that can be trusted. And athletes need to spend below their means. Buy a decent house, a car or two, nice but reasonable stuff for the house, and then save your damn money!!!! No one needs a 2 million dollar house, 8 cars, etc.... If you are going to live that large, you better have made the kind of money De la hoya, Mayweather, etc... made.