Why do boxers blow so much money?

[rjj tszyu]

1. too many yes man around them (they are in the payroll = $$$$$)
2. too many bling bling (what can i say... status symbol = $$)
3. parties every night (to please everyone = $$$)
4. exotic car collections (another for status symbol = $$$$$$$$$$)
5. an acre of a house (utilities, maintenance, etc etc... = $$$$$$$$$$)
6. living like a king of no limits (spending spending = $$$$$$$$)
7. no investments coz they thought they will last long in this sport...


thats all i can think of.. this happens all the time...

Why is it so dominant in boxing as opposed to say Golf?

[antimoron]

1. too many yes man around them (they are in the payroll = $$$$$)
2. too many bling bling (what can i say... status symbol = $$)
3. parties every night (to please everyone = $$$)
4. exotic car collections (another for status symbol = $$$$$$$$$$)
5. an acre of a house (utilities, maintenance, etc etc... = $$$$$$$$$$)
6. living like a king of no limits (spending spending = $$$$$$$$)
7. no investments coz they thought they will last long in this sport...


thats all i can think of.. this happens all the time...

Why is it so dominant in boxing as opposed to say Golf?

Most golfers are born with silver spoon.. Most boxers are not...

[RP33]

1. too many yes man around them (they are in the payroll = $$$$$)
2. too many bling bling (what can i say... status symbol = $$)
3. parties every night (to please everyone = $$$)
4. exotic car collections (another for status symbol = $$$$$$$$$$)
5. an acre of a house (utilities, maintenance, etc etc... = $$$$$$$$$$)
6. living like a king of no limits (spending spending = $$$$$$$$)
7. no investments coz they thought they will last long in this sport...


thats all i can think of.. this happens all the time...

Why is it so dominant in boxing as opposed to say Golf?

first off, comparing boxing to other sports is tough in this manner.. in basketball/baseball/football/hockey you are signed to a multi-year contract (in many cases).. It's almost like having tenure, where you know that as long as you are performing and are healthy then you will get paid.. with that said, it's much easier to stay healthy and also be EFFECTIVE longer in the aforementioned sports due to the nature of the sport.. In boxing you only are really getting paid when you are still marketable, and for some boxers that is not always the case.. Plus boxers don't make as much as players in the other sports unless you are a big name.. If you are dedicating your life to this sport, you HAVE to be smart about it because you may only get a payday twice a year.. and even if that payday is 15million then you still have to either do work on the side, or be cautious with your spending, this is all assuming you are living the "rich" lifestyle of mansions and bentleys..

with all of that said, it's the nature of the beast.. the more money you make, the more money you spend.. All of my friends who were in college who would always say they did not have a lot of money, now have full-time jobs making good money and still say they don't have a lot of money because they are the ones buying rounds and rounds of shots and drinks at the bar.. they are the ones who just got new cars, etc.. If you have the money it's really hard not to spend it in a fashion that you feel may enhance your life.. i don't think it's rocket science.

[Boom Boom]

The main reason is because most fighters come from nothing.

[Spicoli]

Next time they put a 55.95 price tag on some spectacle Glam fight,I keep asking this question of myself.Alot of it is you are dealing with young minds...tend to show a "Well I never had it in the first place" mentality and take things for granted....read the press clippings and get bad advice from hangers on just trying to stretch out the ride.Sanctioning bodies or SOMEONE should have to take a percentage of sanctioning fees,very small and invest with financial advisor's for a guys future....maybe we would not have soooo many past it fighters trying to reclaim the dollars gone by when they really need it just to pay the mortgage or rent...along with the glory.



Yeah right.

[DaxxKahn]

These guys do not make the money everyone thinks...Only the mega stars do...and after all is said and done they do not go home with what you think..

EG- A fighter makes a $1,000,000 payday to challenge for a world title...at the end of the day this is how it gets broken down

$1,000,000
$225,000--Taxes (Appx)
$200,000--Manager (going rate is 20-25% if they are legit but allowed up to 33 1/3 by law and some take all 33 1/13)
$50-$75,000 trainer
$100,000 for people employed at camp, sparring partners, expenses, hotel's etc
$100,000 fee by the sanctioning body to keep the belt.

$225,000
$200,000
$100,000
$100,000
$75,000
-----------
$700,000 Comes to appx leaving a grand total of

$300,000 to the fighter.....

Now remember during this time the mans bills at home need paid rent, car payments, mortgage, credit cards, food, clothes, etc plus if he has children and what ever bills already accumulated

Also that he will not fight again for another 6 months at least....
Add any medical bills from the fight EG- he needs stitches after the fight at the ER, follow up with Dr for removal, any specialist to examine the eye, plastic surgeon, eye doctor and you have another $10,000

By time all is said and done the man has about $50,000-$100,000 dollars left to himself to do with as he wishes....

put some in the bank spend some on a shopping spree, maybe a vacation with the family there goes another $25,000...you have an accountant to do your books that is another 10,000 a year in expenses, to invest it takes time for a return, if the investment does not pan out there is no return.....

Taxes again at the end of the year on house, cars etc (Yes like in Monopoly there is such a thing as a luxery tax)..

The Million is already gone....

Make $2,000,000 double the expenses of taxes trainers, mgrs etc


Not hard at all to see these guys go broke unless they are very wise with their money..they open resturants and such

[rjj tszyu]

These guys do not make the money everyone thinks...Only the mega stars do...and after all is said and done they do not go home with what you think..

EG- A fighter makes a $1,000,000 payday to challenge for a world title...at the end of the day this is how it gets broken down

$1,000,000
$225,000--Taxes (Appx)
$200,000--Manager (going rate is 20-25% if they are legit but allowed up to 33 1/3 by law and some take all 33 1/13)
$50-$75,000 trainer
$100,000 for people employed at camp, sparring partners, expenses, hotel's etc
$100,000 fee by the sanctioning body to keep the belt.

$225,000
$200,000
$100,000
$100,000
$75,000
-----------
$700,000 Comes to appx leaving a grand total of

$300,000 to the fighter.....

Now remember during this time the mans bills at home need paid rent, car payments, mortgage, credit cards, food, clothes, etc plus if he has children and what ever bills already accumulated

Also that he will not fight again for another 6 months at least....
Add any medical bills from the fight EG- he needs stitches after the fight at the ER, follow up with Dr for removal, any specialist to examine the eye, plastic surgeon, eye doctor and you have another $10,000

By time all is said and done the man has about $50,000-$100,000 dollars left to himself to do with as he wishes....

put some in the bank spend some on a shopping spree, maybe a vacation with the family there goes another $25,000...you have an accountant to do your books that is another 10,000 a year in expenses, to invest it takes time for a return, if the investment does not pan out there is no return.....

Taxes again at the end of the year on house, cars etc (Yes like in Monopoly there is such a thing as a luxery tax)..

The Million is already gone....

Make $2,000,000 double the expenses of taxes trainers, mgrs etc


Not hard at all to see these guys go broke unless they are very wise with their money..they open resturants and such

These are all good points but these questions were aimed more at the Tyson's and Holyfields who were making $15-$20 million a fight minimum not really your fringe title challengers.

[DaxxKahn]

These guys do not make the money everyone thinks...Only the mega stars do...and after all is said and done they do not go home with what you think..

EG- A fighter makes a $1,000,000 payday to challenge for a world title...at the end of the day this is how it gets broken down

$1,000,000
$225,000--Taxes (Appx)
$200,000--Manager (going rate is 20-25% if they are legit but allowed up to 33 1/3 by law and some take all 33 1/13)
$50-$75,000 trainer
$100,000 for people employed at camp, sparring partners, expenses, hotel's etc
$100,000 fee by the sanctioning body to keep the belt.

$225,000
$200,000
$100,000
$100,000
$75,000
-----------
$700,000 Comes to appx leaving a grand total of

$300,000 to the fighter.....

Now remember during this time the mans bills at home need paid rent, car payments, mortgage, credit cards, food, clothes, etc plus if he has children and what ever bills already accumulated

Also that he will not fight again for another 6 months at least....
Add any medical bills from the fight EG- he needs stitches after the fight at the ER, follow up with Dr for removal, any specialist to examine the eye, plastic surgeon, eye doctor and you have another $10,000

By time all is said and done the man has about $50,000-$100,000 dollars left to himself to do with as he wishes....

put some in the bank spend some on a shopping spree, maybe a vacation with the family there goes another $25,000...you have an accountant to do your books that is another 10,000 a year in expenses, to invest it takes time for a return, if the investment does not pan out there is no return.....

Taxes again at the end of the year on house, cars etc (Yes like in Monopoly there is such a thing as a luxery tax)..

The Million is already gone....

Make $2,000,000 double the expenses of taxes trainers, mgrs etc


Not hard at all to see these guys go broke unless they are very wise with their money..they open resturants and such

These are all good points but these questions were aimed more at the Tyson's and Holyfields who were making $15-$20 million a fight minimum not really your fringe title challengers.

Yeah well most fringe title challengers don't make a million for the challenge but anyhow.......EG- Carlos Baldomir only kept one of the titles when he beat Judah because he could not afford the sanctioning fees....Was more then his purse

With that being said....You sound as if you are being a wise ass and I can tell with the way you are posting....

So I will educate you.....

1. The Million dollar amount I used was simply for math sake to make it an easy example.

2.I see you have no IDEA on what the United States goverment charges on penalties for over due Taxes....The penalty on 25 million can be 10 million alone

3. I also said that you take the amount (Million) and double, triple it etc according on how much the purse is so either way the % comes out the same....yeah I know you will say "But even though if they get $50,000,000 after all is said and done that is still $50,000,000 they blew"

The you have one tax audit....They seize property...you have a $5,000,000 home you still owe $2,000,000 on...they auction it off for $50,000...you have $20,000,000 in taxes owed and $5,000,000 in penalties...That is $25,000,000

well now you only owe,

$24,950,000.

They take the rest from your money in the bank or what ever have you....Not that anyone has 50 mil in savings not even billionaires it is all in asset's

Plus the $3 mil still owed on the house

Taxes due again for the current year

Starting to get the idea?

[BlackRazor]

The main reason is because most fighters come from nothing.

True.

I forget the % but I heard a very high % (like 80%?) of people who win the lottery are practically broke again within 5 years. Managing, taking care of & properly investing money is a skill & like some boxers, a lot of lottery winners apparently don't have it.

[TitoFan]

1. The number of leeches...er... family and friends in a fighter's entourage increases exponentially with each additional $$ million in earnings.

2. Most fighters do not possess a PhD in advanced finance management (as neither do many of us, I might add).

3. Going from having nothing to earning millions in such a relatively short period of time is a little like going 0 - 60 mph in 5 seconds flat with the crankcase plug having just been removed. Short-lived glory, followed by a piston being blown through the engine block.

[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

[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.

[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.

[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.