Why do boxers blow so much money?

[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.

[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

[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

[Trainer Monkey]

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

No kidding on the entitled to part,some fighters Ive got,I wince every time I see their number on my caller ID,because that means Ive probably got to fix something.
And on top of that,OK one of the reasons I stay in the buis,other then the love of the sport,is I want things done honestly and professionally, well believe you me Ive got to hustle constantly to do it. Because for every guy in this buis who's trying to run the show like that,there are thirty guys trying to hit a fast buck. And to not lose fights and fighters,I have to spend alot of my time latched on to a phone and working the pavement.
And trust me,I know HOW,I could arrange that I walk with damn nigh every penny a fighter made off a fight,I have to go over contracts all the time,and there's usually a loophole in there you could drive a truck through. Thats why Im picky with who I deal with.

[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.

[rjj tszyu]

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.

OK then so Haye and ODLH are self employed despite getting paid off the likes of HBO?

[DaxxKahn]

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.

OK then so Haye and ODLH are self employed despite getting paid off the likes of HBO?

Hmmm Lets see

You own a construction company....

You do a job for let's say Wal-Mart

the job is done,
Wal-Mart pays you a check

Are you a Wal-Mart Employee?

[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...