Money Mayweather is now No Money Mayweather.
There's an easy way to make sure you never run into payment problems with the IRS or other tax authorities. You simply calculate how much tax you owe every year based on how much you made that year and keep that amount in your account so that you have no problems when it comes to paying your tax bill! 99+% of Americans manage to do this just fine every year despite not making the sums Floyd does and despite not having access to the same tax professionals to manage his money that Floyd does.
I can remember reading Bob Arum quoted after Floyd retired and he said Floyd will definitely be back, he has no concept of how to manage his finances and literally throws his money away.
For Floyd to be this badly in debt five minutes after retiring is bad news. It means he's probably going to carry on being insanely profligate, blow all his dough again and keep on making comebacks (asuming he's still marketable after this one and doesn't get his arse kicked) until the point where he can't make money anymore and is reduced to a burnt out penniless shell, like his dad but with no cash, looking for fighters to train. I really hope I'm wrong, I'm so sick of seeing this. Look at Holyfield, a guy I have the utmost admiration and respect for. To achieve what he did by winning the title, then to go through the heart/hepatitis problems and have the career he did, and now he's losing his house (so I read last week) and scratching round still for fights when he's taken far too many punches. It's all so depressing.
I hope somehow Floyd is solvent but I also read this last week and read stuff previously about how he was claiming he's set trust funds up for his kids and owns his house so I'm guessing other than his house he's potless (or probably six and a half milion in debt, needs to downgrade his living accomodations.) Hopefully he makes a ton of money with this comeback, entertains us all and rides off into a much more fiscally responsible sunset. Probably not though.![]()
I would have thought that 'Moneyweather' would have the best financial adviser possible, then again i thought De La Hoya would have had the best dietitian possible and checked his weight now and again. Who knows how these guys get them selves into financial difficulty, i wish i could earn $20 million and find out!!!
Fighters are known to have their first IRS debt paid when they recieve a check for their purse but somehow forget they still owe every year for other things, Luxery taxes, home taxes, interest tax etc.
Many of fighters over the years have fallen victim to the govt taxation. Floyd would not be anything new, just another story of an arrogant ass who thinks they know everything falling on their face because of a stupid error
You know Kirkland, part of that elite 1% that did have trouble paying taxes works for YOUR BOY Obama.
Maybe Floyd should get into politics...Tim Geithner, Tom Daschell, Ron Kirk, Nancy Killefer, Hilda Solis, and Charles Rangel all had tax "issues" but since they were tight with Obama all they had to do was say they were sorry.
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