” SORRY TO HEAR .Posted April 14, 2014 4:04 am
Right.., He’s way better than Warren Buffett.Posted April 13, 2014 10:54 pm
You have to invest your money with somebody like Warren Buffett… Or failing that, with some professional investor with the same strategy of picking outstanding companies who’s stock prices are a terrific bargain.
Which, because the stock market goes up and down based on technical trading (people reading charts and indicators, and making their buying decisions based on that rather than on fundamental analysis), and because bad companies always drag good companies down with them when the market crashes, because index funds sell off the good as well as the bad companies, there are plenty of those opportunities from time to time, to buy stock in great companies at bargain prices.Posted April 12, 2014 9:13 pm
at least Tito Trinidad isn’t leeching off of his hype Job son like Chavez Sr. who has been broke for almost 15 years due to Drugs, Alcohol and women.Posted April 12, 2014 8:15 pm
The thing with Tito Trinidad is that he was one of the few fighters that didn’t blow his Millions on Drugs, Alcohol and Women like Chavez Sr., and the many other Boxers who also ended up broke. He saved over 86 MILLION MADE IN THE 80’S AND 90’S WHICH IS LIKE MAKING 130 Million today and to lose that money because of the actions of an irresponsible Financial Planner is insane, Hopefully there’s some legal Action the Great Tito Trinidad can take against this fraude.Posted April 12, 2014 8:13 pm
The thing with Tito Trinidad is that he was one of the few fighters that didn’t blow his Millions on Drugs, Alcohol and Women like Chavez Sr., who also ended up broke. He saved over 86 MILLION MADE IN THE 80’S AND 90’S WHICH IS LIKE MAKING 130 Million today and to lose that money because of the actions of an irresponsible Financial Planner is insane.Posted April 12, 2014 8:10 pm
why dont these guys keep 25% of there money liquid? that was no matter how facked up things get they can always keep going even if frugally ?Posted April 12, 2014 4:47 pm
After I lost 50,000 in the stock market, I now look at my calluses on my hands and say the hell to some Dress up ass hole tell me how to invest! I buy homes fix em up and rent them, all they had to do is get a couple of good family members and good friends and invest , talk to your bank and keep them in check( I’ll take all my money out of here ) get a good interest be humble & build the neighborhood, keep buying real estate, make a partnership with a humble contractor soy you keep the cost low make him part of the buisness , etc.etc. I can keep on and on , I experienced that BS give me your money I’ll show you a pony skim. Not right!! Hey you want to invest my money , well first get me an insurance that backs up my money than u can play , But still no I trust my hands for ever!Posted April 12, 2014 2:28 pm
what’s up OCTAVIUS? yep. that cover pix was definitely chosen for effect. Trinidud looks like he’s trying to explain or find out where the money went(?).Posted April 12, 2014 2:26 pm
Octavius Jomar Chatman
You are a trip Te Tumbo….What’s up bro :)Posted April 12, 2014 12:10 pm
PACQUIAOs almost in the same situation (IRS and ARUM) and he fights tonight. Im sure we will here of Pacquiao being broke soon. Thats why Jinkee is poppjng out kids like crazy, her back up retirement plan is welfare and foodstamps. Its for sure that Floyd s earnings will go down , thats what happens to everyone who retires. Hes taken charge of his career thats a sign of someone who takes care of his own money not one of his friendsPosted April 12, 2014 11:45 am
“He has the love of his fans & they will feed him if need be in PR”. whoever selected the panhandler cover pix, seems to already be anticipating such a scenario.Posted April 12, 2014 10:39 am
Tito will never be broke. He has the love of his fans & they will feed him if need be in PR.Posted April 12, 2014 10:19 am
How can someone waste $60 million
Only way I can see is to buy a race horse and then shoot it
It is near enough impossible to squander that sort of moneyPosted April 12, 2014 9:41 am
good point tumboPosted April 12, 2014 3:03 am
Btw, when you invest $60 million why isn’t $60 million already enough?Posted April 12, 2014 12:52 am
it’s incredible the amounts these guys are reported to squander. it seems inconceivable but when the stakes are infinite, so is the risk. Trinidud seems like a gregarious guy. he might be able to cultivate himself into a boxing personality(?). De La Rican could surely help out? he’s also PR’s beloved “legend”. they ought to do something for him. anyway, too much isn’t enough.Posted April 12, 2014 12:48 am
There are very few that have invested their hard-earned money and listened to professional investors, CPA’s, etc. Larry Holmes owns lots of Real Estate and businesses in Easton, PA. Ray Leonard has also invested wisely. Mayweather is a very, very wise businessman and I doubt he’ll lose his $$. Someone should watch out for these guys and direct them to professional investment companies. It’s really a crime.Posted April 12, 2014 12:16 am
Think about broner, he think he so rich he copies Floyd and have burn 100 dollars bill on utube.
Squared-Circle Real Talk (a.k.a. LionKing)
It’s real hard for me to feel sorry for pro athletes who make tens of millions, but end up broke because they foolishly squandered their fortunes. Most of the time it’s because they had to live like arrogant kings, dumping incredible sums of $$$ on mansions, luxury dream cars, jewelery, finest clothes, five-star restaurants, parties, women, etc. Living the “high life” as if they thought that income would last forever.
But sometimes it’s due to trusting someone to “manage” their money, which is the WORST mistake you could ever make. Investing can be just as risky as gambling at a casino, unless you understand what you’re doing inside and out. If Tito would’ve put a measly 3% of his career earnings in a savings account, he would’ve been set for life.Posted April 11, 2014 10:43 pm
Jonn E. JaGozza
I wish I could feel for this fella , but I can’t… you had more money than I could ever imagine but it’s gone .. PLEASE DON’T WHINE … I don’t feel sorry for you in anyway, You were Great in the Ring until you met Hopkins who school’d your ass but again, I cant feel sorry for someone who can’t put all that money in the bank … SORRY, Not being a wise ass but at one time you had it all .. Now, you don’t .. I don’t want to hear it .. Boxingdictionary.com “The Language of the Ring ” …Original Sweet Science Dictionary…Posted April 11, 2014 9:28 pm
I heard Floyd boasting about how he may not be smart enough to manage his money, but he is smart enough to surround himself with people who can do that for him. Wrong move sunbeam… you shouldn’t be using ‘people’, but spreading your cash amongst institutions that have stood the test of time and where people who have real money put theirs.Posted April 11, 2014 6:51 pm
LOL at PutangInaMoPacquiao’s tirade.Posted April 11, 2014 6:51 pm
Ray Ray used to be called Ray, but after a large number of blows to the head he he now now calls calls himself himself Ray Ray. You think that Tito earned $85 million and used loans, had mortgaged house and cars? Well not to worry, whatever trouble he is in, I’m sure his assets will get him out of it! What a plonker.Posted April 11, 2014 6:48 pm
When are people going to learn that you can’t trust anyone with your money. Sad story.Posted April 11, 2014 6:32 pm
He can own the world and still be broke as long as his expenditure exceeds his income. That may not be the case now, but give him five yrs, when that boxing career finally grinds to a halt. Anybody who gambles a million dollars at a time can be broke. Anybody who buys half a million dollar cars and buys his ‘staff’ designer bags and jewellery is on a one way ticket to poverty. Except he makes these changes now, he is headed to poverty land. I know they say he has a promotional company and clothing line, but these kinds of businesses don’t stand the test of time. He should buy shares at coca cola or google if he wants a sure fire investment, not some clothing line or promotional company which will fizzle out once his career endsPosted April 11, 2014 5:22 pm
Floyd owns everything he has….houses, cars etc. no bank loans. Paid in cash. If ever in trouble I’m sure the many assets he owns would get him out of it.Posted April 11, 2014 5:10 pm
Mean while Arum has how many houses?Posted April 11, 2014 5:06 pm
If he’s broke its his fault. He’s tried having money, now its time to try not having it. Experience is the best teacher. Floyd Mayweather, pls learn from Tito and the other fools who have lost their money to stupidity. Get rid of your entourage, expensive cars, extended family and gambling habit or else broke is coming for you.Posted April 11, 2014 4:59 pm
“Show Me The Money!!!!”Posted April 11, 2014 4:42 pm
Athletes on general are tought how to perform, not how to handle there money. What’s going on with Trinidad seems to be the norm. I expect Mayweather to end up the same. Well all I can say, if they squander that much money, and end up broke they must have enjoyed some of it, huh??? As far as top aides losing the money, that seems to always be the case as well.Posted April 11, 2014 4:40 pm
Octavius Jomar Chatman
I wish him well. Smh!!!!Posted April 11, 2014 4:31 pm
How is a “top aid” involved with the money? Isn’t that suppose to be left to a financial advisor or banking type professional? I don’t get it…..Posted April 11, 2014 4:15 pm
Being a great boxer does mean that they are intelligent. If they are too foolish to keep their money then that is their problem. In one stroke they are gifted with great talent, in another they are given defective brains.Posted April 11, 2014 4:15 pm
my heart bleeds.Posted April 11, 2014 3:53 pm
Trinidad will always be Great
Trinidad could have a rematch with Delahoya they’re alot younger then Hopkins.. it would get them each and EZ 20+ million.Posted April 11, 2014 3:37 pm
Trinidad will always be Great
What’s really messed up is that Trinidad tried to do the right thing and not squander his money like many fighters have and put it away.. he believed in this Finacial Planner but like many who fall victim to these con men he was dupped.Posted April 11, 2014 3:37 pm
it should be mandatory that these guys put 10 per cent of their purse into an account but they cant touch it until they have retired.Posted April 11, 2014 3:20 pm
Do you belive Floyd ? Khan did and he was made a fool 3 times and he belive he ging to get a fight if he look good. Looking good is in the eyes of the believer .
What make it harder for fighter are they never had money, they money they had came from there manager, free room. Free food, free clothes, tiny free spending.so when they get payed a few thousand . It’s gone on a couple of week if not less. Then they develop a spending habit that it will alway be coming. Nope, don’t even think they can collect unemployment. They also need to get in some job experiences outside , sad but many don’t do that.Posted April 11, 2014 2:23 pm
What make it harder for fighter are they never had money, they money they had came from there manager, free room. Free food, free clothes, tiny free spending.so when they get payed a few thousand . It’s gone on a couple of week if not less. Then they develop a spending habit that it will alway be coming. Nope, don’t even think they can collect unemployment. They also need to get in some job experiences outside , sad but many don’t.Posted April 11, 2014 2:22 pm
everybody have to think are you going this kind of money forever? If you don’t think so save 40% if you don’t you have no holding power and need to take the fast few jobs
But there are a few smart fighters, hoppkin, Oscar, Mosley, all I can think of are financially set for life. You need to invest it other than your boxing because you go boxing go.
Swedish Boxing Fan
George Foreman, Larry Holmes, Oscar De La Hoya, “Sugar” Ray Leonard, Lennox Lewis, “Marvelous” Marvin Hagler etc are few great champions to name who have invested/used there fortune from boxing in a smart & econimic way.
But fighters like named, Joe Louis (screwed by manager and IRS) Mike Tyson, Evander Holyfield, Thomas Hearns, Roberto Durán, Tony Tubbs, Leon Spinks, Greg Page, Earnie Shavers, Joe Frazier (So sadly), Iran Barkley, Dariusz Michalczewski, Riddick Bowe, Rocky Lockridge, Wilfred Benitez and now Felix “Tioto” Trinidad.
All well known and great champions in its own and enjoyed fame and fortune but all have ended up broke after boxing. Its so sad that far to many boxers have wasted or lost all there moneys they fought for with blood, sweat and tears.
I agree, there should exsist a pension found/system for Proffesional boxers to put in there some money after evry fight made and in the career end, there should be some interest made on all that cash and then used for a well deserved retirement.
I know former 2-time world heavyweight title challanger and top contender Gerry Cooney started Fighters’ Initiative for Support and Training, an organization which helps retired boxers find jobs, and that is a great start to make it but we need to develop a pension system for PRO boxers as well.Posted April 11, 2014 2:07 pm
They is a saying fool and their money are soon parted, I see tons of tourist fall for the spending decoration that spind and reflect light, the con girl and guys sell this product at the malls. Its 45-65 buck. And they sell the motor that spind it at a 20 buck added.
The fool customer will get in home and it’s will not spin, so no shiny decoration as they taught.
Stop plagiarizing, at least mention the sources of your inspiration.Posted April 11, 2014 2:04 pm
Ive said it before amd ill say it again…LEGACY DONT PAY BILLS. Boxers that talk that “i fight for my fans and my country” have yet to turn dpwn a check at the end of the night. Floyd will say it in a heartbeat..hes into the check cashing business. All these legends fight their entire career and have nothing to show for it. And thats a shame. Hopefully, these boxers will learn and manage their finances rightPosted April 11, 2014 1:38 pm
they can easily take their money and put it in an annuity that pays them monthly later on in life. Camacho had a wells Fargo policy that paid him 30,000 a month for life. a boxer can easily put 1 million away and live off the interest and timed with-drawls. no pensions needed.Posted April 11, 2014 1:35 pm
I remember a friend of a friend approach me about a get-rich quick scheme.
FASCINATING STUFF about Joe Louis. in today’s environment he would have been able to claim back on his donations to help the war veterans, but as you say too little and far too late for him.
Perhaps, some of their purses should be frozen and automatically be invested in some sort of pension fund or high yield fund that only matures in 10 or 20 years from that date.
Yep, still risky, but at least he knows where the money is going and not into someone’s back pocket that will never be invested in some get-rich quick scheme.
I remember a friend of a friend approach in me about so e get-rich quick scheme.
I smiled and declined the chance to invest and then saw the same fellow 3 or 4 years later and wouldn’t you know it he tried to hit on me again with some similar or same scheme.
I politely moved on and no doubt he’s fishing for some one else to fall for his bs.
When, I think about it, I should have punched him in the mouth and then walked away for him to think me so foolish to fall for his bs.Posted April 11, 2014 1:23 pm
Well said, sir.
There is a TV series we had here in UK in the 70’s and I saw the repeat in the 80’s, called
I, CLAUDIUS about the Roman Emperors and the corruption and back biting that occurred within their own family, leading to murder, betrayal and total corruption.
King Herod says something to Claudius Germanicus Caesar before he takes over as Emperor and his prophetic words will never, ever leave me.
“Trust nobody… Trust nobody. Not even your wife, your best friend, your servant. trust nobody.”
in the end Claudius was betrayed and murdered by his wife and best friend for the power he would have gladly given them, if they had only asked him for it.
in the world of boxing everyone should be taught these few words
TRUST NOBODY…. NOT EVEN YOUR WIFE.
There are too many sharks swimming in the ocean smelling out an easy meal when they get their clutches into a fighter.
Look at the mess going on with the guy ARNOLD from Different Strokes and his estate. There’s more arms than an octopus laying clim to his fortune.Posted April 11, 2014 1:13 pm
CAN ANYONE CONFIRM that in EVANDER Holyfield’s case under the terms of his divorce he was still obligated to pay something silly like USD 30k a month to one of his daughters as she was studying.
My anger in this is that she is mid 20’s and really should be able to stand on her own 2 feet.
I don’t know how many kids he has – several but most are over the age of 21 and really should now make their own ways in life.
All I know is that if you’re rich and you get divorced in the states you get taken to the cleaners.
Holyfield was here in the UK doing talks and selling memorabilia and appearing on Big Brother just to make a dime and repay his bills.
Sad, sad situation.Posted April 11, 2014 1:06 pm
“MC Hammer who by all accounts is broke. The house he’s living in while “broke” is far better than any I shall own in my lifetime…” – MC Hammer filed for bankruptcy years ago, they liquidated everything but doing so allowed him to keep certain assets. So yeah, there are a lot of different types of broke. I”m curious to know more about Trinidad’s situation. The story hardly gives any details it just talks about boxers going busto.Posted April 11, 2014 1:03 pm
Pac is nearly broke now. Lucky for him he can still fight. Let’s hope he learned his lesson. There’s only so much you can do to Jinkee’s face, stop fixing it.Posted April 11, 2014 1:03 pm
I didn’t hear about Trinidad. If he let one ‘trusted’ aide invest $60M for him it’s a bad move. He should’ve carved up his earnings into different investments. Of course many boxers aren’t smart when it comes to money. Hope he’s ok.Posted April 11, 2014 1:00 pm
Meldrick Taylor made something like 90 mil or something like that and is now living in a run down apartment on top of a boxing gym in Philadelphia.Posted April 11, 2014 12:59 pm
A story years ago said Bernard Hopkins doesnt tip waiters dipite how good the performance is. Wow ! how cheap and greedy. The guys a multi millionaire. I know he is a AZZ hole is public but to be so cheap not to tip. My PPV money does not go to him !Posted April 11, 2014 12:57 pm
They get used to a high standard of living that they simply cannot maintain if not fighting anymore, in Tito’s case he was foolish enough to entrust his money to someone else.Posted April 11, 2014 12:51 pm
He could make some appearances on your cock!!Posted April 11, 2014 12:42 pm
Yeah, it’s tough but like someone else said, is he really broke? I saw a short lived reality show starring MC Hammer who by all accounts is broke. The house he’s living in while “broke” is far better than any I shall own in my lifetime and I’ve been in the work force since 1978. Broke to these folks probably means only a few hundred k in the bank. Hard to feel any empathy for these guys especially when it’s such common knowledge that going broke after boxing happens so frequently. Your only gonna fight ’till your in your late 30’s early 40’s. That leaves about another 30 or 40 years to go in life. If you earn an average of 50k per year ( I’m pretty sure that’s above the national average ) that means in your lifetime you will earn 1.5 to 2 mil. Earn more than that and your making more money than 90% of us will ever see in our lives. Live within your means and all will be fine. Tito could probably make more than 50k per year signing boxing gloves and other memorabilia, making public appearances talking to kids etc… he’s got options I’m sure.Posted April 11, 2014 12:40 pm
90 percent tax rate: This means if you earned $100,000 that the federal government took $90,000 of it leaving you with $10,000. In other words, the federal government repaid Joe’s efforts to help America and all Americans, which took place before, during and after WWII, by taking him to the cleaners. By putting him in dire financial straits. Thanks a bunch, Uncle Sam. By the way, it was John F. Kennedy who first took the initiative to radically reduce the federal income tax rate, and he did it to grow the economy, but it was too late to help Joe Louis (an American the likes of which is rarely ever seen).Posted April 11, 2014 12:37 pm
I’m sure Tito isn’t broke by most peoples standards. He has options. He could write a book or make some appearances.Posted April 11, 2014 12:34 pm
“When the war ended, Louis hoped to retire from boxing with savings in the bank and dignity from his career. He lost both. What he overlooked was the enlarged role of government and the taxes he owed to help keep it growing. Under President Roosevelt, the tax base had expanded to where most American families (not the mere 2 percent of a few years before) had to pay income taxes. Worse for Joe Louis was the steep tax levied on high incomes. From 1931, his first year in boxing, to 1937, when he knocked out Braddock, the top marginal tax rate had soared from 24 to 79 percent. Louis found himself owing the government most of his purse money from each of his fights.” again – same sitePosted April 11, 2014 12:31 pm
“One month after the bombing of Pearl Harbor, the generous Louis gave his entire $65,200 fee (about $700,000 in today’s money) from a fight to the Naval Relief Fund. Less than three months later, he gave his $45,882 purse from another fight (about $500,000 today) to the Army Relief Fund. Ever the patriot, he halted his lucrative boxing career and enlisted as a private, earning only $21 a month.” same site as beforePosted April 11, 2014 12:30 pm
“During the 1940s, the top marginal rate was hiked to 90 percent, and Joe Louis found himself over $500,000 in debt to the IRS in back taxes. Roosevelt’s new tax laws were complicated and Louis, unlike later successful athletes, had no tax shelters, municipal bonds, or clever accountants. The IRS would not let him deduct the two fight purses he had donated to the army and navy. He couldn’t even deduct $3,000 worth of tickets that he had bought for soldiers to one of those fights. What’s more, the interest payments were compounded each year, ballooning his debt into seven figures during the 1950s.” This from mackinacdotorg – get it?Posted April 11, 2014 12:28 pm
I have a question. Are boxers human beings? If they are than they will have the same problems the rest of us do. It is very sad to know someone had that type of money and can no longer take care of them selves and family’s . Sugar Ray Leonard,Marvin Hagler,Lennox Lewis, Larry Holmes just name a few are doing very well . So if you are going to write a story do your research . How are we supposed to feel sad, sorry, mad,or glad ,happy makes no difference .The only one who is effected by this is the fight them selves.See Floyd Mayweather Jr.Posted April 11, 2014 12:26 pm
Any person who makes $85 million in their lifetime doesn’t need, or shouldn’t rely on a pension. What that person needs is common sense. If Tito would have put just 1/10 of that $85 million in a savings account or a retirement account and never touched it, he’d have plenty enough to live off of until the day he dies.
I have no sympathy or empathy for wealthy athletes who squander their riches, or anyone for that matter, who recklessly wastes what they most need to live off of.Posted April 11, 2014 12:18 pm
ANOTHER GREAT ARTICLE and the standard we readers at ESB want to see on here. I remember talking with my friend Cornelius Boza-Edwards and him telling me how he put up John MUGABI back in the days when he had fallen on hard times.
More recently we saw how Iran Barkley had fallen on hard times and former champ Rocky Lockridge was little more than a street walker.
I have always said that who cares about the boxers after they have hung up their gloves?
The answer is not us. We will just move on to the next big thing.
I see so many hangers on and the same faces in the entourages of so many fighters on PPV after PPV and I wonder just what these people do for their cut for the fighter.
Why they need so many sicophants and cheerleaders is beyond me.
The true story should be are the boxers losing their money or are they being directed down poor routes in which they are more than likely to be parted with their hard earned cash? It seems shocking to see so many men fight so hard for what they receive and then be either to stupid or willing to let it slip through their fingers.
I would love ESB to do a thorough write up of this.
it’s strange that it only seems to be in boxing that men can work so hard to in the end hang onto so little!Posted April 11, 2014 12:13 pm
For the record George Foreman didn’t invent that grilling machine, he gave permission to use his name. He got very lucky. Most boxers aren’t educated like the Klits and have no idea about how to invest. They often go from the street to millions with all the hangers on…..Posted April 11, 2014 12:08 pm
No, need for anyone to feel sorry for Trinidad. No matter what, He will continue to have a deeper pocket than anyone writting on this board. He will continue living in la encantada and driving to say the least German made automobiles. He wont need to get up every morning n get on traffic just to make it to work. His daughters will continue to study in private schools. He may have lost most of his earnings, but broke he aint.Posted April 11, 2014 11:52 am
Great Article. Thanks……..Posted April 11, 2014 11:44 am