another millionaire boxer gone broke

[palooka]

I'm still trying to get my head around how Mike Tyson and Evander Ho!yfoeld went broke, if they can after earning all that money, anyone can.

[Nightmare Roy]

I'm still trying to get my head around how Mike Tyson and Evander Ho!yfoeld went broke, if they can after earning all that money, anyone can.

It's happens to a lot of sports stars in the states, apparently 80% of NFL players and 60% of basketball players are bankrupt within 5 years of retiring. I guess a lot of it is due to the tax system where you have to sort it out yourself unlike say our footballers who I believe are PAYE and are taxed monthly.

[Stuarty]

Calls me a Troll but is the one following me around in every thread complaining about my personal opinion of Jim Lampley who will never read this forum nor is able to stop me from making such a statement about him.

Boxrec have been threatened in the past, they are responsible for content published on here wether it's your personal opinion or not.

You said Lampley has a racist agenda. A libellous statement that is now published on Boxrec.

I never thought about Lampley in the context of any kind of racial agenda

I find I easier to think of him in terms of being an utter wanker

[sucracristo]

I'm still trying to get my head around how Mike Tyson and Evander Ho!yfoeld went broke, if they can after earning all that money, anyone can.

as far as tyson goes, pretty sure don king had a lot to do with that one.
as far as holyfield goes, he has enough illigitimate kids to fill an orphanage,
but i also think some of them crying poor have millions squirreled away
and are just trying to avoid the IRS and creditors and lawsuits. the minute
people know you have money and where it is, they all start plotting and
scheming to take it from you.

[Impractical Poster]

That child support is going to be the least of his worries. The IRS is going to chew him up. He'll be filing bankruptcy.

I can't help but feel for the guy. Not only is he in financial ruins, but his dirty laundry is out for all to see.

[diddy]

Didnt take long for him to blow through all those millions he made playing Mason Dixon in Rocky 6 too. No sympathy at all for this jagoff.

[Like a Boss]

Nobody squanders a fortune as spectacularly as a boxer does.

A Dictator surely?

Not a one horse race by any means.

[zojo]

This is the ESPN Film's "30 For 30" doc entitled "Broke"

watch it.

https://www.youtube.com/watch?v=va2qj4Zv4QM

[Truthseeker]

Thanks for that.

There's major psychological problems waiting for many NFL athletes on retirement - here are some statistics from Weir's (2009) study comparing psychological outcomes of NFL athletes to the general population.

Between ages of 30-49 15% of NFL athletes unable to work - compared to 6.2% within the GP.

3% of NFL athletes are dependent on others through disabililty - compared to .9% within the GP).

Depression incidence among NFL athletes higher than GP for both 30-49 and 50+ age groups.

Approx. 60% of NFL athletes broke 5 years after retirement.

Wonder what the comparison is with boxers - havent come across a similar study yet for that population.

[gp.]

$750,000 in child support? Kid's got expensive taste.

It's not about the kid's tastes. it's about Tarver's income. The law says that you can't keep yourself in a millionaire lifestyle and just pay out the bare minimum your kid needs to survive. That seems quite right and fair to me.

[Ricky_]

$750,000 in child support? Kid's got expensive taste.

It's not about the kid's tastes. it's about Tarver's income. The law says that you can't keep yourself in a millionaire lifestyle and just pay out the bare minimum your kid needs to survive. That seems quite right and fair to me.

Tarvers income? He's a washed up drug cheat who might have made a decent purse ten years ago, and maybe got a few bucks for appearing in a Rocky film.

Is the mother obliged to invest the same amount in her child? If so, what kid in the history of planet earth has needed $1.5m?

$750k is an absurd amount of money, way in excess of what a kid needs. I mean seriously wtf does a child need other than adequate housing, clothing, books/gadgets for education and a college fund? $100k is way more than what is needed.

No wonder the global economy is in such a mess, if everyone on planet earth was given an equal share of the world's money, we'd all have roughly about $5000 each. Giving a child $750k... how is that sustainable in any context.

[Counter-puncher]

Wonder what the comparison is with boxers - havent come across a similar study yet for that population.

yah, its a shame boxers don't have a powerful lobby on their behalf like NFL players do....

[palooka]

$750,000 in child support? Kid's got expensive taste.

It's not about the kid's tastes. it's about Tarver's income. The law says that you can't keep yourself in a millionaire lifestyle and just pay out the bare minimum your kid needs to survive. That seems quite right and fair to me.

It doesn't help that the lawyer for the mum will have used upper level income projections to calculate support. The net worth of the fighter (dad) should be used and a boxers income is highly likely to drop off greatly once they are no longer a champion.

[sucracristo]

Thanks for that.

There's major psychological problems waiting for many NFL athletes on retirement - here are some statistics from Weir's (2009) study comparing psychological outcomes of NFL athletes to the general population.

Between ages of 30-49 15% of NFL athletes unable to work - compared to 6.2% within the GP.

3% of NFL athletes are dependent on others through disabililty - compared to .9% within the GP).

Depression incidence among NFL athletes higher than GP for both 30-49 and 50+ age groups.

Approx. 60% of NFL athletes broke 5 years after retirement.

Wonder what the comparison is with boxers - havent come across a similar study yet for that population.

USF tracked down every NFL player in the modern era and collected data.
the average life expectancy for an NFL lineman is around 50

[palooka]

Thanks for that.

There's major psychological problems waiting for many NFL athletes on retirement - here are some statistics from Weir's (2009) study comparing psychological outcomes of NFL athletes to the general population.

Between ages of 30-49 15% of NFL athletes unable to work - compared to 6.2% within the GP.

3% of NFL athletes are dependent on others through disabililty - compared to .9% within the GP).

Depression incidence among NFL athletes higher than GP for both 30-49 and 50+ age groups.

Approx. 60% of NFL athletes broke 5 years after retirement.

Wonder what the comparison is with boxers - havent come across a similar study yet for that population.

USF tracked down every NFL player in the modern era and collected data.
the average life expectancy for an NFL lineman is around 50

It's not really that surprising, its like being in a car crash every week.

My father in law was in the parachute regiment for over 25 years and he had to undertake a number of parachute jumps every year to keep his cap. As well as post traumatic stress disorder he has an organic illness of the brain; the consultants have said its highly likely the impact from many landings has contributed to the destruction of areas of his brain. I imagine it's similar to the impact these massively powerful athletes produce.

[ImranSarwar]

Can someone please explain how the US tax system allows people not to file tax returns for 8 years?

no real way to prevent people from doing illegal stuff. just punish them after. there is withholding from
regular wages of most employees, but independent contractors have to file quarterly as they all have
different expenses and tax situations and usually don't have taxes withheld (and because they don't
have employers paying payroll taxes their self employment tax is double fica). the biggest issue here
is that tarver owes probably more than he makes in child support, which is not tax deductible for the
payor nor taxable to the payee. in other words, tarver could earn a million $, have his former girlfriend
drag him into court and take it all (and she pays no taxes on it), and then the next day the IRS would
drag him into court to pay taxes on the million he never saw, meaning he has to go out and find another
few hundred thousand somewhere, which she could then take, and then the IRS comes back again...
if the IRS doesn't get paid, eventually they will freeze all his assets and accounts and slap a lien on that
house. they also will garnish his wages so it won't be a matter of waiting for him to file anymore. he will
get paid and never see the check. he could be riding a bicycle and sleeping on a couch in the gym for
all they care. i heard iran barkley actually was sleeping under a bridge a while back and heard of many
others almost as bad off. if he had decent accountants and advisors who could hide his stuff, and he just
spent like a somewhat normal rich person, he wouldn't be in this position.

You impress me! You think, you know that whole FIELD well enough that IF you worked in big Government you could administrate some adjustments? And..you can suggest those pots we need to look at? Or, you think the system works as is..just..."how it is"/will always take a few trips around the block before the right levers are pulled down (?)

[Truthseeker]

i heard iran barkley actually was sleeping under a bridge a while back and heard of many
others almost as bad off

I heard Barkley has been in a bad way and dependent on his family for a while - probably has CTE.

[sucracristo]

You impress me! You think, you know that whole FIELD well enough that IF you worked in big Government you could administrate some adjustments? And..you can suggest those pots we need to look at? Or, you think the system works as is..just..."how it is"/will always take a few trips around the block before the right levers are pulled down (?)

i'm not sure if there will ever be a cure all to end money hungry sharks.
people will take it legally or illegally if you aren't careful, and to me
it's all the same. don't let anyone know where your money is, or even
whether you have any. you can pass as many laws as you want to punish
criminals who rob people walking down dark alleys with money hanging
out of their pockets, but it isn't ever going to stop the muggings.
what prevents you from getting all your money taken in a dark alley is just
to not walk down dark alleys with money hanging out of your pockets.

[gp.]

$750,000 in child support? Kid's got expensive taste.

It's not about the kid's tastes. it's about Tarver's income. The law says that you can't keep yourself in a millionaire lifestyle and just pay out the bare minimum your kid needs to survive. That seems quite right and fair to me.

Tarvers income? He's a washed up drug cheat who might have made a decent purse ten years ago, and maybe got a few bucks for appearing in a Rocky film.

Is the mother obliged to invest the same amount in her child? If so, what kid in the history of planet earth has needed $1.5m?

$750k is an absurd amount of money, way in excess of what a kid needs. I mean seriously wtf does a child need other than adequate housing, clothing, books/gadgets for education and a college fund? $100k is way more than what is needed.

No wonder the global economy is in such a mess, if everyone on planet earth was given an equal share of the world's money, we'd all have roughly about $5000 each. Giving a child $750k... how is that sustainable in any context.

Of course the mother is expected to invest a similar amount, if she has it. You are supposed to spend a very large proportion of your income on your children. More than you spend on yourself. The fact that you split up with their mother doesn't mean that you shouldn't put their needs and wants way before yours., and spend more of your money on them than you do on yourself.

I agree it's more than anyone needs, but the other side of that is that Tarver didn't need it either. He only needs $50K a year to live on. Why should he keep the rest rather than give it to his kids?

Do you think you should spend all your money on yourself, however much you have, and give your kids just enough to feed and clothe them? If you don't want to spend your money on your kids, don't have any. Simple, really.

[gp.]

$750,000 in child support? Kid's got expensive taste.

It's not about the kid's tastes. it's about Tarver's income. The law says that you can't keep yourself in a millionaire lifestyle and just pay out the bare minimum your kid needs to survive. That seems quite right and fair to me.

It doesn't help that the lawyer for the mum will have used upper level income projections to calculate support. The net worth of the fighter (dad) should be used and a boxers income is highly likely to drop off greatly once they are no longer a champion.

And when he stops earning, the amount he pays should be lowered. I imagine the problem is he spent all his money on ridiculous crap for himself when he was earning, and owes back payments.

[Bricks]

yeah, his finances are a mess, but i never understood how these guys can
owe $750k for one kid. what kid costs $750k?!?! he has made payments
in the past, too, so that is just how much he is behind now.

Ive never understood the crazy american child support agency