BoxRec

There are so much of known fighters that didn't retire and they're still fighting. RJJ is the biggest example that comes to mind. Mikkel Kessler is another name that wants to come back. So, how much money a fighter should aim to make for retirement and how he should smartly invest them to have a nice living without being forced to come back ?

Marcos Maidana is a good exemple of fighter who made good money and retired.

Study Paul Williams for the formula, minus the crippling injury.

If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

Tanzio wrote:Study Paul Williams for the formula, minus the crippling injury.

What is his formula ?

ValMar wrote:If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

So, what he should do with that sum of money to not get bankrupt ? Money can be spend fast anywhere in this world.

apollo creed wrote:

Tanzio wrote:Study Paul Williams for the formula, minus the crippling injury.

What is his formula ?

Positive cashflow real estate. Proper budgeting.

apollo creed wrote:

ValMar wrote:If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

So, what he should do with that sum of money to not get bankrupt ? Money can be spend fast anywhere in this world.

...Buy several apartments in the capital of his country...Rent... Enjoy by the end of his life...

Tanzio wrote:Study Paul Williams for the formula, minus the crippling injury.

Great example

I would also say:
Naseem Hamed
Fernando Vargas
Marvin Hagler

Even if they aren't that big, they can make some smart moves. Sharmba Mitchell owns a restaurant. Calvin Brock is into real estate.

Can't understand how so many old fighters that made even hundreds of millions didn't invest them properly and quit being punched in the face for a living. It's sounds crazy but look at Floyd example. He's always bragging himself about how smart investments he did and how he surrounded himself with smart people but then again he wants to return to fight. I can understand that he'd make very big money but c'mon man, he has made more than enough during his career. To mee it looks like some kind of greed and need of attention ....or those 'smart people' around him are using him to fill their pockets .... or he just spends lots of cash daily.

apollo creed wrote:Can't understand how so many old fighters that made even hundreds of millions didn't invest them properly and quit being punched in the face for a living. It's sounds crazy but look at Floyd example. He's always bragging himself about how smart investments he did and how he surrounded himself with smart people but then again he wants to return to fight. I can understand that he'd make very big money but c'mon man, he has made more than enough during his career. To mee it looks like some kind of greed and need of attention ....or those 'smart people' around him are using him to fill their pockets .... or he just spends lots of cash daily.

It is not easy to translate, but it could be said for greedy people - "made by hungry dick".
I am not sure whether this idiom has any sense in English...Excuse me, if not.....Crazy Balkan's idiom...

It depends where they live, if they are supporting an extended family (parents, cousins etc), if they have ex wives and most importantly how they day to day spend. Some boxers try and live a Mayweather lifestyle without a Mayweather bank account.

They should invest in low risk apartments/housing and live of the rent. Something like a general public gym where they can play of their name is sound. Alot of boxers get caught in high risk investment and get wrecked.

ValMar wrote:If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

What a vague comment. What do you class as Eastern European? In my idea of Eastern Europe you can halve that amount and still be very comfortably off.

In my eyes, if you can pay off a property for yourself/ family to live in - and preferably one, or two more to rent out, then you can live your days in comfort and not need to worry and definitely not even have to think about boxing again. You certainly don’t need millions and anybody that says they can “invest it” for you and make you rich.....I’d be inclined to tell them where to go.

You also wonder how many (ex) pro boxers actually want to "live comfortably". Comfortable may equal boring to the type of person who thrives on thrills. They might want to be rich but not "comfortable", there's the risk.

magwitch wrote:

ValMar wrote:If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

What a vague comment. What do you class as Eastern European? In my idea of Eastern Europe you can halve that amount and still be very comfortably off.

In my eyes, if you can pay off a property for yourself/ family to live in - and preferably one, or two more to rent out, then you can live your days in comfort and not need to worry and definitely not even have to think about boxing again. You certainly don’t need millions and anybody that says they can “invest it” for you and make you rich.....I’d be inclined to tell them where to go.

You can't live without working just because you have a paid off property. Not even if you live very modestly.

get a good woman to watch your back, old british warhorse Tom Collins wife took every penny of his purses off him throughout his career, when he retired he had a big bloody house in a nice area and plenty in the bank due to the investments his mrs made

I think most of these boxers are keeping their money in some bank accounts and then keep spending them with family and friends.

gp. wrote:

magwitch wrote:

ValMar wrote:If he lives in Eastern Europe - 500 000 Euros would be quite enough for a solid living.

What a vague comment. What do you class as Eastern European? In my idea of Eastern Europe you can halve that amount and still be very comfortably off.

In my eyes, if you can pay off a property for yourself/ family to live in - and preferably one, or two more to rent out, then you can live your days in comfort and not need to worry and definitely not even have to think about boxing again. You certainly don’t need millions and anybody that says they can “invest it” for you and make you rich.....I’d be inclined to tell them where to go.

You can't live without working just because you have a paid off property. Not even if you live very modestly.

I never said that you could the other properties are there to serve as income, but I have not assumed that giving up work altogether is the preferable option, because I don’t think that it is.

I also like the idea of having a little bar/ bistro type of place. Nothing flash. Just comfortable, understated with fresh ingredients and a selection of drinks....then employ somebody to run it and have as much or as little involvement as you like.

magwitch wrote:

gp. wrote:

magwitch wrote:
What a vague comment. What do you class as Eastern European? In my idea of Eastern Europe you can halve that amount and still be very comfortably off.

In my eyes, if you can pay off a property for yourself/ family to live in - and preferably one, or two more to rent out, then you can live your days in comfort and not need to worry and definitely not even have to think about boxing again. You certainly don’t need millions and anybody that says they can “invest it” for you and make you rich.....I’d be inclined to tell them where to go.

You can't live without working just because you have a paid off property. Not even if you live very modestly.

I never said that you could the other properties are there to serve as income, but I have not assumed that giving up work altogether is the preferable option, because I don’t think that it is.

I also like the idea of having a little bar/ bistro type of place. Nothing flash. Just comfortable, understated with fresh ingredients and a selection of drinks....then employ somebody to run it and have as much or as little involvement as you like.

Retirement kind of implies living without working. Also, you said that the extra places were "preferable", not essential.

And, really, investing in restaurants or bars is one of the fastest ways to lose money I can imagine, especially if you don't know anything about the business. I think 60% fail within a year.

gp. wrote:

magwitch wrote:

gp. wrote:

You can't live without working just because you have a paid off property. Not even if you live very modestly.

I never said that you could the other properties are there to serve as income, but I have not assumed that giving up work altogether is the preferable option, because I don’t think that it is.

I also like the idea of having a little bar/ bistro type of place. Nothing flash. Just comfortable, understated with fresh ingredients and a selection of drinks....then employ somebody to run it and have as much or as little involvement as you like.

Retirement kind of implies living without working. Also, you said that the extra places were "preferable", not essential.

And, really, investing in restaurants or bars is one of the fastest ways to lose money I can imagine, especially if you don't know anything about the business. I think 60% fail within a year.

More than 60% I believe. You’re right there. I was going to write also - on the proviso that your said bistro is making money and definitely not a time consuming hobby that you are paying for the privilege of having! But I thought that was stating the obvious

There are successful examples out there of course. I couldn’t tell you what sort of income is available and who is just scraping by... You’d obviously need to do your homework first. Personally I think the number one factor is not the location/ menu/ prices - but the owner. Who you are and what sort of an ambience you give your place plays a big part, imo.

gp. wrote:

magwitch wrote:

gp. wrote:

You can't live without working just because you have a paid off property. Not even if you live very modestly.

I never said that you could the other properties are there to serve as income, but I have not assumed that giving up work altogether is the preferable option, because I don’t think that it is.

I also like the idea of having a little bar/ bistro type of place. Nothing flash. Just comfortable, understated with fresh ingredients and a selection of drinks....then employ somebody to run it and have as much or as little involvement as you like.

Retirement kind of implies living without working. Also, you said that the extra places were "preferable", not essential.

And, really, investing in restaurants or bars is one of the fastest ways to lose money I can imagine, especially if you don't know anything about the business. I think 60% fail within a year.

Yup, if you didn't run a bar/restaurant etc before, there are very good chances to fail.

apollo creed wrote:

gp. wrote:

magwitch wrote:

I never said that you could the other properties are there to serve as income, but I have not assumed that giving up work altogether is the preferable option, because I don’t think that it is.

I also like the idea of having a little bar/ bistro type of place. Nothing flash. Just comfortable, understated with fresh ingredients and a selection of drinks....then employ somebody to run it and have as much or as little involvement as you like.

Retirement kind of implies living without working. Also, you said that the extra places were "preferable", not essential.

And, really, investing in restaurants or bars is one of the fastest ways to lose money I can imagine, especially if you don't know anything about the business. I think 60% fail within a year.

Yup, if you didn't run a bar/restaurant etc before, there are very good chances to fail.

I think you are wrong (considering Eastern Europe, specially Balkan). I will imagine retired champion who has enough amount of money to buy the best place for the best restaurant in the capital, with the best personal (chefs, waiters, logistic, etc, etc....). I can't see the way to fail, it is almost impossible, believe me. Several apartment for renting, and don't forget that every outstanding TV will offer him to be a sports commentator, it is rather easy and well paid job... And last, but not least - it will be a lot of immoral offers from dishonest politicians to join their political parties and enter the Parliament.

ValMar wrote:

apollo creed wrote:

gp. wrote:

Retirement kind of implies living without working. Also, you said that the extra places were "preferable", not essential.

And, really, investing in restaurants or bars is one of the fastest ways to lose money I can imagine, especially if you don't know anything about the business. I think 60% fail within a year.

Yup, if you didn't run a bar/restaurant etc before, there are very good chances to fail.

I think you are wrong (considering Eastern Europe, specially Balkan). I will imagine retired champion who has enough amount of money to buy the best place for the best restaurant in the capital, with the best personal (chefs, waiters, logistic, etc, etc....). I can't see the way to fail, it is almost impossible, believe me. Several apartment for renting, and don't forget that every outstanding TV will offer him to be a sports commentator, it is rather easy and well paid job... And last, but not least - it will be a lot of immoral offers from dishonest politicians to join their political parties and enter the Parliament.

You're partially right, because if you're not sharp enough to handle a business, people around you will steal and cheat you and then you're going to lose money.

At least £5-£10million if they get to World level and diversification of the portfolio so property, government bonds would be safe bets. Carl Froch has gone down the property route because I think his brother is in the building game. Plus going back in time Dave Charnley the former British, Empire and European champion made a fortune in properly development as well.

apollo creed wrote:

ValMar wrote:

apollo creed wrote:
Yup, if you didn't run a bar/restaurant etc before, there are very good chances to fail.

I think you are wrong (considering Eastern Europe, specially Balkan). I will imagine retired champion who has enough amount of money to buy the best place for the best restaurant in the capital, with the best personal (chefs, waiters, logistic, etc, etc....). I can't see the way to fail, it is almost impossible, believe me. Several apartment for renting, and don't forget that every outstanding TV will offer him to be a sports commentator, it is rather easy and well paid job... And last, but not least - it will be a lot of immoral offers from dishonest politicians to join their political parties and enter the Parliament.

You're partially right, because if you're not sharp enough to handle a business, people around you will steal and cheat you and then you're going to lose money.

If you are well paid and treated properly by your employer (ex boxing champion) you will never try to cheat or steal. Never.
I have to repeat - an excellent restaurant in the centre of capital (EE, Balkan) can not fail. I was born and has been living on Balkan 52 years, and I know this perfectly - it is almost impossible to find out place in the solid restaurant for lunch, I wouldn't write about dinner. One has to be an idiot to fail in this kind of business.

You can't always put returning to the sport down as money problems, I mean the majority are for that reason, but I reckon some boxers, like some footballers, miss the sport so much and don't know what to do afterwards, so they return.

To do something pretty much every day for 15-30 years of your live to suddenly stop and sit on your arse must be mind boggling, couple that with damage they may have received in the ring, it must be a dark place for some fighters.

I've thought for a while that a rule through the entirety of boxing should be put in place where a certain percentage is taken out of each fighters purse and put in a pension. I'm not savvy on how it all works but the idea is out there, not saying I'm the first to think it because it's obvious, but how to work it is the question, and how to get it in motion!