Danny Garcia Wants To Help Boxers Manage Finances After Career

[Ruthless-RKO]

Danny Garcia Wants To Help Boxers Manage Finances After Career

Danny Garcia may well be in the thick of his prizefighting prime, but he has already charted out what his post-career plans may look like.

At the top of his priorities, apparently, is to bring a white collar mentality to a fundamentally blue collar pursuit.

The welterweight contender from Philadelphia recently expressed his desire to start up a company that will cater to the oft-overlooked financial needs of professional fighters. As the saying goes, fighters fight, but what about their year-end taxes? Their mortgages? Their pensions? All of the facets, in other words, that are associated with the mainstream but are considered beyond the pale of the boxing industry?

“When I’m done boxing I want to start a firm that helps boxers do their taxes and create a 401K plan, you know what I’m saying?” Garcia said on the Bridge Bizness podcast. “That’s like my real goal. Teaching them about tax brackets, teach them about health insurance.”

Garcia (36-2, 21 KOs), who takes on Errol Spence Jr. (26-0, 21 KOs) Dec. 5 on Fox pay-per-view at the AT&T Stadium in Arlington, Texas, currently has investments in eight properties in the Philadelphia area and in a few stocks. Garcia credits books by Donald Trump and Warren Buffet for informing his budding business sensibility.

“90% of the millionaires in the world are from real estate and only 1% of the world is millionaires,” said Garcia, who fits right into that 1%. “That’s crazy, so I’m going to go with the real estate and the stocks for my longterm income.”

Garcia hopes to impart some of what he has learned, one day, to his peers, many of whom are focused primarily on chasing world titles or their next paycheck, and not necessarily on how to go about filling out a Roth IRA form.

“I want to build a solid foundation so that when a fighter comes to me with a million dollars, I can say, ‘Look, this is for taxes, this is for 401Ks, this is how much you’re going to spend this year, this much is for health insurance,” said Garcia, who own a record label and a clothing brand. “And then in 10 years you keep building up that’s what it will be. That’s like one of my business ideas, so hopefully nobody beats me to the race.”

“Fighters don’t have a will, they don’t have a trust, they don’t have any of that stuff, they don’t have an estate, they don’t have life insurance” Garcia continued. “They don’t have none of that,I guarantee you. That’s what I want to do, help set you up with a solid foundation…even if another fighters listens to this, maybe they can learn from this, you know what I mean?”

[margaret thatcher]

and how much will he take from them for his services

[lazboy]

Danny probably gets his motivation from what his brother Mickey went through with top rank. The Garcia brothers are really the role models of boxing today. Both constantly fighting the best opposition, Danny fighting Spence and Mikey in his war with the great Jesse Vargas.

[Enlightened-One]

and how much will he take from them for his services

It’s reasonable to charge a commission on the annual increase in value of the financial portfolios he manages. If the net value of these investments declines, then so would Danny's income.

Put it this way, it’s worth paying someone to manage your money, if they can do a much better job of it than you can.

I’m sure the likes of Frank Bruno, Joe Louis, Ricky Burns, Rocky Lockridge, Leon Spinks, Dariusz Michalczewski, Iran Barkley, Wilfredo Benitez, Riddick Bowe, Felix Trinidad, Trevor Berbick, Edwin Valero, Tommy Hearns, Evander Holyfield, Mike Tyson, Joe Frazier, Scott Harrison, Ray Robinson, Fernando Vargas, Ted Cheeseman, Manny Pacquiao, David Allen, Roberto Duran, Julio Cesar Chavez Jr, Julio Cesar Chavez Sr, Adrien Broner and a lot of other fighters have regretted mismanaging their fortunes.

By the way, I’m not suggesting all of these guys were/are penniless, it’s just that many wasted huge sums or experienced massive tax burdens, and a few of them even went bankrupt.

[leftrightleft]

Danny probably gets his motivation from what his brother Mickey went through with top rank. The Garcia brothers are really the role models of boxing today. Both constantly fighting the best opposition, Danny fighting Spence and Mikey in his war with the great Jesse Vargas.

that gave me a good chuckle. Funny guy.