Manny Broke?

[ekimswish]

http://www.examiner.com/boxing-in-national/pitiable-plight-of-manny-pacquiao-brokester-too-poor-to-even-pay-attentionhttp://asiancorrespondent.com/63034/pacquiao-watch-broke-or-not-theres-more-that-meets-the-eye/Here're a couple stories I read recently about Manny Pacquiao being "broke" (relative terms, I'm sure) according to Freddie Roach. I've read before people speculating that Manny is on a dangerous path spending wise, but I always thought the Philippines is so cheap, surely Manny's wealth would carry on forever. Then again, he has lots of property in the United States (not doing so well, possibly?), and a million other investments that might not be as successful as you'd assume. Then you have taxes, gambling, entourage, charity, management, and an election he might have spent ten million dollars on. I guess it's only been recently that he started making over a million dollars a fight (since the 2nd or 3rd Morales fight), so as startling as his recent 10~20 million dollar fight purses are, it's only been a few years. But really, can you imagine what a shame it'd be if Pacquiao were actually broke and in ruins one day? I wonder if anyone would actually help him, or if they'd just dump him and move on?

[Mr Lee]

http://www.examiner....n-pay-attention http://asiancorrespo...-meets-the-eye/ Here're a couple stories I read recently about Manny Pacquiao being "broke" (relative terms, I'm sure) according to Freddie Roach. I've read before people speculating that Manny is on a dangerous path spending wise, but I always thought the Philippines is so cheap, surely Manny's wealth would carry on forever. Then again, he has lots of property in the United States (not doing so well, possibly?), and a million other investments that might not be as successful as you'd assume. Then you have taxes, gambling, entourage, charity, management, and an election he might have spent ten million dollars on. I guess it's only been recently that he started making over a million dollars a fight (since the 2nd or 3rd Morales fight), so as startling as his recent 10~20 million dollar fight purses are, it's only been a few years. But really, can you imagine what a shame it'd be if Pacquiao were actually broke and in ruins one day? I wonder if anyone would actually help him, or if they'd just dump him and move on?

IMO they would dump him and move on. You also left out all the family and friends who no doubt tapped him for loans they will never repay. Manny is one of us now, seen as if he has or is a money tree, so everyone just picks from him because they are sure he can always pick more and replenish his supply. To me it is truly sad when I read about people who hit the lottery or inherited a ton of money, or in Manny's case earned it fighting, and then go broke because of bad advisers or stupid spending of their own. It is the live for today attitude that many people have, and those that did not have to earn it the hard way with daily labor, seem to not appreciate all that has fallen upon them. I hope Manny made some wise investments. I once knew a a rich guy who was crying on my shoulder that he had lost a million dollars, and I asked him if he lost it or was not going to make his usually millions each year, and he said "yes I will be making half of what I usually make this year. so therefore I lost it" stupid thinking in my mind, when the other half is more than most people even dream of making in a lifetime, but we do not live his lifestyle, so he probably needs the whole thing to pay his yearly bills.

[MikeB]

Good line from the second article, "Boxing, as they say, is the red light district of sports." I wonder how Pacquiao feels about his trainer making a public criticism of his spending habits and lifestyle. They have probably had this conversation privately and it went unheeded. If he does go broke he joins a long list of great fighters like Louis, Robinson, Tyson, Jones, Hearns, etc who lost most or all of their fortunes through bad management and poor financial decisions. I doubt it would be his entourages, however, more likely the IRS. It can take years for the IRS to calculate amounts due and the penalties and interest alone can be staggering. Compound that with the properties bought are now worth a tenth or less of what purchased at and it's easy to see this happening. It's a great story, rising from street kid to national hero. Almost all these cases have a common theme, an impoverished background and little or no education.

[Dave Hounddriver]

It may even be a publicity ploy to keep the BIR from thinking he has hidden wealth they should be looking for.

[ekimswish]

You know, I remember being critical when I saw Pacquiao's reported wealth as around 25 million dollars. He makes that much a fight nowadays. If it's true about him spending too much, maybe he's lucky to have 25 million.

[Bundy]

So, will he still be considered for the future presidency if he's broke? :hystery:

[Warlord]

I think Pacquiao is doing well for a brokester, don't you.Unless and until you see him holding up a "Will Fight For Food" sign, I wouldn't spend too much worrying about Pacman's financial health.

Really now ho wcan a man who gets $20 million for fights and recieves $50 for the Big Payday fights be broke! Its all a ploy to hide his earnings he was just listed at the bottom of Forbes 100 richest Filipino's.. Give me a break! Go! Manny Go! Warlord

[Inspector]

Google the following... Evander Holyfield - Estimated lifetime earnings: $250 million - BROKE Lawrence Taylor - Estimated lifetime earnings: $50 million - BROKE Scottie Pippin - Estimated lifetime earnings: $120 Million - BROKE George Best - Estimated lifetime earnings: $100 Million - BROKE Mike Tyson - Estimated lifetime earnings: $300-400 million - BROKE There are so many more athletes and rocks stars, actors ect...easy to lose it all with bed investments, gambling large sums, and woman and partying. At one point, Mike Tyson was worth 700 bucks. The old saying, it can you a lifetime to save 200 grand...and 1 days to spend/lose it all.

[Inspector]

Some more entertainers that have lost it all

[ekimswish]

I think the irony is that this could be the first athlete / star to lose it all based on being a "nice guy". The others lost it (usually) by living larger than life. Manny is someone who has probably combined some larger than life aspects (in a cheaper than western life country) with a larger than life heart. What a shame if he went broke trying to help people, as opposed to showing his bling.