UFC welterweight Mike Perry recently indicated that he owed the IRS, and implored the UFC to withhold more. That led to some sage advice on the social network.
Fighters ..adding to @Benaskren
1) Set up an LLC before getting you’re first paycheck( this will allow you to write off most expenses )
2) Create a solid safety fund preferably 6 months
3) having 100k in you’re account doesn’t make you rich Do Not Ball out!
4) Save and invest
$100k fight. 10% Manager fee, 15% Coaches, 5-10% Training Camp costs, 20% Taxes even with write offs (could be higher), 5-10% retirement, 5-10% investments, and setting aside money for another source of steady income and a safety fund. Then just living expenses. 100k goes fast. https://t.co/XJyKjzRx4I
Lol after one of the fights I lost, I ended up with 15% of my purse after paying out everything ?? especially Cos it was an international fight so paying flights for extra corners ruined me
Exactly! Most people have now idea we have to pay for most of our corners expenses. We have 3 corners, but only get 2 flights which includes our flight. And 1 hotel room which is suppose to accommodate 4 people while your preparing for a big fight. https://t.co/69kPn2nBtG
Its always so traumatic when you sit with your fighter after the first time they get a decent pay day...and they learn about taxes for the first time. Like that kid crying playing the monopoly game ?? https://t.co/7y1lfr1X4n