Manny Pacquiao net worth, money: Will PacMan go broke?
It's no secret Manny Pacquiao's net worth isn't nearly as high as most would assume.
So, how much is Manny Pacquiao worth?
According to CelebrityNetWorth.com, Pacquiao's net worth is $110 Million.
In comparison, Floyd Mayweather is purportedly worth $280 Million according to the same site, even though 'Money May,' unlike Manny, has no endorsements.
And although Manny will earn in excess of $100 Million on Saturday for his showdown with Floyd Mayweather, will we see him in dire financial straits within the next two or three years?
If you think it's impossible, think again.
As fight legend Mike Tyson can quite easily attest, Money has a strange way of disappearing when very quickly you're rich. (Actually, one doesn't have to be wealthy to experience that)
Fight legend Sugar Ray Leonard recently hinted Manny may have another fight on his hands following Saturday's Mayweather showdown. Ray told BoxingScene Pacquiao admirably tries to help everyone, just as he did when he was earning millions. But one man, even a very wealthy one, cannot solve the world's problems with his money.
Leonard suggests Manny must have the discipline to say "no" sometimes and hinted it will not be easy to do.
"Pacquiao tries to help everyone just like me," said Leonard. "He goes out of his way to help everyone but you can't help the world."
"Sometimes you have to say no. It was difficult for me to say no at first, I gave away many millions of dollars."
"When you become world champion you make an impact inside the ring, but you make a bigger impact out."
Money Problems Nothing New
As early as 2004, Freddie Roach, Pacquiao's trainer, warned the fighter of his liberal spending habits. And in an August 2011 interview, Roach told Bleacher Report that Manny's financial situation was precarious and that his political campaigns coupled with his unceasing generosity would likely force him to "have to keep fighting."
More Plans to Donate?... Even Before the Fight?
Several hours ago BoxingScene reported Manny's promoter, Bob Arum, stated he believed 50 percent of Pacquiao's earnings for Saturday's fight would go to charity.
“I am sure that half the money Manny earns in this fight is going to go to charity. I’m sure.
While donating large sums of money to worthy causes is a benevolent undertaking, perhaps Manny should wait until after the fight before making decisions about allocating his revenue? Perhaps a more measured approach might be more beneficial? After all, he seemingly already owes the IRS millions and they will have to be paid first.
The legendary Joe Louis, one of the most celebrated athletes ever, was virtually broke by the age of 40 due to his generosity. Like Manny Pacquiao today, the IRS hounded Louis late in his career and collected large sums of money, off the top, from his fight purses.
Despite Louis' lucrative salaries over the years, most of the proceeds had been given to his handlers. Moreover, Louis was also extremely, if not overly, generous to his family, paying for homes, cars and education for his parents and siblings.
But more significantly, and in addition to his genorosity to family and friends and, of course, the poor business investments, he gave liberally to the government and donated "ridiculous" sums of money to the United States Army and Navy to help subsidize the World War II effort.
But none of that mattered to the IRS.
How bad was it?
They hounded him after fights and, in 1953, when Louis' mother died, the IRS appropriated the $667 she had willed to him.
After retiring as champion at 35, Louis, a balding shadow of his former self, would be forced to make a comeback a few years later as a result of his debt. And when he was no longer able to compete as an elite-level fighter, the great Joe Louis did what he had to in order to satisfy his financial obligations...
Joe Louis, one of the greatest fighters ever and most beloved sportsmen in history, who had been so charitable to his country at a time of war, became a pro wrestler and toured well into his late 50s.
He needed the money.
A devoted Christian, Pacquiao is obligated to helping others, and that is undoubtedly a noble characteristic. However, and going forward, perhaps Manny, as Sugar Ray suggested, should be a bit more frugal and not attempt to carry the world's burdens on his shoulders?
Does genorosity have limits?