Just wrote this for The Bleacher Report: http://bleacherreport.com/articles/1966540-ufc-left-me-broke-with-nothing-frank-shamrock-on-tragedy-of-former-fighters
Continuing to ask the question of what the fighter and promoter's mutual responsibilities and obligations are to prevent future complaints/tragedies.
Going to check it out now, thanks broseph
Plenty of room here on the forum to post the content.
I'm all for fighters making more , but let's be realistic here. I own a small business and in the last 4 months have billed about $650k - that 650k feeds 10 full time employees and 20 sub contractors - this is the most I have done in that short period ever. I have all my bills paid , taxes paid an investor of 25k paid off and still have 6 figures saved. I live a good life with nice things. So don't expect regular people to side with fighters who made $500k in a year being broke. I am paying 30 people and I am not. 
The truth is, the cost of a fighter's purse, hotel, flight is not a one-time cost for the UFC or any other promoter.
If there's rehab, lawsuits, bad press and other headaches, the promoter has to take this into account to run a long-term business.
Athletes will go broke no matter how much you pay them. That's why the NBA's official slogan is "Mo Money Mo Problems".
I don't know Chris Leben, but from what I've read, people who know him say he's a great guy.
But when someone says they spent a good chunk of their income for the last ten years on drugs, and that they are now broke, it raises a red flag.
What type of pay would have allowed such a person to have saved or made investments? I would guess such a person would be broke if they had made $20,000 a year or $2 million a year. So additional pay would not have made a difference.
What could have prevented such a fighter from spending all his money? Probably a forced pension or 401K or something along those lines. The NFL has a pension, but it is also playing with a lot more money, so it may not be possible with the UFC.
It's a very unfortunate situation, but I don't think the UFC is to blame.
lifeaftrprison - I'm all for fighters making more , but let's be realistic here. I own a small business and in the last 4 months have billed about $650k - that 650k feeds 10 full time employees and 20 sub contractors - this is the most I have done in that short period ever. I have all my bills paid , taxes paid an investor of 25k paid off and still have 6 figures saved. I live a good life with nice things. So don't expect regular people to side with fighters who made $500k in a year being broke. I am paying 30 people and I am not.Excellent post
great stuff brian
lifeaftrprison - I'm all for fighters making more , but let's be realistic here. I own a small business and in the last 4 months have billed about $650k - that 650k feeds 10 full time employees and 20 sub contractors - this is the most I have done in that short period ever. I have all my bills paid , taxes paid an investor of 25k paid off and still have 6 figures saved. I live a good life with nice things. So don't expect regular people to side with fighters who made $500k in a year being broke. I am paying 30 people and I am not.
Other than the top 5-10 guys who is really out there making 500k/yr?
What about educating fighters more on the financial side and other risks during their active careers? As things stand, they are moved on a conveyor belt and being told that if they keep going along, they will make more money and it will solve their problems.
I know regular guys who are Leben's age, as well as guy's that are younger and older than him, who are also broke, but nobody is crying for them.
Chris Leben was making well into the 6 figures for years. If he is broke now it is his own fault.
He's just going to have to bite the bullet and find some other way to make money. It seems to me that he could have a career as an MMA trainer and a fitness trainer.
Chris should just sign with Bellator and rebuild
NeoSpartan -Leben has , guaranteed. He was a very high profile fighter with high end sponsors as well. With fotn bonus, ko bonus etc. as I stated I am all for them getting more piece of the pie ! But they can't expect their fan base to have sympathy when that base is middle class working folks. If Chris fights 3 times a year at $35k each fight and has no win or performance bonus he just made double what his average fan made. I'm not saying it shouldn't be more , I'm saying they need to stop pretending they are NFL athletes making millions and wasting their money on ridiculous lifestyle. If I made $200k personally for a couple years and went broke on the third would everyone feel bad for me because I did not invest or save ? Or would they say I'm a dumb ass who had an opportunity and wasted it on lifestyle of luxury or whatever? What's the difference , were all grown men/women we have a responsibility to manage it ourselves. Btw just in case Someone uses the young card. Chris is only 3 years younger than me , I grew up poor , didn't know my parents till teenage years and been living on my own since I was 17. That's just to debunk the responsibility argument people tend to use.lifeaftrprison - I'm all for fighters making more , but let's be realistic here. I own a small business and in the last 4 months have billed about $650k - that 650k feeds 10 full time employees and 20 sub contractors - this is the most I have done in that short period ever. I have all my bills paid , taxes paid an investor of 25k paid off and still have 6 figures saved. I live a good life with nice things. So don't expect regular people to side with fighters who made $500k in a year being broke. I am paying 30 people and I am not.
Other than the top 5-10 guys who is really out there making 500k/yr?
As entertainers they should make more , but as adults they should know what to do with what they make.
Jesus, how hard can it be to set aside some money in a bank account and just have it for a nest-egg when you get older?
Live withing your means, but focus on saving. With the money Leben has had, it should be fairly easy.
People say educate the fighters, I say educate the youth. In today's schools, there is zero discussion on money and how to manage it. Individuals need to learn to take care of their own money and themselves. It's not other peoples job to do this.
Fighters/athletes are at a bigger risk because it can be lots of money quickly without a long term income. You take home 50g tonight, you live like a king but what do you do once it's gone. Normal job may pay you that same amount, but spread out over time.
People need to become educated and learn to live below their means (me included!)
kungfugrip - People say educate the fighters, I say educate the youth. In today's schools, there is zero discussion on money and how to manage it. Individuals need to learn to take care of their own money and themselves. It's not other peoples job to do this.Agreed.
Fighters/athletes are at a bigger risk because it can be lots of money quickly without a long term income. You take home 50g tonight, you live like a king but what do you do once it's gone. Normal job may pay you that same amount, but spread out over time.
People need to become educated and learn to live below their means (me included!)
Finance management should be a staple of any curriculum.
The UFC should take this further by providing a dedicated financial advice service.
Someone who will sit down with each fighter and educate them on what to fo with their earnings.
This should be enforced contractually with a minimum quarterly review.
lifeaftrprison - I'm all for fighters making more , but let's be realistic here. I own a small business and in the last 4 months have billed about $650k - that 650k feeds 10 full time employees and 20 sub contractors - this is the most I have done in that short period ever. I have all my bills paid , taxes paid an investor of 25k paid off and still have 6 figures saved. I live a good life with nice things. So don't expect regular people to side with fighters who made $500k in a year being broke. I am paying 30 people and I am not.
I totally agree with you but what's also realistic is that most of these fighters are kids without too much education who all of a sudden have some money.
You started a business and work at it many hours and have a business centric lifestyle where most of your time is spent on improving your business and making it more efficient. ie. because you are running a business you are constantly becoming more knowledgeable on financial decisions.
The fighter lifestyle is not as structured and the fighter spends most of their energy on becoming a better fighter and there is periods of downtime between fights and between injuries.
lifeaftrprison,
kudos to you for being able to do what you do. I don't have the balls and organizational skills to pull that off. It must feel good to provide an income for 30 people!
Iv been a fan of the cat smasher since i saw him vr olson battle at Seattle in 02 or 3 he remained among my faves till he retired so im bias i know i got alll over nate quarry for shitting on ufc, imo ufc took good care of him and he had stated before all this that he blew all his money on drugs . Add that to the ink and life bills and there ya go. I dunno i miss him fighting tho fuckin spider took all his shine back than but he had a great career and put on some great shows
kungfugrip - People say educate the fighters, I say educate the youth. In today's schools, there is zero discussion on money and how to manage it. Individuals need to learn to take care of their own money and themselves. It's not other peoples job to do this.
Fighters/athletes are at a bigger risk because it can be lots of money quickly without a long term income. You take home 50g tonight, you live like a king but what do you do once it's gone. Normal job may pay you that same amount, but spread out over time.
People need to become educated and learn to live below their means (me included!)
Sort of - 4 of the states in the US require high school to teach at least a semester of basic financial management - everything from how to set up a budget, how to write checks to pay bills, on up to decent retirement strategies.
It should be a full YEAR, and it should be nationwide. Period.
Honestly, this is WAY more important than Chaucer, or covalent bonds, or 1700's French history, etc.