So many times in this office we see so many sports and entertainment individuals where they are being abused by those around them.  A well known sports figure was buying a new car.  The Manager went to the auto broker and tried to make a deal.  Sell his client the car for $200,000 more then what it normally sells for, then give the Manager 70% of the overage.  Lucky for the sports figure the auto broker said no to the deal because if the news got out that he over charged his client his name would be mud. 

Protect your name and your money from those that want to use you.  Remember people will always say.....I never made anything off of him/her.  When they say that they lie.  Everyone tries to get close to the Athlete for their own benefit, no one ever tries to protect you when they say they are trying to protect you. 

So protect yourself.  Have those around you sign an agreement that clearly states there will be no conflict of interest issues and no one will make a deal without you knowing about it or approving it.  Conflict of interest is always a temptation by those around you.  Money is big out there, money is flowing and they want a part of it, even if they have to use you to get to it.  Conflict of interest can be stopped by having everyone sign an agreement. 

Just remember conflicts can cost you a lot of money.  Why pay over $200,000 more for a car just because a friend or manager said it was a good deal.  Conflict of interest agreements must be in place to protect you at all time.  Like a pre-nup helps those that have financial wealth and about to enter into a binding relationship.  Everyone thinks they can trust their friends or those people called your manager, if no one is checking their proposals, lots of money will be waited and leaving your bank accounts.

Protect yourself always.

Our firm handles high profile boxing and entertainment clients on a daily basis and we deal with all types of personalities. Especially those that surround the boxer and trying to get power with the boxer. A lot of times these people are advising the boxer on various issues that he has no experience or background in. We have one client where the advisor to the boxer advised him on his business dealings but himself has not filed a tax return in years and knows nothing bout business. So the people that you choose to surround you must know what they are doing, if not it creates trouble with the IRS on tax issues or even on contract issues. The person you choose to advise, manage and direct you must know that every move you make affects your tax and legal affairs. If the wrong person is there advising you I can promise you that trouble will be coming your way. 

Two most important people you will hire in your life. Your accountant and your attorney. These two individuals, if they work together, will protect you on every deal that you make - tax and legal wise stops issues from rising up and costing you millions. Your accountant and attorney should review every contract that is presented to you. If you as a boxer is so worried about the cash and not about having the right documents in place to protect you, the money you are after will be taken away very quickly. Focus on the quality of the deal. Take your time to have your team negotiate and protect you. The money will come and you will have more of it because everything has been covered. Don't listen to your friends and family, because they are the worse people to advise you. Those that you call friends usually have a hidden agenda because everyone wants to make money off of you in some way. So put in place a good accountant and a strong attorney to help you build a solid career and financial team. Forget all the bling because it leads to bankruptcy.

 As you move up the ladder as a boxer and the money begins to grow, do it with a solid team to surround you. If you find individuals that are causing issues or confusion within your team don't be afraid to fire them. You are not just a boxing personality but you are also a business, so the team is like your board of directors. Choose your board from individuals that you can trust, that can advise you, and who are not afraid to tell you when you are doing something wrong. If you have that type of team you future will be strong, your mind will be clear of issues, and you can focus on your career as a boxer.

 Forget the bling, forget about those that kiss your ass, listen to your board of directors so that your financial future is secure. Be a boxer that is not just focused on his boxing but is also focused on your financial direction.