Bob Arum Says Pacquiao is Broke, Because He Gives Too Much to the Poor
It is a little more complicated than Bob Arum is letting on (read how Manny Pacquiao blew $200 million), but one of the reasons that Manny maybe low on funds is that he does give money away so freely.
Arum expands on that to USA Today.
Is Pacquiao broke or close to it?
“Manny will always be in a situation where he doesn’t save what he earns. He still is in (typhoon-ravaged Tacloban), giving out food and money from his own pocket to victims from the purse of his last fight. He has a big home in the best area in the Philippines, millions of dollars in property and millions of dollars in assets. But does he have (what) he should have if he prudently saved his money instead of giving it away? No. But what am I going to tell him? Don’t give your money to charity? Don’t reach out to help your fellow Filipinos? How can I tell him that?”
Does he have to keep fighting?
“If he wants to keep giving away money to charity, of course he does. How else is he going to generate that kind of money? If he stopped giving money to charity and lived off his assets, he could live a very comfortable, affluent life. But he can’t, giving $5-10 million dollars a year away to charity.”
Manny is what we called when I was growing up “Hammer Broke”. MC Hammer blew a lot of money, had to file bankruptcy, but he still had more money than the average American. Manny isn’t struggling, but does he have enough money to sustain himself for the rest of his life considering his lifestyle? Probably not and that is why he has to keep fighting.