MANILA, Philippines – Manny Pacquiao may get a guaranteed sum of USD 20 million from his recent bout against Timothy Bradley, but a big chunk of it will still go to the US Internal Revenue Service (IRS).
Aside from that, he has yet to settle a P2.73-billion tax liability case with the Bureau of Internal Revenue (BIR).
There are also rumors about Pacquiao planning to run for senator in 2016. If these rumors turn out to be true, he is expected to spend more to finance his new political endeavor.
Perhaps Pacquiao should pick up a financial lesson or two from Ulysses Lee "Junior" Bridgeman, an NBA player in the 1970's until the mid 1980's.
Bridgeman was drafted by the Los Angeles Lakers in 1975 only to be traded away to the Milwaukee Bucks for then future NBA superstar Kareem Abdul-Jabbar.
After playing for Milwaukee for 9 years, he suited up for the LA Clippers where he got his peak salary of $350,000. He eventually returned to Milwaukee and stayed there until retiring in 1987.
But unlike the majority of NBA players who ended up broke after retirement, Bridgeman eventually became the second largest owner of Wendy's franchises in the US.
According to Celebrity Net Worth, Bridgeman started his career as businessman by purchasing a franchise of his favorite restaurant, Wendy's.
"While other NBA players hung out during the off season doing God knows what, Bridgeman was working in local Wendy's—learning his burgeoning business from every angle and building a foundation for the rest of his and his family's lives. By the time his playing days were over, Junior owned three Wendy's," wrote Celebrity Net Worth's Amy Lamare.
From the three restaurants, he expanded his business to Brideman Foods Inc.
As of now, Bridgeman Foods Inc. owns more than 160 Wendy's and more than 120 Chili's franchises in the US.
"His personal net worth today tops $400 million. That's just $250 million shy of Michael Jordan. That's also $380 million more than Kareem Abdul-Jabbar's current net worth of $20 million," Lamare reported.
Just recently, Brideman formed a partnership with another NBA player, Detroit Piston's Chauncey Billups.
According to Restaurant News, the deal marks Billups’ first foray into the restaurant industry.