Former UFC fighters Ben Askren, Eddie Alvarez and others have teamed up on social media to give retrospective financial advice to the next generation of MMA fighters. The tips come at a time where Dana White’s promotion continues its dispute over fighter pay – namely with light heavyweight champion Jon Jones and “BMF” belt winner Jorge Masvidal – and comments over the weekend from welterweight contender Mike Perry lamenting the US government’s tax system. White pushed back on both Jones’ and Masvidal’s comments last month. “Dear fighters, Uncle Sam will take 30-50% of your money dependent on state taxes and income bracket. No one will tell you this. Plan accordingly,” said “Funky” Askren (19-2), who retired after experiencing his only two pro-career losses to Demian Maia and Masvidal last year. “This is an issue [because] fighters aren’t paid as 1099s this received lump sums with no taxes pulled. Many fail to realise their responsibilities,” the 35-year-old Askren added, citing one of the US Internal Revenue Service’s tax forms used to report pay. “You can write some things off, but at the end of the day that is money that still isn’t in your pocket. Lastly fighters start creating other streams of income so you can stop fighting when you actually want to.” Former lightweight champion and now-One Championship star Eddie Alvarez also chimed in with some investment recommendations. “The Underground King” has not fought since beating Eduard Folayang via first-round rear-naked choke last August. Dear Fighters, Uncle Sam will take 30-50% of your money dependent on state taxes and income bracket. No one will tell you this. Plan accordingly. — Lumberjack Ben (@Benaskren) June 28, 2020 “Fighters ... adding to Ben Askren: 1) Set up an LLC before getting [your] first paycheck (this will allow you to write off most expenses) 2) Create a solid safety fund preferably 6 months 3) Having 100k in [your] account doesn’t make you rich. Do not ball out! 4) Save and invest,” said the 36-year-old Alvarez (30-8, one no contest). “If you never save and never invest, you will always be a slave to a promotion and “need” to fight to get by and stay afloat. Fighting in all does not pay much to athletes. But it’s also true that the majority of athletes are financially irresponsible and not disciplined.” Former UFC middleweight champion Chris Weidman (14-5), who lost his heavyweight debut against Dominick Reyes last October, added: “I will also recommend putting 50 per cent of your paycheck away immediately to prepare for taxes to be safe. Don’t wait till end of year to pay taxes. Pay quarterly estimated taxes to save yourself from spending too much by year end.” Fighters ..adding to @Benaskren 1) Set up an LLC before getting you’re first paycheck( this will allow you to write off most expenses ) 2) Create a solid safety fund preferably 6 months 3) having 100k in you’re account doesn’t make you rich Do Not Ball out! 4) Save and invest — Eddie Alvarez (@Ealvarezfight) June 28, 2020 Conor McGregor’s coach, John Kavanagh, also explained his fighters’ lack of awareness on government tax issues. Former featherweight and lightweight champion McGregor announced his “retirement” from the sport of MMA last month. “[It’s] always so traumatic when you sit with your fighter after the first time they get a decent payday. and then they learn about taxes for the first time. Like that kid crying playing the monopoly game,” Kavanagh said. Its always so traumatic when you sit with your fighter after the first time they get a decent pay day...and they learn about taxes for the first time. Like that kid crying playing the monopoly game https://t.co/7y1lfr1X4n — Coach Kavanagh (@John_Kavanagh) June 28, 2020