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Bye
Is it too late - no. Is it too late to become successful - somewhere between yes and no but more towards no.
IMO it's not good to start boxing or any other combative sport very early because it's better to let your brain develop without taking too much damage. Also, you can spend the time to train your body with sports like swimming, basketball, hockey, etc. that will develop your stamina, speed and reflexes.
A lot of successful fighters started out late. Vladimir Klitschko started out when he was 16 I believe, but he wasn't a coach potato before that. He was active all the time. Junior Dos Santos the former UFC heavyweight champion started when he was 20. Of course he was doing hard physical labor before that so obviously no slouch either. Martin Rogan started fighting professionaly when he was 30 and he's obviously a bum but he still made a name for himself.
Boxing is one of those sports where you can become good with relatively limited training. Take chess for example, most guys start age 4-5. Hell 12 is too late to start chess. Same goes for tennis and other high-skill sports. Boxing is obviously skill-based but there's a tremendous amount of natural ability involved, stuff that you can't teach (like hitting hard, having a good chin, etc.).
I started boxing when I was 14 and I excelled very fast. I attribute this to the fact that I played other sports before that which trained my reflexes, stamina, etc. but MOST OF ALL my UNDERSTANDING of weight transfer in sports. A lot of guys go into boxing without experience and they think the power of the shot comes from your arm. Guys who have a good grounding in another sport will usually understand body mechanics and will be able to apply the force they exerted in another sport to boxing.
So, in short, if you have a good grounding in (i.e. you're really good at) another sports/a bunch of sports, I believe your chances are good. If not, I'd advise you not to put your faith in it.
Finally, why would you want to become a boxer? Usually guys who go in boxing are guys who have no education and cannot afford it. Boxing is a way out for them. Or guys who genuinely love the sport and grew up with it. You gotta ask yourself whether you fall in either category and whether or not it would be easier and more profitable to get a good education or learn a valuable skill and make (possibly) more money.
Good luck!
and become successful