There are plenty of examples of big-shot celebrities and high-flying sports stars making millions in their heyday before going flat broke a decade later.
Retired world champion boxer Floyd “Money” Mayweather was rumored to be close to joining them before his big comeback fight with Conor McGregor. One rumor, started by UFC fighter Michael Bisping, had Mayweather “scammed” out of millions as the reason for coming out of retirement and taking the high-profile fight. Another said Mayweather owed million in back taxes to the IRS and he was on the verge of losing his house.
That last rumor turned out to be at least half-true: he did owe $25 million to the feds for his 2015 taxes, and to pay it back he would have had to either take out a loan or start selling assets. Instead, he petitioned the IRS to wait until after he’d been paid for his dance with McGregor, to which the IRS agreed. Mayweather then pocketed a cool $300 million for his Aug. 26, 2017, bout, paid what he owed, and now says his bank account is doing better than ever.
In an hour-long interview with Hollywood Unlocked, Mayweather revealed he can keep his luxurious lifestyle for decades to come.
“Listen, I’ll tell the world this, so the world will know: Get used to me,” he said. “For 21 years, I’ve been here. Get used to me. I’m not going nowhere. I told them this 21 years ago. So 20 years from now, I’ll still be able to buy the same things every month—a nice house, nice car. And everybody knows, I got any kind of car you can name. I been to any country you can possibly name. And 30 years from now, I’ll still have probably a newer jet, still have top-flight cars, and my kids will just be running all my different businesses.”
The secret to his success? Having billionaire friends who can teach the 50-0 record boxer how to have a perfect record on his investments too. Mayweather says he makes so much every month from his financial products, “seven figures” a month in fact, that he couldn’t go broke even if he tried. And from the way he describes his lifestyle, he certainly is trying.
“Even if I wanted to f$#!-off all my money, I can’t, because I learned how to work smarter, not harder. When I went to my billionaire buddies, I never said, ‘Oh, I love your jet. I love your yacht. I love your house.’ [I said], ‘Show me how it’s done.’ And there’s only three ways you can learn—hearing, seeing, and doing. ‘Show me how it’s done. OK, now I got it.’ And so, what I tell my children is, ‘Listen, never get rid of this investment. You keep this and you give this to y’all grandchildren, and what y’all tell them is that when I’m gone, never get rid of this.'”
Mayweather starts talking dollar bills about 1:04:30 into the interview.
Now let’s all take a page out of Mayweather’s financial playbook and make millions boxing before retiring on some fat investments.
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