Floyd Mayweather Has A Humble Conversation With Snoop About How To Build Wealth (Video)
Over the last few months, it has become virtually impossible for anyone who follows the sports world to escape the thunderous hype surrounding the upcoming boxing match between Floyd Mayweather, Jr. and Conor McGregor tomorrow night (August 26). The buildup has reached epic proportions, sometimes resembling a pro wrestling match and other times akin to a circus. Whether fans are approaching the main event with cynicism, anticipation or both, it is poised to generate over a billion dollars in revenue.
Amidst the furor surrounding the fight, a sub-plot emerged regarding Mayweather and his finances. Almost always flaunting his wealth, even dubbing his empire The Money Team, Floyd has long portrayed himself as an athlete/entertainer with the type of business savvy to maintain his finances, despite seemingly burning through cash at a torrid rate. In July, however, reports surfaced that the IRS had filed a lien on Mayweather’s assets, in connection with $22.2 million that he allegedly owed in back taxes. Floyd was quick to dismiss the reports, posting on social media “Believe half of what you see and none of what you hear, especially when it comes to media in this country. While everyone is counting my money and assuming the worst, these are the facts… Uncle Sam, received $26,000,000.00 from me in 2015! What else could they possibly want? I’m sure I would have been notified much sooner if there were any real discrepancies right? Bottom line, everybody just wants to be a part of the “Money May” show, including the IRS! That’s fine, you can crunch numbers all day but in the end, my empire is rock solid and intact! Now Calculate That!”
Despite his denials, rumors persisted that Mayweather was more like Mike Tyson and MC Hammer than Magic Johnson and Michael Jordan, in terms of his wealth management. Now, on the eve of possibly the highest grossing fight of his storied career, Mayweather sits down with Snoop Dogg on a special edition of his GGN show. While the two bosses touch on a litany of topics, one of the most interesting and direct exchanges they have concerns Mayweather’s philosophy and tactics for building and maintaining generational wealth.
At around the 4:30 mark, Snoop asks Mayweather where he got his business savvy. “Just my team, me believing,” Floyd replies. “I’mma be honest. I have a team, also. My team don’t get in there and go to war like I go to war, but they go to war on the outside.” Floyd continues by citing specific names of some of the business men in boxing from whom he’s learned over the years, like boxing promoters Al Heyman, Bob Arum and Don King, as well as Mayweather Promotions CEO, Leonard Ellerbe.
Beyond simply settling for casual tips from these men, Mayweather cites the proactive mentality he adopted in order to learn wealth-building strategies. “Every time I got around my billionaire buddies, I was more like ‘It’s cool to come over to your house, but I need a house like this. It’s cool to ride on your yacht, but I need a yacht like this. It’s cool to ride on your jet, but I want a jet like this.’ And, I said ‘I don’t want to ride on yours. You show me how to get it.’ You can’t be my friend if you can’t show me how to get it. Because once they show me how to get it, then I can instill it in my children, then it trickles down. It’s about wealth. I’m no longer rich. I’m wealthy.”
From there, the conversation turns to Mayweather trying to impart his knowledge to younger fighters, and he touches on the crash and burn phenomenon that sadly plagues most athletes who suddenly find themselves with a massive influx of cash. “I had to learn. It wasn’t easy. It didn’t happen overnight for me. It was a couple bumps in the road. But, I believe in just putting fighters in a position to get a monthly check for the rest of their lives. When you have a young guy right now, I say ‘Would you take $200,000 a month for the rest of your life or, if I give you $100 million right now, would you take it?’ With the mind frame that I’ve got now, I know what I can do with $100 million. But, still, if I was a young fighter…Because if you have $100 million and you don’t have a game plan, you really don’t have a $100 million. You’re still broke, actually. You got money for a short period of time. Whereas, the $200,000 is gonna come every month. You can f*ck it off, and it’s still going to come. It’s always going to be there.” Mayweather’s words are not just applicable to young boxers. In 2009, Sports Illustrated did a study and found that after only 2 years of retirement, 78 percent of NFL players were either broke or struggling financially, and within 5 years of retirement, 60 percent of NBA players are broke.
That advice leads to Mayweather diving into specifics about his own finances. “I f*cked off millions, but I wasn’t stupid. I always kept 9 figures. I wasn’t crazy. And, I got more 9 figures coming that I’m going to invest. And, I take that money and I got my real estate portfolio [which] is amazing. Of course, I’ve got a strip club.” Knowing that the strip club investment often draws eye-rolls, Floyd explains his rationale. “Even though I’ve still got millions coming in from my real estate, in the strip club, I looked at it like this: I said ‘A night club, okay. You got alcohol. You got music. But, you gotta keep switching the club around, spending money to make it look different. Whereas, ass, t*tties and pu**y will never go out of style. And, when you mix that with music and alcohol…'” Regardless of what one may think about strip clubs, generally, a 2017 report projected revenues from the industry to be $7 billion per year.
Later in the interview (21:00), Mayweather specifically addresses his current financial status and the media reports regarding his IRS matters, saying “I’m still thinking about buying an NBA team. I mean, I can buy an NBA team now. It’s crazy when they say ‘Oh. He’s got tax problems.’ My man, listen. I can buy an NBA team if I want to.”
Elsewhere in the conversation, Mayweather discusses Muhammad Ali, calling him a legend, reveals that he’s only had 1 job (boxing) in his life, and says if he had a super power, he would want it to be the ability “to make this world a more positive place.”
Floyd Mayweather, Jr. and Conor McGregor face off tomorrow night (August 26) in Las Vegas.