Mayweather is broke?

[Cobain]

Originally Posted by greggsiam

These guys never really earned it in the sense that they built something from the ground up, watched it grow, and made all the correct business decisions along the way.

What nonsense is that?

Dedicating time and your energy to train instead of going to college or even having a job is a decision.
Staying fit and at peak performance is his job, thats what he gets paid for.

Seeing him going from amateur to pro to contender until finally he is champion is him building it from the ground up, that hard earned money just as much as starting your business from a garage.

[Moggo]

Originally Posted by ejvette

Perfect example Mike Tyson had career earnings of 685M and he's broke not because he made bad investments or bad businesses decisions but he pissed it away literally

I think a certain boxing promoter/manager helped him get rid of a fair amount of it :)


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[.brian.]

Originally Posted by greggsiam

These guys never really earned it in the sense that they built something from the ground up, watched it grow, and made all the correct business decisions along the way.

Can you elaborate a little, as I am not really sure where you are trying to go with this.

He trained his entire life to become (arguably) the greatest boxer of all time.

To say he didn't earn his fortune the same way someone who started their own company (which I assume is what you mean by "build something from the ground up") is absurd.

And he actually did start a company from the ground up and watched it grow. In case you aren't aware of how Mayweather Promotions works:

Floyd Mayweather Jr., the reigning and defending champion of big-time boxing, knows all about the atmosphere of championship fight night. He helps create it. From the positioning of the television cameras to the staging of the fight and choreography of the ring walk, Mayweather has a hand in it. Not to mention he is the star of the show under the bright lights in the ring.

Little do all those screaming fans know that the man they’re watching in the ring collects money on the tickets they bought, the beer or soda that they’re drinking, the hot dogs that they’re munching and the signs on the ring posts that they’re looking at.

Because of his unique business model, Mayweather reaps huge financial rewards from all aspects of fight night. All revenue streams for a Mayweather fight flow to the man who calls himself “Money.’’ And while he has to pay some of the cost for his big events, his representatives have negotiated deals that save him money and minimize his risk of losing money.

No other athlete controls all aspects of the revenue linked to an event like Mayweather does.

“You think LeBron James is getting a cent from the hot dogs that are being sold at concession stands in the arena?’’ asked one boxing industry insider.

If you care to read the rest of the article, it is actually a pretty good read.

http://bleacherreport.com/articles/2...biggest-fights

[brandrea]

Originally Posted by greggsiam

These guys never really earned it in the sense that they built something from the ground up, watched it grow, and made all the correct business decisions along the way.

You cant take away how hard he worked to become one of the greatest boxers of all time.

There's no doubt that he hasn't surrounded himself with the best that money can buy in terms of managing his legal and financial affairs.

Sadly, we've heard this same story many times before.

[GoingPlaces]

Regardless of how he built his business or if he built it from the ground up. the guy is a spend thrift. He will reach a point where he will not be able to maintain the level of spending he is accustomed to and then what. Will he be able to dial it back? Sounds like he might already be there.

Interestingly, Johnny Depp going through this now.

No sympathy for any of these guys.

[rr-nyc]

Originally Posted by greggsiam

These guys never really earned it in the sense that they built something from the ground up, watched it grow, and made all the correct business decisions along the way.

The guy is a boxer and trained to be one of the best to ever get in the ring. Concurrent to that, he started a company called Mayweather Productions that represents 20+ boxers.

I don't like the guy but I would never say the guy didn't build anything from the ground up

[superdog]

Ok. Clearly he worked for it.

But I can see how someone would think it's different from building a business.

Yes, he worked for it. Of course. But he was born with natural skills as well. Similar to many athletes or even the beautiful people in Hollywood.

Tons of people build successful businesses through hard work and dedication.

Put the same dedication into trying to be a pro athlete and without those natural gifts, you got nothing.

[Cobain]

Originally Posted by superdog

Ok. Clearly he worked for it.

But I can see how someone would think it's different from building a business.

Yes, he worked for it. Of course. But he was born with natural skills as well. Similar to many athletes or even the beautiful people in Hollywood.

Tons of people build successful businesses through hard work and dedication.

Put the same dedication into trying to be a pro athlete and without those natural gifts, you got nothing.

Some people are naturally good at selling or managing business and people, some are born leaders.

Same could be applied to anything in life.

[FTX I]

Originally Posted by superdog

Ok. Clearly he worked for it.

But I can see how someone would think it's different from building a business.

.

To Build his career he made physical efforts, at least most part of his time, while building a business demands intellectual efforts. It's different no question.

[superdog]

Originally Posted by Cobain

Some people are naturally good at selling or managing business and people, some are born leaders.

Same could be applied to anything in life.

That's fair.

But to be the best of the best. He was gifted as well.

And it's also fair to say that some take that gift for granted.

[GB-man]

To say that building a small business is more difficult or commendable than what mayweather has accomplished in his life is kind of crazy but I digress. We aren't talking about Joey chestnut here

[superdog]

Originally Posted by GB-man

To say that building a small business is more difficult or commendable than what mayweather has accomplished in his life is kind of crazy but I digress. We aren't talking about Joey chestnut here

I don't think anyone is saying it's more commendable.

I think it's being suggested that the mindset might be different.

[GB-man]

Originally Posted by superdog

I don't think anyone is saying it's more commendable.

I think it's being suggested that the mindset might be different.

Fair enough. I think a lot of it is just fiscally conservative people who cannot fathom his seemingly idiotic spending habits.

[cda555]

I've relayed this story before, but I think its appropriate here. I saw Mayweather shopping in Vegas once and he was surrounded by 20 of his paid friends. All of the friends were dripping in diamonds and gold. I'm fairly confident Mayweather buys them that jewelry. I bet it is expensive just for the upkeep of his entourage. That is just a small fraction of his expenditures. He has mortgages, insurance utilities, property taxes, home upkeep, maids/butlers, etc. On top of that, he blows money into the wind by purchasing Bugattis, planes, watches, homes. There is no way that he could sustain that lifestyle unless he is a bonafide billionaire.

[superdog]

Originally Posted by GB-man

Fair enough. I think a lot of it is just fiscally conservative people who cannot fathom his seemingly idiotic spending habits.

Ha. Yeah.

Agree.

[Moggo]

Slightly off topic but on the same lines........Boris Becker just got declared bankrupt, he must have earned a fair amount in his time.

They surround themselves with people who won't tell them they are being reckless. Not only that they encourage them!

I'm sure his ex wife didn't help his bank account mind :)


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[greggsiam]

Originally Posted by .brian.

Can you elaborate a little, as I am not really sure where you are trying to go with this.

He trained his entire life to become (arguably) the greatest boxer of all time.

To say he didn't earn his fortune the same way someone who started their own company (which I assume is what you mean by "build something from the ground up") is absurd.

And he actually did start a company from the ground up and watched it grow. In case you aren't aware of how Mayweather Promotions works:



If you care to read the rest of the article, it is actually a pretty good read.

http://bleacherreport.com/articles/2...biggest-fights

You guys are correct. I have never heard of Mayweather promotions, so I am 100% wrong for saying Mayweather doesn't know anything about business.

I was referring to boxers in general. Yes, they spend a lot of time training, but that is not the same as running a business where you have to watch all the expenses and build the business with wise decisions. Boxing is skill and training, which doesn't directly correlate to building the business per se. My point is that it comes down to financial planning, which one should aquire after building a successful business, but wouldn't have training for sports.

[daveathall]

No sympathy. Any normal person would be made to pay his/her taxes when due. In my opinion they should seize assets for the full amount. He is making a mockery of the system, basically saying, "I will my taxes when I earn enough two years after they are due."

[superdog]

Originally Posted by Moggo

Slightly off topic but on the same lines........Boris Becker just got declared bankrupt, he must have earned a fair amount in his time.

They surround themselves with people who won't tell them they are being reckless. Not only that they encourage them!

I'm sure his ex wife didn't help his bank account mind :)


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That's all just crazy. Depp, Becker, and an endless supply of rich folk that are poor.

Imho, this is why I avoid credit. It keeps me grounded.

Edit: not that I have serious money that I NEED to stay grounded. Just saying I don't want lose what I do have.

[Ferdelious]

Here is Money Mayweather's response. Looks like a Louis Vuitton checkbook

Untitled.jpg

[Moggo]

Originally Posted by superdog

That's all just crazy. Depp, Becker, and an endless supply of rich folk that are poor.



Imho, this is why I avoid credit. It keeps me grounded.

Agreed. If I don't have the money I go without simple as that.


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[hugs]

Originally Posted by superdog

Exactly!

Same with lotto winners that go broke.

It's shocking really.

First stop, attorney. Second stop, accountant. Third stop, a different attorney appointed simply to oversee the first two. Pay a couple of bucks, save tens of millions.

Seems simple.

The problem is if someone is dumb enough to need a team to stop them going broke they wouldn't know to employ one in the first place.

That could be a good idea though if lottery winners were given this compulsorily as part of the win...

[superdog]

Originally Posted by hugs

The problem is if someone is dumb enough to need a team to stop them going broke they wouldn't know to employ one in the first place.

That could be a good idea though if lottery winners were given this compulsorily as part of the win...

Agree. Should be mandatory.

Not the same thing, but I got lucky a few years ago. I had a few boutique fitness centers and a larger competitor thought it would be good to add three stores and get rid of me at the same time.

A relatively small sum. But I'd seen this type if thing happen to people in the past. My accountant was with me every step if the way. I accounted for what my taxes would be, before I even agreed to the deal. I then opened up a savings account and parked that loot there waiting for tax day.

I paid for my wedding, my house and set my wife and I up with a good start to a retirement. I might have gotten trigger happy with a few watch purchases as well.

But otherwise it was business as usual. I'm by no means wealthy, but we live a pretty nice comfortable life.

Best move I ever made. And I learned what to do, simply by watching other people make mistakes.

[VICI]

Originally Posted by Kostas

He's not broke , it's just not liquid , have you seen his properties and cars?

That's why he is trying to make a deal so he can pay his tax debt with the proceeds of this fight

Who going to help him and buy your $80+ppv

$6mm debt must be too hard to swing.

Come on.. if he's not keeping liquid cash, he's stupid. And if he can't get a line of credit within 2 business days from his bank, he's dealing with the wrong bank.

Either way, he should be embarrassed.

[coralfarmer84]

Originally Posted by Ferdelious

Here is Money Mayweather's response. Looks like a Louis Vuitton checkbook

Attachment 875439

Seems odd to me that they would be such specifically rounded off numbers. Seems fake to me

[superdog]

Originally Posted by coralfarmer84

Seems odd to me that they would be such specifically rounded off numbers. Seems fake to me

Do you think he keeps a checkbook?

I find that hard to believe as well.

[hugs]

Originally Posted by superdog

Agree. Should be mandatory.

Not the same thing, but I got lucky a few years ago. I had a few boutique fitness centers and a larger competitor thought it would be good to add three stores and get rid of me at the same time.

A relatively small sum. But I'd seen this type if thing happen to people in the past. My accountant was with me every step if the way. I accounted for what my taxes would be, before I even agreed to the deal. I then opened up a savings account and parked that loot there waiting for tax day.

I paid for my wedding, my house and set my wife and I up with a good start to a retirement. I might have gotten trigger happy with a few watch purchases as well.

But otherwise it was business as usual. I'm by no means wealthy, but we live a pretty nice comfortable life.

Best move I ever made. And I learned what to do, simply by watching other people make mistakes.

Great discipline

If I ever became very wealthy I would buy nice things but based on value not price i.e. enjoy the finer things that I can get out of without taking a bath once I get bored of it

[Investr]

Im thinking about starting up a fund for all us to contribute to. He is a big Rolex fan, hence on of our own. Dig deep in those pockets boys and help him out.......

[BH13GMT]

Originally Posted by GoingPlaces

Interestingly, Johnny Depp going through this now.

No sympathy for any of these guys.

ahh the wine investments

that ended up being

[BH13GMT]

Originally Posted by Moggo

Slightly off topic but on the same lines........Boris Becker just got declared bankrupt, he must have earned a fair amount in his time.

They surround themselves with people who won't tell them they are being reckless. Not only that they encourage them!

I'm sure his ex wife didn't help his bank account mind :)


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Becker was earning 7 figures when he was a teenager. He had no grounding for his fame and wealth. His first car when he got his driving licence was a Porsche 959!!!

Whats interesting is that his silly exploits over the years have worn thin with the german public who see him as a bit of an idiot now rather than their Tennis icon of the 80's and 90's. Perhaps that why he lives in the UK now.