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Floyd Mayweather’s Net Worth
Have you ever found that no matter how much money you earn, you seem to find a way to spend it? We all seem to have a way of living up to our means, and, for some of us, a way of living beyond our means.
Spending more than we earn is an affliction that we’ve seen time and time again. And we see this most notably in the celebrities who manage to make a fortune, and then, somehow, they lose it all. Just take a look at five-division world champion Floyd “Money” Mayweather Jr.
Who is Floyd Mayweather?
Floyd Mayweather came from poverty in Michigan to be named the highest-paid athlete in the world. He poured blood, sweat and tears into his career as a professional boxer, working relentlessly to climb to the top. During his career, he achieved multiple world titles in five different weight classes, won a bronze medal at the Olympics, was awarded three U.S. Golden Gloves championships and retired with an undefeated record. He then went on to become a renowned professional boxing promoter, returning briefly to the ring to fight in the famous 2015 Manny Pacquiao match that reportedly put $180 million in his pocket.
Why is Floyd known as “Money Mayweather”?
It’s almost impossible to talk about Floyd Mayweather without talking about money. It would seem that Mayweather has more money than he would know what to do with, but he has certainly put that idea to the test in the past. Notorious for his exorbitant spending sprees and reckless financial behavior, Mayweather reportedly spends up to $75 million a year. He once dropped $6.5 million on two Bugatti sports cars and has a watch collection that is valued at over $6.5 million. His spending habits have landed him in some serious financial trouble in recent years, defaulting on loans and incurring penalties from the IRS for unpaid taxes.
Make no mistake, Floyd Mayweather is an extraordinarily gifted athlete with a ridiculous work ethic. He earned every single dollar he made. But his money mentality is earn and spend. Rapper 50 Cent, Mayweather’s former business partner, has simplified the boxer’s financial strategy: “It’s fight, get the money, spend the money, fight. Fight, get the money, spend the money, fight.” If he stops fighting, the money machine stops, the cash flow stops, his income stops – his financial world comes to a grinding halt.
Luckily, Mayweather has found new ways to make money after his professional fighting career came to a close. Since retiring, he’s appeared on Wrestlemania and Dancing with the Stars, recorded a rap song and purchased a boxing gym.
Floyd Mayweather’s net worth
How much if Floyd Mayweather worth in 2019? Between the lavish expenses and earnings, there are various estimates ranging from $560 million all the way to $1 billion – and the figures are continually shifting.
If you think Floyd Mayweather is an extreme example in the case of frivolous spending, consider the countless other celebrities whose poor financial decisions have landed them in financial distress. For example, legendary baseball pitcher Curt Schilling, who poured his savings into a video game startup that went belly-up, bringing the pro-ball player down with it. Or stars like Marvin Gaye, Willie Nelson, Kim Basinger, Nicholas Cage, Francis Ford Coppola and Michael Jackson — all of whom have felt the pain of an earn-and-spend money mentality.
Sound ridiculous? Sure, it’s difficult for most people to imagine blowing a fortune like Floyd “Money” Mayweather. But unfortunately, we can all relate on some level. We work, we get the money, we spend the money, we work again. It’s the mistake that millions of Americans make, no matter what income bracket they find themselves in.
As Tony notes in this video interview with Entrepreneur, it’s time to face the facts: it’s difficult to earn our way to wealth. We think that if we work harder, smarter and longer, we’ll achieve financial freedom, but a paycheck alone – no matter how immense – is not the answer. But what you can do is make a powerful change in strategy and embrace an entirely new mindset.
You have to make the shift from just working for money to a world where your money works for you. Tapping the power of compound interest, strategic asset allocation, annuities and municipal bonds, for example, can help you make the game winnable. Because the goal is to build a money machine that ultimately can take your place, that can make money while you sleep and never runs dry. When you achieve that, not only will you have greater financial security, you’ll have financial freedom – and that is something you simply cannot put a price on.
Though we’d all like to be able to earn – and spend – money like Floyd Mayweather, we can still achieve our financial goals. Learn more by reading Unshakeable: Your Financial Freedom Playbook.