How Floyd Mayweather Jr. Allegedly Lost $175 Million Behind the Scenes

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1:50Thanks for listening.

2:23We'll be right back. eligible customers see if it's an option during checkout let's talk about an unfortunate situation that's a learning experience but um floyd mayweather my brother he's in a um a current lawsuit with his uh ex-business advisor that he got um he got him for 175 million dollars so man i think the guy's name is Jonah Resnitz. Allegedly, for legal purposes. Well, allegedly, well, that's his name, but I'm just saying allegedly. Allegedly, what happened is that Floyd is saying that over the course of a couple of years,$175 million was siphoned from him in faulty fake real estate deals, bad investments um jury a long list of different things where he was pretty much um fleeced allegedly of of um almost 200 million dollars now he's uh he's suing him and he's taking an instagram to you know be very vocal he's he's vocal about this not like he's not like he's He's vocal about this, but he's taking it.

3:35He's, um... Man. This is an unfortunate situation. It's heartbreaking. But, you know, we saw this happen with Tim Duncan. We saw this happen with Kevin Garnett. We saw this happen in another way, Steve Harvey. We saw this happen with Fat Joe, Mike Tyson. Man, the list goes on. The list goes on. So the first question is, For the average person, they're going to say, how in the hell can someone take$175 million from you and you don't realize what's going on? Not being paranoid. The one common trait that you and I both share, deep paranoia. And you need it in business. All the just delegate away and have your inner circle take care of everything.

4:26thing there's a whole predatory industry of advisors accountants who prey on you to say i got it just focus on that thing anytime someone tells you focus on your main craft and not look at the money they are there to rob you i keep telling you as soon as you get the money they have one million ways to take the money away from you taxes scams putting people on your relationship, faulty business earnings, faulty business deals, joint venture partnerships where all the money flows in through them. Taking of IP, you have to carefully watch. And this is why for me personally, every contract I go over, I take care of the marketing.

5:13I take care of all payments. You're not going to pay anything on my behalf and you have no power of attorney over anything financially. Can't do it. Some of them are going to say, well, is you going to tie up all your time? I would rather me tie up my time watching over the inventory of capital opposed to letting someone take it. That's one way. And even the people who would advise you and connect you to the accountant or business manager, they are often in on it too. They've done great business with you, So now your guard is down. Now you're trusting the associate that they sent, knowing that this is the 10 year plan for them to be able to get the money out of you.

5:55What are some ways you think he could have prevented it? And for the people watching, they can prevent it from happening themselves.

6:04I think you said a lot as far as, you know, watch over your accounts, be informed on what's going on. Never just let somebody tell you, okay, this is what we're going to do. Take the money. Don't do anything that you don't understand That's important Especially when you have that much money. You don't need you don't need to do anything. You don't understand Yeah Don't live beyond your means because then that forces you to do things that you wouldn't necessarily do if you didn't That's one thing country Wayne said like living below your means is a superpower because If you live in both if you're living above your means, even if you work for a billion dollars If you're spending ten million dollars a month now you got to do something to maintain that so now that puts you in more risk yep because now you feel like you have to you know figure out how to make another 20 to justify the 10 that's going out um but man education is very important and um like i said just it's difficult because i feel like um you know a lot of times it's harder to like jadekiss says it's easy to make money but it's hard to keep it it's hard to keep it bro keeping the money is a hard it's hard keeping millions is harder than making millions a lot of times because it's like you got lifestyle creep you got expenses you got real estate you got the prices you got taxes you got suing the lawsuit oh don't you be in a gym and you curl something you drop the dumbbell and a roll over on somebody's foot right before invest fest oh shot i need 1.8 my boy you threw the dumbbell at me that's a fact so i feel like um it's one of these things that that's a whole nobody ever teaches you how to maintain the money they teach you might teach you how to make the money but not how to maintain the money so a lot of it just comes down to having personality to to manage success and um and no one ever thinks that you're going to have a bad year even for me my paranoia and you brought it up on the show it's like i don't see you spend no money then if if you get to spending money even the luxury brands a fine way to send their representatives to you to spend more you don't got to come to the store we're going to bring everything out the store to your house every watch and every accessory we're going to find well this one may go for 20 million, but you, I mean, it's 1.5, that 1.5 and 3 million, they start to add up.

8:37Now you got a bunch of girls. The girls are there when the jewelers show you the jewelry, man, I want something. It's only 50, but now you got 50 added up by 1.3. And now you got to get your other friends or family members something. Cause now even when you travel, there's 25 people with you. Great point. Living below your means is a superpower and it's one of the easiest ways to keep the money attacking but you have to be so comfortable in yourself um to not want to spend and my last point is be mindful of the person who even gives you the brand character i always go back to vince mcmahon made a fortune robbing every piece of talent that came through wwe that money mayweather character was created by Vince McMahon going into WrestleMania.

9:28Be mindful of the advisor. So like the historical performance of a person and the advice they give you matters a lot. Ted DiBiase, it was a derivative of that and Virgil put together. If you know Ted DiBiase's story and Virgil's story, they ended up in a scandal doing something because they had to keep up a lifestyle from the 1980s. Be mindful of these people that are being sent to you to give you advice. they're there to fuck you over be careful it's tough it's tough prayers to him and the family shout out to the team whatever conversation we had you know I keep private but there are people that are sent to you even with the other person situation which I won't touch people will get sent to you to get the money off of you I tell you all the time the hardest thing to do is amass wealth and then not show it It's so hard.

10:23I got ego. You think I want to pop up when some of y 'all be saying that thing and me and Xander go play bumper cars with a culinary? Can't do it. Can't do it. Can't do it. Discipline is the key. Yes, in fact, avoid large purchases. Yep. Avoid large purchases and keep your mouth for your overhead low. Low, for real. And stay paranoid. People, every person who tells you that you're crazy for being paranoid are trying to find a way to rob you. They want you to get your guard down. Why don't you just let me take care of you? You haven't amassed my fortune. You want me to delegate the payments to you?

11:05How? No. No packet. No. Got to be careful. And you have to be incredibly educated. To even be able to battle the sharks who come to get you. I know some of y 'all hate when I say read 50 pages a day, but they have been trained on reading for generations on how to extract money from new rich and new wealthy people. It's a whole, like when you get to talking to some of them, they'll slip. Oh, my dad did this and he made his fortune from this deal. Even in private equity, the leverage buyout. that was originally taking advantage of companies that were going under and buying them for pennies on the dollar.

11:55You don't think they're doing it with some of the athletes and artists now. It's a whole nother category of business that people don't need to talk about. How does every rapper in six years post being an NBA, a large swath of these people end up going broke and have some of the best managers on earth. You think that's by accident?

12:18Oh, yeah.

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