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

**SPEAKER_1** (0:00)
Let's talk about an unfortunate situation as a learning experience, but Floyd Mayweather.

**SPEAKER_2** (0:06)
My brother.

**SPEAKER_1** (0:07)
He's in a current lawsuit with his ex-business advisor.
He got him for $175 million, so. Man, I think the guy's name is Jonah Resnitz.

**SPEAKER_2** (0:23)
Allegedly, for legal purposes.

**SPEAKER_1** (0:27)
Well, that's his name, but I'm just saying allegedly.

**SPEAKER_2** (0:29)
Allegedly.

**SPEAKER_1** (0:29)
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, jury, a long list of different things where he was pretty much fleeced, allegedly, of almost $200 million. Now, he's suing him and he's taking to Instagram to be very vocal. He's vocal about this. He's not like he's hiding this. He's vocal about this, but he's taking it. He's...
Man, this is an unfortunate situation.

**SPEAKER_2** (1:13)
It's heartbreaking.

**SPEAKER_1** (1:14)
But 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.

**SPEAKER_2** (1:27)
Fat Joe, Mike Tyson.

**SPEAKER_1** (1:30)
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?

**SPEAKER_2** (1:46)
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. 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, I take care of all payments. You're not going to pay anything on my behalf, and you have no power of returning 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. What are some ways you think he could have prevented it and for the people watching, they could prevent it from happening to themselves?

**SPEAKER_1** (3:39)
I 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 to do anything you don't understand.
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're living above your means, even if you work for a billion dollars, if you're spending $10 million a month now, you've got to do something to maintain that. So now that puts you in more risk. Because now you feel like you have to figure out how to make another 20 to justify the 10 that's going out.
But man, education is very important. Like I said, it's difficult because I feel like a lot of times it's harder to, like Jadakiss says, it's easy to make money, but it's hard to keep it.

**SPEAKER_2** (4:44)
It's hard to keep it, bro.

**SPEAKER_1** (4:46)
Keeping the money is hard. Keeping millions is harder than making millions a lot of times because it's like you've got lifestyle creep, you've got expenses, you've got real estate, you've got advisors, you've got taxes, you've got- Sewing.

**SPEAKER_2** (4:58)
The lawsuit.
Oh, don't you be in a gym and you curl something, you drop the dumbbell and it'll roll over on somebody foot.