Floyd Mayweather Jr. is one of the most polarizing figures in sports today. Some athletes are well known strictly inside of their respective sport for their greatness.
Mayweather is one of those few superstars, whose reach extends well beyond just his particular field of athletics.
One thing is for certain when it comes to Floyd, either you love him or you hate him. Despite him being such a polarizing figure, I have discovered that there are 3 lessons about money that Floyd Mayweather Jr. taught me.
We all recognize his incredible undefeated run in boxing, which has spanned almost the last two decades. By no means though, is everyone a Floyd Mayweather fan.
Just as much as he is cheered for his performances inside of the ring, he is also jeered for the things that he has involved himself in outside of the ring.
The fact still remains, however, that Floyd is the last superstar that boxing seems to have, and his financial windfalls appear to back that up.
Lessons About Money
In watching his fight against Marcos Maidana, I began to take a closer look at Mayweather’s prowess in business.
I believe there are some key lessons about money that we can glean, by taking a closer look at the man known as “Money” Mayweather.
Mayweather is consistently on the Forbes 100 list of highest-earning athletes. Over his career, he has built a brand that has made him a household name for better or for worse.
Neither of these feats has occurred by happenstance. I believe Floyd has slowly and methodically built a financial empire, that many of us can take note of and learn from.
Your Past Doesn’t Define Your Future
You wouldn’t be able to tell by the hundreds of thousands of dollars’ worth of jewelry that Floyd walks around with, that he actually grew up poor. He was raised in Grand Rapids, Michigan by a drug-dealing father and a drug addict mother.
Life started off with him being raised as part of a family of seven living in a one bedroom apartment, to currently residing in a 23,000 square foot residence in Las Vegas.
He made up in his mind that he was going to break the cycle of poverty in his family, by any means necessary.
Instead of allowing the less than ideal circumstances of his past hinder him, he used them as fuel to make his future into something better.
When looking at our finances, we tend to let our past mistakes define the totality of our future. Just because you made bad decisions with your money in the past, doesn’t mean that you cannot make better decisions moving forward.
The key here is to learn from your past mistakes. Use them as fuel to push you towards a brighter future, by making wise decisions with your money today.
If you have a low credit score, then make moves now that will help your credit score improve in the future.
If you’re drowning in regrettable student loan debt, take that second job and eliminate those loans as soon as possible.
Don’t stay stuck wallowing in the financial mistakes of your past, progress and move forward towards a more promising financial future.
Learn the Game
Most fighters end up with less than 50% of the revenue that their fights generate. That is far from the case when it comes to Floyd Mayweather Jr.
Floyd not only dictates how much of the purse he will receive but also how much his opponent will garner as well.
Not only that, he sets the ticket prices that the venue’s charge during his fights. Even more astounding, is the fact that he also directly negotiates with the cable networks that show his fights.
Floyd did not acquire this level of control of his destiny overnight.
Over time he studied every aspect of the boxing world and how it runs. He figured out that many fighters end up with the short end of the stick financially.
Mayweather works every day of his to create a different destiny for himself. He found out precisely how the “Watchmen” of the boxing and business worlds operated, and positioned himself to be the one calling the shots.
Legitimate Sources
When it comes to our finances, we have to learn the way that money works. The only way to learn anything in life is by studying. Don’t just study anything or anybody though.
When asked who his heroes were, Floyd cites the likes of Bill Gates, Steve Wynn, Carlos Slim, Mark Cuban, and Warren Buffet; all hugely successful entrepreneurs.
You don’t want to acquire financial advice from broke people. Instead, seek out people who are winning with their money, and find out what they are doing to be in that position.
Harness those lessons, and begin to apply them to how you interact with money. Use this newly acquired knowledge, to take control of your own financial destiny.
Hard Work Pays Off
Absolutely no one can acquire a record of 47-0, without putting in massive amounts of hard work. Mayweather’s success correlates directly to his tireless training regimen.
Floyd regularly trains 2-3 times a day, all year long. There is no offseason in this world. His focus is totally on the legacy that he wants to leave.
The key to his success is how much work he puts into achieving that goal. One of the famous quotes that Floyd repeats to himself constantly, is “Hard Work, Dedication!”
Those two elements are what Floyd attributes to his success in life. It’s not enough just to work hard. Your dedication to the cause for which you are working will catapult you further.
You won’t get ahead with your personal finances unless you are dedicated to turning your situation around.
Once you are ready to dedicate yourself to that cause, you must back it up! Take the time to put in the necessary hard work, to obtain your goal.
Don’t think for a second that eliminating your debt is going to come easy.
Although becoming debt free is completely obtainable, the success rate in which you achieve your goal will be directly correlated to your hard work and dedication to doing so.
Conclusion
Some of the choices you’ve made with your money may have left you with a feeling of being knocked down. The great news is that you are not out for the count.
If you are still breathing, then you still have time to recover. It’s time for you to take these three money lessons, and get back in the ring.
