Floyd 'Money' Mayweather has trained relentlessly to become a champion boxer and also one of the world’s highest paid athletes. But life strategist Tony Robbins says that Mayweather’s life story also teaches regular investors an important lesson about wealth and income.
Mayweather has been rocking sports headlines with his much-anticipated bout against Manny 'Pacman' Pacquiao coming up on May 2nd, expected to be the richest fight in history. Mayweather, however, is known for his flashy spending sprees, and has reportedly defaulted on some loans and also faced serious penalties from the IRS for unpaid taxes, according to Fox News Sports and other outlets. (Entrepreneur reached out to Mayweather for comment but received no response.) Fighting is his bread and butter, and Robbins points out that earn-and-spend cycles are difficult for anyone to sustain.
“Like so many achievers, the champ is smart as a whip,” writes Robbins, in Money: Master the Game -- 7 Steps to Financial Freedom, and Robbins says he's sure the boxer won't burn through his earnings. However, Robbins says athletes and celebrities raise awareness about money mentalities such as earn-and-spend cycles that make it hard to build wealth. He explains a better long-term strategy in this short video.