Mayweather swindled of a huge chunk of cash

[billeau2]

Depreciation has nothing to do with capital gains and even without gains those buildings still need depreciation. Besides Capital gains are only realised upon liquidation. This isn't as hard as you think and it happens a lot.

I think I misunderstood your point. And yes I stand corrected...I meant earned income being offset by depreciation, as in rental income.

[billeau2]

A little ambiguous, sure.. . But i Was refering to a manager/broker legally and transparently losing money. (Because there is no evidence al scammed him) Im aware that abuse/fraud exists. You think i had no conception of that before your post? Ive never heard of bernie madoff or a ponzie scheme, nothing like that until now? Cool.

Listen...madoff is small potatoes. The people that manage money have a racquet. it does not have to be a scam per se, it has to do with hidden fees, with the structure of how gains are realized, in your name, and with the incentive of a financial services individual (they get paid when things are sold), and it has to do with salesmanship because thats what these guys are, salesmen.

Actually its all a big ponzi and the people who "get it" at the ground are not Floyd and his cohorts." Its hard to explain but here is what it boils down to:

when you buy a piece of real estate that someone has fixed, they have usually gotten most of the value out. When you buy a stock, the price you pay is such that the big profits have been made already. by the time Uncle Sam comes around there is not much left on the table, then you have fees to those people managing your money. The system is designed to make all the people rich who know the game and are inside... It is very difficult to game the system and be succesful. Do you think the other athletes that go broke DIDN'T have money managers? Heck I am sure the money managers believe they will be succesful teaching people to save and let all their money get eaten up by inflation... thats what they are told to tell people.

meanwhile if anyone thought about it they would realize that businesses generate money, saving makes sure your money won't be generating a damn thing. So grandma is told save save save instead of buy a piece of property and rent it out to generate income and create a valuable asset that generates passive income.

The super rich wash their money with old foundations that are trusts. Trusts work for you because they function automatically, no human being needed, A trustee, could be a monkey pushing a button. They follow directions and the trust goes into action.

Floyd owns everthing...The super rich own NOThiNG in their name. When Elroy gets kicked out of mom's basement, he has the clothes on his back, perhaps a bank account....When a Rockefeller gets disinherited, he has absolutely unequivically NOTHING to his name. Thats one reason why rich kids go to boarding schools, and learn to be indoctrinated...if they rebel they can become poorer than the poorest person, in a matter of minutes. But there is a reason for this and that is because when there is nothing in your name, you do not pay taxes on it, you cannot be sued over it and you show no earned income, the highest rate of taxes being paid on earned income.

Floyd owns cars, the super rich own life insurance contracts that let them add according to their net worth...life insurance and certain annuities are tax deferred...if the insurance is held by a trust it becomes deferred indefinitely, if I want a million dollars I can borrow against this life insurance and it becomes tax free, I pay myself back. That is an example.

NO old money person shows off things to others... yes they have vacation homes, but they are usually mortgaged to the hilt because of the deduction... the richest man I knew in San Francisco drove an old truck... lol.

[Scipio2009]

You have to have an income to write off anything.

Floyd is retired.

Floyd is the principal owner of a boxing promotional company that puts on 10-12 shows per year, owns a dues paying boxing gym in the heart of Las Vegas's ChinaTown, and is the principle owner of a lifestyle brand that alleged does over $10m in business every year.

You add his real estate assets, and whatever other little nests he's got money socked away in (in addition to his own things, he's also a money partner in at least a handful of boutique businesses of folks in his circle), and Floyd's got plenty of income streams to work through.

[boxing_pundit85]

Listen...madoff is small potatoes. The people that manage money have a racquet. it does not have to be a scam per se, it has to do with hidden fees, with the structure of how gains are realized, in your name, and with the incentive of a financial services individual (they get paid when things are sold), and it has to do with salesmanship because thats what these guys are, salesmen.

Actually its all a big ponzi and the people who "get it" at the ground are not Floyd and his cohorts." Its hard to explain but here is what it boils down to:

when you buy a piece of real estate that someone has fixed, they have usually gotten most of the value out. When you buy a stock, the price you pay is such that the big profits have been made already. by the time Uncle Sam comes around there is not much left on the table, then you have fees to those people managing your money. The system is designed to make all the people rich who know the game and are inside... It is very difficult to game the system and be succesful. Do you think the other athletes that go broke DIDN'T have money managers? Heck I am sure the money managers believe they will be succesful teaching people to save and let all their money get eaten up by inflation... thats what they are told to tell people.

meanwhile if anyone thought about it they would realize that businesses generate money, saving makes sure your money won't be generating a damn thing. So grandma is told save save save instead of buy a piece of property and rent it out to generate income and create a valuable asset that generates passive income.

The super rich wash their money with old foundations that are trusts. Trusts work for you because they function automatically, no human being needed, A trustee, could be a monkey pushing a button. They follow directions and the trust goes into action.

Floyd owns everthing...The super rich own NOThiNG in their name. When Elroy gets kicked out of mom's basement, he has the clothes on his back, perhaps a bank account....When a Rockefeller gets disinherited, he has absolutely unequivically NOTHING to his name. Thats one reason why rich kids go to boarding schools, and learn to be indoctrinated...if they rebel they can become poorer than the poorest person, in a matter of minutes. But there is a reason for this and that is because when there is nothing in your name, you do not pay taxes on it, you cannot be sued over it and you show no earned income, the highest rate of taxes being paid on earned income.

Floyd owns cars, the super rich own life insurance contracts that let them add according to their net worth...life insurance and certain annuities are tax deferred...if the insurance is held by a trust it becomes deferred indefinitely, if I want a million dollars I can borrow against this life insurance and it becomes tax free, I pay myself back. That is an example.

NO old money person shows off things to others... yes they have vacation homes, but they are usually mortgaged to the hilt because of the deduction... the richest man I knew in San Francisco drove an old truck... lol.

Thx that makes a lot of sense, u know a lot more than me. My logic being hes made half a billion dollars...but with taxes and employees expenses ect he probably banked like what 200 million. Say hes spent half that, combined with the illumimati esque garnishment/reduction(a system designed to take it all back) u described he could be closer to the red than he should be. Another 9 figure pay coming tho haha.

[GMAN SUPREME]

The only time any of these "Floyd is finally going to take an L" type stories ever manifest, they're usually brought forward by folks with certain inherent biases against him. Petty to include the dig, but it is what it is.

froid has already taken several Ls just look at my sig.see how humbled he looks. lol remember james prince pushing his **** in and beating down tmt inside their own gym

[billeau2]

Thx that makes a lot of sense, u know a lot more than me. My logic being hes made half a billion dollars...but with taxes and employees expenses ect he probably banked like what 200 million. Say hes spent half that, combined with the illumimati esque garnishment/reduction(a system designed to take it all back) u described he could be closer to the red than he should be. Another 9 figure pay coming tho haha.

The reason I post this stuff is because I have a vision. If there are X amount of people on this board,, and Z amount of those people are between the ages of 13-30, my sons are in that age range as well, then one day a certain amount of people in that age range (Y)will become successful financially. When this happens, if one of those people just consider some of the information about how the system really functions and how athletes are, as a class, truly exploited by the system, then maybe that individual can become the "Larry Holmes" of the group... maybe more than one can achieve.

Larry HOlmes is smart, but not smart like Ali, or Bobby Chaz. HOlmes is just smart enough to know what he does not know. But This allowed him to fight off Don King, who is very smart! So the bell rings and in this corner we have King, a sociopath, who managed to survive one of the most ruthless strangleholds under Dutch Schutz, managed to not be blown to smithereens (Cleveland Ohio had a method of contract killing where the person was car bombed) and eventually maintained his position as one of the biggest numbers gambling operators in the area...meanwhile in the other corner is Holmes, a lisping, defiant, talented fighter who is determined not to give all his wealth away to King.

Holmes secret was to do what most people do not do...Instead of asking people about sexy businesses to invest in, he took a look in the mirror. He realized that once in a while it was golden to take the family out for a steak...that washing his car was something that had to be done now and then...and that people need a decent place to live. Larry also realized that while opening a restaurant on Sunset Strip, might take considerable influence... he had all the people on his side in Easton... Black, white? the champ was the champ, just like with Joe Louis.

I can pretty much guarantee that when Larry walked into the zoning and permits office, people were asking for his autograph! Certainly they were flattered that a man who made it big was investing in his community...I am sure they were eager to help him succeed when it came to tax breaks, etc. And Holmes won that fight with King.

Theres a lot more to the game... One thing to be aware of is "lifestyle" money. how much does it cost to be Don king? versus Floyd Mayweather? King carries flags around to wave like an imbecile, his car, etc...he has a nice place in Florida, probably a few offices/homes he may own, or mortgage...thats about it. Tyson was quoted as saying that at the height of his success, he was spending upwards of 400,000 a month (page 4-5) http://www.blackenterprise.com/money...ne-squandered/ and that is not counting many items, many bills, etc.

The question with Floyd would be what are his expenses? If they are similar to Tyson's, which they probably are, they are considerable. Lifestyle is a major expense! I am a real estate professional, but I do my own investments... So I don't have to impress people. Therefore I drive a beat up 1993 Camarie lol. Now, lets say I have a neighbor who is a lawyer (in reality no lawyer would live in this neighborhood), makes the same income BUT, has to go into a law practice everyday, meet with clients, and impress...That guy has to have expensive clothes, an expensive car, he has to be a member of the right clubs, and his kids probably have to go to private school. His expenses are going to look very different than mine.

[PAC-BOY]

money makes money, especially if given time and the right vehicle.

Floyd has real estate property locked up that's paying him a $1m residual every month, and that's just the start of his investments.

Add on effective tax management for his current revenues and, though Floyd's money won't last forever, he's setup to have money for the rest of his life, money for the rest of his children's lives, and likely money for the rest of his grandchildren's lives.

It Could. Also ive seen richer guys than Floyd go belly up bankrupt.

[Sugar Adam Ali]

I doubt he has lost enough to be broke. Even after taxes she should be worth in the neighborhood of $300M. From what I've read he has made a lot of sound investments. Though he appears to be desperate for a fight with McGregor, I think that is more to do with wanting an easy 50th win.

Lmao.


Where did you hear Floyd has made "sound investments" link?

Yeah after taxes I'm sure he made 300 million, but that's over many years.. he didn't fight Oscar, canelo and manny in the same year..
Now add in
Lawyer
Accountants
Specialized legal (divorce, criminal, estate, tax)
Manager (Leonard ellerbe?)
Al haymon
Staff (bodyguards, cook, assistant, stylist, etc)
Child support
Alimony?

Now objects:
Fleet of cars
Mansion
2nd houses/baby momma
Property taxes
Insurance on everything (well over a million annually)

Investments
Lottery soda
Record label
Mayweather promotions

Now monthly expenses
Phone bills
Cable bill
Energy bill
Water bill


Now add on spending habits
Bling
Jewelry
Clothes
Shoes
Gambling



Add those all together and Floyd is spending 10s of millions a year.. and easily can see how he could get himself in financial trouble

[Scipio2009]

It Could. Also ive seen richer guys than Floyd go belly up bankrupt.

I find it really difficult to see a guy going bankrupt with as many hard assets in his possession as Floyd has, and his open abhoration of credit financing anything.

[Scipio2009]

Lmao.


Where did you hear Floyd has made "sound investments" link?

Yeah after taxes I'm sure he made 300 million, but that's over many years.. he didn't fight Oscar, canelo and manny in the same year..
Now add in
Lawyer
Accountants
Specialized legal (divorce, criminal, estate, tax)
Manager (Leonard ellerbe?)
Al haymon
Staff (bodyguards, cook, assistant, stylist, etc)
Child support
Alimony?

Now objects:
Fleet of cars
Mansion
2nd houses/baby momma
Property taxes
Insurance on everything (well over a million annually)

Investments
Lottery soda
Record label
Mayweather promotions

Now monthly expenses
Phone bills
Cable bill
Energy bill
Water bill


Now add on spending habits
Bling
Jewelry
Clothes
Shoes
Gambling



Add those all together and Floyd is spending 10s of millions a year.. and easily can see how he could get himself in financial trouble

Floyd has Haymon, his lawyer, and his accountant, with Ellerbe/McNair/Blake rounding out the day-to-day parts of his operation.

Beyond that, at this point in his life, I'm fairly certain that his camp has everything run through LLCs (costs of "being Floyd Mayweather" are deducted as expenses against any money that comes to Floyd Mayweather, etc). Floyd already cashed out for the "Big Boy Mansion", his LA home (for three of his children), his Miami home, and his New York spot before even having the De La Hoya fight, so there goes that story.

You've tried to paint a picture that simply isn't true, lol. Over Floyd's final 6 years in the sport (From the Marquez return through the Berto farewell), Floyd earned ~$600m off of PPV alone; and that's before counting his money off of the event in Las Vegas (tickets/closed circuit) or any of the other side revenues. 6 years! Pass all of that money through the LLCs/other types of offsets, and Floyd made out like a bandit.

And that's assuming that none of the assets bought with the money earned before his return didn't carry through (by the time of his first retirement, Floyd Mayweather likely had already earned $100m as a prizefighter over those 10 years, with his Las Vegas home and the home for his children, among other assets, already paid for).