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

Summary

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Podcast Summary: Earn Your Leisure

Episode: How Floyd Mayweather Jr. Allegedly Lost $175 Million Behind the Scenes
Hosts: Rashad Bilal & Troy Millings
Date: June 7, 2026

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Episode Overview

In this episode of the Earn Your Leisure Podcast, hosts Rashad Bilal and Troy Millings dig into the alleged financial scandal surrounding boxing legend Floyd Mayweather Jr. The discussion centers on reports that Mayweather was defrauded of up to $175 million by his former business advisor, exploring the broader epidemic of financial mismanagement and predatory advisory practices targeting celebrities and athletes. The episode leverages Mayweather’s story as a cautionary tale and delivers practical advice for listeners about wealth preservation, personal finance discipline, and surrounding yourself with the right people.

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Key Discussion Points & Insights

The Mayweather Lawsuit: What Happened?

• [02:08] The show opens up the main content discussing Floyd Mayweather’s current lawsuit against his ex-business advisor, identified as Jonah Resnitz. Allegedly, over several years, roughly $175 million was drained from Mayweather through “faulty fake real estate deals, bad investments, jewelry, a long list of different things” (Co-host/Guest Speaker, 02:38).
  • Quote: “He was pretty much fleeced, allegedly, of almost $200 million.” (02:38)
• Mayweather is publicly vocal about the situation, voicing his frustration on Instagram.

A Pattern Among Celebrities and Athletes

• [03:21] Other high-profile figures like Tim Duncan, Kevin Garnett, Steve Harvey, Fat Joe, and Mike Tyson have also faced similar financial betrayals.
• The conversation presents this as a recurring problem for celebrities and athletes encouraged to trust advisors too much and avoid direct oversight of their finances.

How Does it Happen? The Mechanics of Financial Loss

• [03:54] The hosts address the perplexing question: “How in the hell can someone take $175 million from you and you don’t realize what’s going on?”
  • The answer: Delegation without oversight, lack of paranoia, and trusting the wrong people.
  • Quote: “As soon as you get the money, they have 1 million ways to take the money away from you. Taxes, scams, faulty business deals, joint ventures where all the money flows through them…” (Co-host/Expert Commentator, 04:08)
  • Pitfalls include giving inner circles too much responsibility, granting power of attorney, and failing to independently review contracts and payments.
• Personal Vigilance: The hosts stress the necessity of paranoia and direct involvement, even at the expense of personal time.

Preventative Measures & Personal Finance Advice

• [05:47] Fundamental advice for safeguarding wealth:
  • Monitor all accounts personally.
  • Never hand over control or make financial moves you don’t fully understand.
  • Avoid living beyond your means.
    • Quote: “Living below your means is a superpower.” (Country Wayne, cited by Co-host, 06:05)
  • Understand that maintaining wealth is often harder than earning it.
    • Quote: “It’s easy to make money, but it’s hard to keep it.” (Jadakiss, cited at 06:48)
  • Address lifestyle creep and the mounting pressure from extravagant spending and entourage upkeep.
  • Be educated and skeptical—“Discipline is the key.” (Co-host/Expert Commentator, 09:54)

Psychological and Social Traps

• [07:43-09:20] The social obligation to spend, spurred on by hangers-on, luxury brands aggressively courting celebrities, and the desire to “show” wealth, are major factors.
• Advisors sometimes manipulate their clients by referencing brands or image—citing the creation of the “Money Mayweather” persona during his WWE career as a strategic move with unintended financial consequences.
• Quote: “Be mindful of the advisor. The historical performance of a person and the advice they give you matters a lot.” (Co-host/Expert Commentator, 09:17)

Institutionalized Exploitation

• [10:27] The hosts point out a systemic issue—a “whole predatory industry of advisors, accountants who prey on you.”
  • Comparison to private equity buyouts preying on companies.
  • The pattern of athletes and artists going broke post-career is observed as no coincidence, but as a sign of systemic extraction.

The Power of Education and Paranoia

• [10:30-12:03] The importance of education and constant vigilance is underscored repeatedly.
  • Encouragement to read, self-educate, and distrust anyone who encourages passivity regarding one’s finances.

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Standout Quotes & Memorable Moments

• “As soon as you get the money, they have 1 million ways to take the money away from you. Taxes, scams... joint venture partnerships where all the money flows in through them.”
  — Co-host/Expert Commentator (04:08)

• “Living below your means is a superpower.”
  — Country Wayne, cited by Co-host (06:05)

• “It’s easy to make money, but it’s hard to keep it.”
  — Jadakiss, cited at (06:48)

• “Discipline is the key.”
  — Co-host/Expert Commentator (09:54)

• “Be mindful of these people that are being sent to you to give you advice. They’re there to [screw] you over. Be careful.”
  — Co-host/Expert Commentator (09:21)

• “Every person who tells you that you’re crazy for being paranoid is trying to find a way to rob you.”
  — Co-host/Expert Commentator (10:32)

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Key Timestamps

• [02:08] Introduction to the Mayweather lawsuit and financial details
• [03:21] List of other celebrities defrauded by advisors
• [03:54] Deep dive into how these schemes work and personal anecdotes
• [05:47] Practical advice on protecting your wealth
• [06:05] Discussion on living below your means and avoiding lifestyle creep
• [09:17] The dangers of brand personas and the influence of advisors
• [10:23] Final thoughts on discipline and maintaining control
• [10:30–12:03] Warnings about systemic exploitation and the importance of financial literacy

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Takeaways

• Self-management, skepticism, and education are the best defenses against financial predation in sports and entertainment.
• Lifestyle discipline and ongoing vigilance—the kind that borders on paranoia—are vital for lasting wealth.
• Learning from others’ mistakes, even at the highest levels, can help listeners avoid similar missteps in their own financial journeys.

This episode is a masterclass in the challenges of wealth retention, mixing real-life examples with actionable insights in the Earn Your Leisure signature style: direct, practical, and peppered with pop culture references.

Transcript

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[Co-host or Guest Speaker]

talk about an unfortunate situation as a learning experience. But Floyd Mayweather, my brother, he's in a current lawsuit with his ex business advisor that he got. He got him for $175 million. So man, I think the guy's name is Jonah Resnitz.

[Co-host or Expert Commentator]

Allegedly for legal purposes.

[Co-host or Guest Speaker]

Well, allegedly. Well that's his name. I'm just saying.

[Co-host or Expert Commentator]

Yeah, allegedly allegedly.

[Co-host or Guest Speaker]

What happened is that Floyd is saying that over the course of a couple years 175 million was siphoned from him and faulty Fake real estate deals, bad investments, jury, a long list of different things where he was pretty much fleeced allegedly of, of almost $200 million. Now he's, he's suing him and he's taking the Instagram to, you know, be very vocal. He's, he's vocal about this. Not like he's, not like he's hiding this, is vocal about this. But he's taking it. He's, he's, he's, man, this is this unfortunate situation.

[Co-host or Expert Commentator]

Heartbreaking.

[Co-host or Guest Speaker]

But you know, we saw this happen with Tim Duncan. Yeah, this happened 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 gonna say how in the hell can someone takes $175 million from you and you don't realize what's going on?

[Co-host or Expert Commentator]

Not being paranoid, the one common trait that you and I both share, deep paranoia. And you need in the 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 1 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 taken 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 attorney over anything financially, can't do it. Some are going to say, well, you're 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, that's one way. And, 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 ten 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 themselves.

[Co-host or Guest Speaker]

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 gonna 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.

[Co-host or Expert Commentator]

Yep.

[Co-host or Guest Speaker]

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. But 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 gotta do something to maintain that. So now that puts you in more risk.

[Co-host or Expert Commentator]

Yep.

[Co-host or Guest Speaker]

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. But, man, education is very important. And like I said, just it's difficult because I feel like, you know, a lot of times it's harder to. Like Jadakiss says, it's easy to make money, but it's hard to keep it.

[Co-host or Expert Commentator]

It's hard to keep it, bro.

[Co-host or Guest Speaker]

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 deposits, you got taxes, you

[Co-host or Expert Commentator]

got suing the lawsuit. Oh, don't you be in that gym and you curl something and you drop the dumbbell and then roll over on somebody foot right before invest fest. Oh, shot. I need 1.8. My boy. You threw the dumbbell at me.

[Co-host or Guest Speaker]

That's a fact. So I feel like 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 how to maintain the money. So a lot of it just comes down to having personality to. To manage success. And.

[Co-host or Expert Commentator]

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 gonna bring everything out the store to your house, every watch and every accessory. We're gonna find well, this one may go for 20 million, but you minus 1.5. That 1.5 and 3 million, they start to add up. Now you got a bunch of girls. The girls are there. When the jewelers showing you the jewelry. Babe, I want something. It's only 50, but now you got 50 added up with 1.3. And now you got to get your other friends or family members something because now, even when you travel, it'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 intact. But you have to be so comfortable in yourself 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, be mindful of the advisor. So like the. The. Like the historical performance of a person and the advice they gives 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 the 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 you over. Be careful. Tough. It's tough. Prayers to him and the family. Shout out to the team. Out. Whatever conversation we had, you know, I keep private, but there are people that are sent to you. Even with the other personal situation, which I won't touch, people get sent to you to get the money off of you. I tell you all the time, the hardest thing to do is a mass wealth and then not show it. It's so hard. Especially I got an ego. You think I don't want to pop up when some of y' all be saying that thing? And me and Xander go play bumper cars with culling it. Can't do it. Can't do it. Can't do it. Discipline is the key.

[Co-host or Guest Speaker]

Yeah, that's a fact. Avoid large purchases.

[Co-host or Expert Commentator]

Yep.

[Co-host or Guest Speaker]

Avoid large purchases. And keep your monthly overhead low.

[Co-host or Expert Commentator]

Low. For real. And. 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. I want you to get your card down. Why don't you just let me take care of you? Want you haven't amassed my fortune and you want me to delegate the payments to you. How? No no packet, no gotta 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. You don't think they're doing it with some of the athletes and artists. Now it's a whole another category of business that people don't need to talk about. How does every rapper in six years post being in the NBA? A large swath of these people end up going broke and they have some of the best managers on earth. You think that's by accident?

[Co-host or Guest Speaker]

Yeah.

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