I have always admired Floyd “Money” Mayweather for being a master of his craft with his flawless record and his pursuit of excellence. He has been portrayed as a controversial figure, a man surrounded by piles of money with a wild lifestyle outside the ring.
All of that is fun and entertaining and has definitely created a persona for Floyd but there is one thing that many people don’t know about Floyd. And that is, he has always kept the main thing the main thing.
Floyd realized early on that he didn’t need to worry so much about investing his money, he needed to worry about making it. As a professional boxer, maintaining his health and maximizing his earning years were paramount. Floyd understood that if he perfected his craft and stayed healthy while being the best boxing promoter of all time, that was the recipe for making the most money in the shortest amount of time for him.
Floyd kept the main thing the main thing. Interestingly, many wondered why he decided to fight Conor McGregor to end his career and that answer is pretty simple. He needed the money. Floyd had a massive deferred tax bill and knew that the investments he made after he retired were illiquid and he couldn’t liquidate them to pay his taxes.
So, he needed to make a pile of money, not tarnish his undefeated record and not get hurt. So, what did he do? He worked out a fight with a non-professional boxer, in Vegas, for the largest payday of his career. What Floyd did is he went back to the main thing. Promoting himself and boxing.
In life and with our business, we see so many people eager to diversify or invest in things they don’t understand, while their cash-flow slows down and they experience that financial crunch. Taking the Floyd Mayweather approach, where most of us are not professional athletes, our biggest earning years are still ahead of us and as we age and mature we can earn more from our main thing.
Are you diversifying too fast? Are you not making what you thought you would with a side hustle? Maybe it’s time to renew your commitment to promoting and perfecting your main thing if you want to see the money.