YOU can count on the fingers of one hand the number of boxing champions who were able to stay afloat financially after their glory days in the ring were over.In most cases, the boxing champ ended up destitute, with no savings to show despite the megabuck purses he bankrolled during his heyday. The reasons range from getting duped by their managers/promoters/advisers to spending all their money on vices.In recent months, former pound-for-pound king and multi-weight division world champion Floyd Mayweather Jr. has been the subject of bankruptcy rumors.On YouTube, several channels have cropped carrying news that Mayweather's coffers have been wiped out.Of course, majority of these YouTube channels contain fake news. The videos and photos are clearly manipulated to give the appearance that Mayweather is in dire straights financially.Photos of Mayweather on handcuffs and being escorted out of the courtroom are circulating on the internet to give the impression that he has been arrested because of his failure to settle his monetary obligations. These photos, however, were actually taken in December 2011, when Mayweather was sentenced to 90 days in jail after pleading guilty to reduced charges of domestic violence and harassment. The case stemmed from an incident involving Mayweather and his ex-girlfriend, Josie Harris, and had nothing to do with the financial issues he is supposedly facing today. The videos on YouTube thus contain click-bait content.In 2021, Sportico, a sports media company, released an all-time athlete earning list. Mayweather, who had his last official fight in 2017 opposite MMA star Conor McGregor, earned the No.6 spot on the list with career earnings of $1.2 billion. Basketball icon Michael Jordan topped the list with $2.62 billion.Mayweather has a lot of money and is never shy to flaunt his wealth. In his Instagram account, he often uploads photographs of him carrying large bundles of cash. He is proud of his collection of expensive cars and jewelry. He flaunts his private jets and claims to earn nearly $300 million a month from his various business ventures that include an opulent adult nightclub and a boxing promotional outfit.Then again, Mayweather also has a way of spending money. He once spent $50,000.00 for a diamond iPod case, $18 million on a watch, and $4.7 million on an ultra-rare sportscar. He spends $1,000.00 on haircuts which is really nothing more than a shave, and $6,500.00 on boxers which he disposes after using for a day. Oh, Mayweather also loves to bet tons of cash on sporting events.Last year, to silence "bankruptcy" rumors, Mayweather boasted that he purchased several buildings in New York for his real estate venture. Mayweather claimed he shelled out over $400 million.However, it was later reported that despite boasts from Mayweather that "all the buildings belong to me," there have been no ownership changes relative to the properties. This has many real estate experts in New York wondering if Mayweather lied when he announced the purchase of several buildings in Manhattan.When Mayweather put up for sale his mansions in Florida and Beverly Hills last year, rumors that he may be facing money woes reverberated. In the same year, a Miami-based jeweler also sued Mayweather, claiming the boxer owes him some $4.1 million for high-end watches and jewelry.Early this year, employees at Mayweather's gym in Los Angeles also claimed that they have not been paid their wages and that the gym is facing closure due to unpaid rent. There are also reports that Mayweather owes other people money, including Logan Paul who claims he was not paid in full for his 2021 exhibition fight with Mayweather.In the United States, there is a procedure that determines if an individual is really bankrupt.If under financial stress, an individual may file a petition for bankruptcy with a bankruptcy court, which then determines the path that may be taken (liquidation of assets or debt restructuring) to provide the individual debt relief.In 2003, former heavyweight champ Mike Tyson, who earned nearly $400 million in boxing, filed for bankruptcy after years of financial struggles that reportedly left him $27 million in debt.Mayweather has yet to file a petition in a bankruptcy court and as such the presumption that he is financially stable remains.Then again, Mayweather may want to be more circumspect in the way he handles his wealth. As a noted boxing promoter once said: "When you start counting your money, that's time when you ain't got no money!"