It's hard to believe that Jamie Foxx was ever strapped for cash. Even in his mid-twenties, Foxx was already starring in his own sitcom, The Jamie Foxx Show, and making audiences around the nation laugh. Still, Foxx claims that he had to teach mogul P. Diddy how to party on a budget back in the early 2000's.

While sitting down with Stephen Colbert on The Late Show, Foxx told a long story that has several twists and turns. The journey begins when Foxx attended a party thrown by P. Diddy. "I would hang out and watch him throw parties," Foxx admits.  "He threw a party and said 'Yo playboy, this party costs a million and a half dollars.' I'm like, 'you are out of your mind.'" Jamie then went on to show the Bad Boy creator how to party on a budget. "I said 'Puff, I will throw you a party for 400 bucks that will rival this party,'" bragged Foxx.

Diddy took him up on his offer, and Foxx invited "200 of the coolest people" he knew at the time. "I said 'Puff, look over there on the dinner table, I got Kentucky Fried Chicken. I put it in a nice plate. I got Coca-Cola, I put it in a pitcher. We are at 208 bucks and we are killin' it right now,'" Foxx joked. The comedian/actor/musician went on to state that Missy Elliot, Jay-Z, Kanye West, and The Neptunes ended up joining the party. West, who was unknown at the time, ended up convincing Foxx to record "Slow Jamz" during the party, and the rest is history. Check out the entire hilarious anecdote, featuring Foxx impersonating his party guests, below.