Maybach Music Group announced that the label's third compilation album will be released on Aug. 6.

Rick Ross, the founder of the label, visited MTV News on Monday to talk about the compilation album and explained why he believes it's a great project.

"A lot of times you may get in the studio with your homey and collaborate with a record that may not necessarily fit with the body of work you may be putting together for a solo album, but it's something that you really want to give to your fans. It's something that's really super dope, but it's only a way you can present it in a form like this," he said. "Whatever it is, it's all about the collaborations and the presentation," he added.

The third collaborative album will feature Rick Ross, Wale, Meek Mill, Stalley, Gunplay, Rockie Fresh, Omarian and French Montana. 

Fans were given a taste of the new album when the song Poor Decisions was released on Monday. The track, whch features Rick Ross, Wale and Lupe Fiasco, discusses conflicts in today's youth.

"Young thugs with so much talent. Young thugs having no balance," Ross raps. 

Wale later raps, "Lord help us, my generation come to an end because we all selfish, but living shallow, how are we going to swim?"

The video, which was filmed in Brooklyn, was also released on Tuesday. 

The third album will be the follow-up to 2011's Self Made, Vol. 1 and 2012's Self Made, Vol. 2. 

"It just really comes from over time, us collaborating. We have so much music that we all collectively bring to the table that's really dope to us and a great representation of where we at musically," Ross also told MTV. "It's just about that excitement and once we get into the studio it's about who's going to take it to the next level. It's that competitive spirit that brings out the best in all of us."

Tags: Rick Ross