AIR DATE: Oct 05 2021 10:37UTC
EPISODE: Episode 4
Financial Wellbeing in Boxing | Words of Wisdom with Kieran Ekeledo | Talkin Fight
Although boxing can bring great financial rewards to its champions, many other boxers are often left in financial hardships when climbing through the ranks.
Find out what you can do to avoid common pitfalls amongst boxers.
Watch live on TalkinFight.com or YouTube.com/c/TalkinFight
[ Music, ] hello and welcome to another episode of words of wisdom with kieran eclada.
Now today, we’ve changed environment change settings because we’re talking about a very important subject: we’re talking about financial instability within boxing or for boxes.
Now, most recently, boxing has actually attracted or combat.
Sports has attracted some of the most well-paid athletes in the world.
Currently forbes list top of the forbes list is for athletes is conor mcgregor.
Other people in boxing you’ve got the likes of mike tyson, who made over 500 million dollars throughout his career um.
Also the likes of floyd money mayweather, who made almost over a billion dollars in in his career um, 750 million from three fights alone: the manny pacquiao fight, conor, mcgregor fire and the alvaro uh canelo alvarez.
So, just from those three fights alone, he made 750 million dollars now with those type of numbers, astronomical numbers like what do you mean by instability, financial instability? Unfortunately, within the sport of boxing, the finances don’t just sort of flow throughout oftentimes, it’s a sport which attracts those who are from tougher backgrounds.
You know growing up through.
You know rough backgrounds places where they might not necessarily have the best opportunities which is given that hunger and drive to fight and to push forward.
However, when you get into boxing when you compete, you may not necessarily be earning the income levels that you want to or that you feel that you’re warranted based on the amount of work and input that you’ve put in.
So today we’re going to just discuss certain ideas and things certain pitfalls that athletes fall into when you do make money and then find yourself not knowing what to do afterwards and then you know going broke or bankrupt or for those who don’t have much money currently And are looking for ways to be able to keep with their passion for boxing and sports um, but also, whilst increasing their earning potential.
So the first thing we’re going to look at here is we’re going to just understand boxes how they make money.
So if you’re, a professional athlete professional boxer, you’ve got a promoter most likely a manager who essentially you get paid to box when you compete, is when you earn so one of the key things is: you need to compete to make that money.
Unfortunately, if you’ve got an injury, you can’t fight you can’t fight, you don’t earn um once you earn oftentimes as well.
Not only do you get paid by a promoter, but sometimes you’ll also get a cut of the tickets you sell.
So if you have a big larger following of people who are buying tickets, then you’ll make more money as well on the card.
So my thing here is in order to get to that level where your professional boxer chances are you’ve risen through the amateur ranks where you’ve been dedicating.
You know the likes of 10 15 20 25 hours per week towards your training.
So it’s in this essence has been a part-time job for you and my question is in that path.
In order to stay on that path, what can you do to reduce financial instability? One of the things that i’ve i did or encouraged lots of professional boxers and athletes who i’ve worked with in the past is for them to find a career, an opportunity that allows them to be in that environment, but then gives them the opportunity to continue to Support others, for example, a personal trainer, a fitness coach.
This will give you an opportunity to stay in the fitness environment.
Keep you training, keep you in the gym, but also be able to leverage off the skills and the strengths that you already have to be able to help others on their journey.
So now you’re in a place whereby you’re earning a good income, whilst you’re still having the time to train and to be able to keep going so whether or not you turn pro you’re okay, you’ve got a good income coming in whether or not you are able To compete, let’s say you know if you have a an injury um which doesn’t allow you to compete, you still have these other roles that you can sort of fall back on to be able to help.
So that’s the first example for those who are completely either amateur boxer, aspiring boxer, but financial stresses are on their mind.
How can i stay involved around the sport? Become a trainer, become a coach and great ways to be able to sort of leverage.
Your current experience and what you’re building and to be able to keep yourself in that training environment option two or a second scenario – is you’re.
Actually a professional boxer, however you’re on the early stages, you’re, not necessarily getting paid.
You know the the larger sums yet.
So you know a couple of thousand pounds or dollars uh per about and you’re realizing and we’re trying to find out how to reach that next level.
When it comes to professional boxing, your skills and what you do in the ring only accounts for a part of what your reward is.
Let me repeat that when it comes to professional boxing, your skills and talent only are only a proportion, a certain amount of your earnings, for example, some of the best boxes in the world don’t get paid.
The most canelo alvarez granted yeah he’s the pound for pound.
Great right now gets paid the most the person who just beat um anthony joshua, i.
e, alexander usic who’s, the heavyweight champion of the world made less money, so that just goes to show it’s not always about talent, um, others, an aspiring young professional who’s coming through the Ranks um youtube, celebrity jake, paul, um, love him or hate him.
He gets paid so everyone’s got their different opinions of what he’s doing he’s dedicating himself to the sport he’s going through the ranks he didn’t have much of an amateur pedigree and now he’s fighting creating fights which create entertainment.
We create eyes on eyes on the fight and hence why he’s getting millions of dollars in his first fight without having any amateur background, because he can attract an audience attract a crowd.
Essentially he did it.
I’M not telling you to go that way, but what i’m? Just trying to show and highlight here is the importance of being able to build your brand and building a following you’re actually going to pay for tickets, because that’s how promoters get paid? That’S how boxing shows get paid and that’s how you get paid.
If nobody was watching the matches, then the promises have no money to give you.
So i encourage you to look at how you can build your branding, how you can build your sales in terms of as a boxer, so you’ve got more of a following what you can do for media to be able to get more of your name out there.
Further because this will then increase your price within the marketplace and in terms of what you can demand, how can somebody like jake, paul, logan paul, you know conor mcgregor, another example minimal boxing pedigree in the greater schemes.
I know he was an amateur boxer younger, but he was a professional mma boxer, that’s his main area.
He was not in the same field as a world champion like floyd mayweather.
However, floyd may have entertained the belt with him because it made sense.
It made business sense, so you want to be in a place.
A lot of avoided fighters is because they’ve got all the skills and the talent, but they don’t have the brand.
So therefore they say: oh that’s a risky fight, so the coaches don’t encourage them to go forward for the return that they can get.
Don’T get yourself paid in holding this space.
Look to build your brand and your presence as well, so those are sort of two different things that you can do often option a isn’t finding the interest around sports around boxing so can keep you active, keep you in the space to earn some extra money.
If you are or aren’t boxing um – and it’s also a great way to give back option – two is about building your brand and your presence, because what this does it creates.
Other opportunities increases your value within the marketplace, so you can demand more money and also so when the right fights do come, the commercial viability is there so that people actually want to fight you rather than seeing it, as you know yourself as being just a risky Option which a lot of talented boxers do find themselves in when they go through the ranks, increase on their abilities and their skills, but don’t build on their profile.
So i hope this message is something which is going to be able to help.
You please comment below which area you feel you would would benefit from most in terms of growth.
Wise, do you feel growing in terms of earning additional income around your boxing currently or do you feel you’d benefit by building your brand, so you can continue to earn and make more through ticket sales and increasing your marketability within the boxing space.
So i’d love to hear your ideas and thoughts on both subjects have a great day again we’re in a car right now, because some people, when it’s tough times this, is where they have to live, and you know you’ve got you’ve, got to stay on the road Stay on the hungry you’ve got to make sure that you stay focused.
So let’s go get it stay blessed.