Last week we outlined our sponsorship with professional boxer Amir Khan. When he visited the ThinkMarkets offices in London and spoke about his boxing career, we realised just how many similarities there are between success in the ring and success in the financial markets. A question Amir gets asked more often than any is “how much money do boxers make?”. Find out his answer.
We’ve all seen the prize pools for the biggest events – McGregor and Mayweather’s head to head earned the pair a total of £500m, just for one fight.
The richest boxers in history
You probably wouldn’t be surprised to hear Mayweather tops the list, with an estimated $420m of earnings. He’s closely followed by George Foreman, who earned $250m in the ring. Oscar De La Hoya comes in third, with the golden boy netting around $200m. His biggest fight vs Bernard Hopkins in 2004 earned him $30m, despite going down in the ninth round and losing the match.
With figures like that, you’d be forgiven for thinking that boxing and big money go hand in hand. The reality however is a far cry. Statistically speaking, only a tiny minority of boxers make money from the sport – the names we’re all familiar with. And for these guys, success didn’t come overnight.
What does this mean for traders?
As Khan explained when he visited us, the path to success in boxing is both long and hard. It’s a reality that any seasoned trader knows instinctively. In both games, patience really is a virtue.
So, what does Khan recommend, both for traders aiming for the top? Never give up. Success takes years of practice and determination.
Warren Buffet, American billionaire investor with an astounding net worth of $82.5 billion, put it best: “The stock market is a device for transferring money from the impatient to the patient”. There you go. Straight from the horse’s mouth.