The sport of boxing has evolved. From the days of Jack Johnson to the era of Muhammad Ali, there has always been considerable momentum around boxing matches. And who can forget the ’90s that gave us the roller coaster that is Mike Tyson? However, you can’t have a whole conversation about the sport without mentioning the living legend, Floyd Mayweather.
According to ESPN, Floyd Mayweather is the highest-grossing boxer of all time. Known as “Pretty Boy Floyd” in his early years, Mayweather entered the sport in 1996 and, in his 18th professional fight, defeated the late Genaro Hernandez in the eighth round to win his first title and take the WBC super featherweight belt.
He would go on to dominate his division, finishing his career with 50 wins, zero losses, and five division championships.
His impact in the boxing ring earned him a spot in the Nevada Boxing Hall of Fame. During his acceptance speech, Mayweather told the adorning crowd that his best investment was using $750,000 to buy himself out of his contract.
According to Celebrity Net Worth, 45-year-old Floyd Mayweather has a net worth of $450 million. Therefore, his contract buyout price was only a drop in the bucket for him. But what did that mean for the rest of his career?
Hall Of Fame
The Nevada Boxing Hall of Fame Induction weekend was August 26-27, 2022. During this year’s events, honorees from 2020, 2021, and 2022 induction classes were acknowledged. Mayweather joined Roy Jones, Jr. as the only other member of the 2021 inductee class.
As Mayweather got on stage to accept the honor, he talked about those who greatly impacted his career, namely his father. From there, he spoke of his belief in generational wealth and how he has intentionally worked to ensure he had solid plans for his children and other family members.
A part of this intentional work was what he described as leveraging his in-ring skills to capitalize on his moves outside of the ring. One of his most significant moves was taking ownership of his promotion contract.
“One of the great things about my career was when I was getting older, and I thought about my career. I said, ‘You know what I’m gonna do? I want to be my own promoter.’ So, one of the best investments was $750,000 when I bought myself out of my contract,” Mayweather explained in his acceptance speech. “And then in three fights, with the Conner McGregor, Manny Pac, and Canelo, I was able to make $750 million.”
It Takes A Village
Looking back on his impressive career, Floyd noted that he could not have done this alone. The power of his team helped him achieve the monetary success he’s acquired over the years.
“I didn’t do it by myself. I had to have a great team and a great game plan,” Mayweather said.
With people like Al Haymon and the rest of the Mayweather promotion staff, the Grand Rapids, MI, native is focused on continuing to build generational wealth for those closest to him. In his words, “it’s a fight every day.”
The Future Of Boxing From A Mayweather Perspective
Although Mayweather only participates in mild-impact exhibition fights these days, he is still making a mark in the professional ring. His current goal is to help young fighters grow. In fact, he wants to see the day that young fighters surpass the work he’s done in the ring.
But to do that, he believes young fighters must maintain their health, noting that a person can earn a lot of money, but it will be short-lived if health is not a priority. This belief led him to open a series of boxing gyms around the world.
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One of the messages he’s passing on to young fighters and others is that one must have control over their career.
“One day, I want to see young fighters surpass Floyd Mayweather,” he said. “I was able to retire when I wanted to retire, on my own terms.”
Mayweather concluded his speech with one last piece of advice, summarizing the sentiments he expressed throughout the speech.
“To all the champions coming after me, save your money, be smart, and the less you get hit, the longer you can last in the sport of boxing,” he said.