Canelo Álvarez: “Money always runs out. I’ve always said poor people stay poor because they choose to”

Saúl “Canelo” Álvarez went from selling popsicles on buses in Jalisco as a child to becoming one of Mexico’s highest-paid athletes. His remarkable rise also transformed his relationship with money and business, a subject he discussed in an interview that sparked controversy.

Speaking with Oso Trava on the Cracks Podcast, the boxing champion opened up about poverty, financial literacy and investing. One comment in particular sparked debate: “Money always runs out. I’ve always said poor people will always be poor because they choose to be.” But what exactly did Canelo mean?

CanCanelo Álvarez’s perspective stems from his own experience managing large sums of money. As he explained, suddenly coming into a fortune does not necessarily mean knowing how to manage it or make it last.

According to Canelo, the problem begins when people try to maintain a lifestyle they can no longer afford.

Canelo Álvarez also recalled that he went through periods when he spent a significant portion of his wealth. After accumulating between $5 million and $10 million, he said he made several purchases and bought properties until he was left with around $100,000. Those experiences helped shape his financial philosophy, which focuses on several key principles:

1. Investing in assets rather than relying solely on money in the bank.

2. Generating a steady cash flow.

3. Diversifying through different businesses.

4- Protecting his reputation and the value of his name.

5. Turning to real estate as an initial investment.

His criticism also extended to other boxers who, in his view, spend as if their income will last forever. “Boxing is temporary,” he said, stressing the importance of investing while earnings are high.

How much is Canelo Álvarez worth?

Available estimates put Canelo Álvarez’s net worth at more than $290 million, although that figure is based on estimates and may change as his earnings and investments evolve.

Outside boxing, the Guadalajara native has built businesses in industries including gas stations, beverages, restaurants, automobiles and real estate. His business ventures have become an important part of his overall wealth.

In 2023, Forbes estimated that Canelo earned around $110 million that year, putting him among the world’s highest-paid athletes. Now, Canelo is preparing for his fight against Mbilli.

Canelo Álvarez’s journey shows that boxing earnings can also provide the foundation for other business ventures. And as he continues to combine boxing with investments and entrepreneurship, his business empire could keep growing long after he hangs up his gloves.