The faster money came in, the faster it went out. Stories about his profligacy are already legendary. Tyson employed as many as 200 people, including bodyguards, chauffeurs, chefs, and gardeners.
He spent:
- Nearly $4.5 million on cars and motorcycles
- $3.4 million on clothes and jewelry
- $7.8 million on “personal expenses”
- $140,000 on two white Bengal tigers and $125,000 a year for their trainer
- $2 million on a bathtub for his first wife, actress Robin Givens
- $410,000 on a birthday party
- $230,000 on cellphones and pagers during a three-year period from 1995 to 1997.
How Mike Tyson Lost $250,000,000 and How You’re About to Lose It All Too
Mike Tyson was an extraordinary boxer who amassed a fortune of nearly $300 million during his prime. That was a long time ago. Today, the soft-spoken muscleman lives a much more modest existence. Like many other celebrities before him, “Iron Mike” couldn’t hold on to his wealth for long. Tyson’s career was riddled with cancers that he was never able to recover from. From riches to rags, here’s how one of the most dominant heavyweight fighters of all time earned and then KO’d his enormous stockpile of cash.The Makings of a Great Fighter
Tyson had a very rough childhood. His father abandoned the family when he was just two years old, and his mother was left to provide for the boy, his siblings, and herself. As soon as he entered grade school, Tyson was already lashing out. The boy witnessed the hardships of his family on a daily basis, and all of his anger, confusion, and sadness built up inside of him. Like the steam from a boiling water kettle, Tyson needed to vent his feelings somehow.He spent many of his days skipping class and causing trouble on the streets of Bedford-Stuyvesant, Brooklyn. Tyson was involved in many brawls with other delinquent teens, and some of them targeted him because he talked with a high-pitched voice and lisp. After multiple encounters with the law, Tyson’s mother had enough and sent him to a reform school called the Tryon School for Boys. It was at this institution that fate linked Mike with the people who would change his life forever.
An ex-boxer by the name of Bobby Stewart became friends with Mike, and it was with him that Mike revealed his interest in boxing. Stewart ended up introducing Tyson to Cus D’Amato, a man who would become his father figure, boxing trainer, and manager. With the guidance of D’Amato, Tyson quickly developed skills that he never knew he had. Mike decimated all of his opponents as an amateur boxer because he had excellent in-fighting skills and heavy hands. He entered the Junior Olympic Games in 1982 and left with a gold medal.
Going Pro
After numerous impressive displays of skill and strength, Mike Tyson quickly earned his boxing pro card. He won his first pro fight in 1985 and continued the winning streak by destroying each one of his 15 foes that year. D’Amato passed away during that time, but Tyson was able to use his feelings to decimate every fighter who stood toe-to-toe with him until he took the heavyweight WBC belt at the tender age of 20.By 1987, Tyson became the heavyweight champion of both the WBA and IBF leagues as well. After pocketing about $50 million for those big fights and another $22 million for his win over Michael Spinks, Tyson was well on his way to fame and even greater fortune. He quickly landed endorsement deals with Nintendo, Pepsi, Kodak, and other large corporations that were willing to pay handsomely for his cooperation. Mike Tyson now had a face that was internationally-recognized, and he began to give in to the glitz and glamour. Tyson would go on to battle other boxing champions like Evander Holyfield in the following years, but a string of bad decisions would gradually unravel everything that he worked so hard for.
The Beginning of the End
Mike Tyson raked in far more money than most pro boxers could ever dream of having in such a short amount of time. Sitting atop a mountain of green, Tyson felt like he was on top of the world. As a fighter, he felt invincible because his opponents were no match for him. His success also made him feel as though he would never run out of money.Mike began to burn massive quantities of loot on the finer things in life. His friends and acquaintances encouraged him to live like a king because he deserved too, and Mike never thought twice about blowing a stack. Instead of setting his millions aside for a rainy day, Mike burned his dough as soon as he had it in hand. The more money he made, the more he spent–and he had no intention of slowing down. Examples of Tyson’s frivolous spending included $4.5 million on motor vehicles, $2 million on a high-end bathtub, $3.4 million on apparel and jewelry, and several hundred thousand on white Bengal tigers and a trainer. But it wasn’t just his uncontrollable spending that put Tyson in a bad spot.
Tyson was responsible for a series of bad decisions that ultimately drained his bank accounts dry. From beating his wife and raping an 18-year-old girl to taking a chunk out of Holyfield’s ear during their bout and biting Lennox Lewis‘ leg during a street brawl, Tyson made one mistake after another until he ended up $38 million in debt. He lost every major endorsement. Additionally, the many financial advisors that Tyson hired over the years were believed to have scammed him out of millions of dollars after intentionally providing him with horrible financial advice. Tyson spent even more money in attempts to sue the crooked finance gurus.
Learning From Past Mistakes
Now in his mid-40s, Mike Tyson has a new outlook on life. He’s publicly stated that he feels unworthy of the millions he once had, the partners he was once with, and the children that he had by them. Tyson appreciates everything that he owns today and all of the people who still support him, and he’s admitted that he finds it far more satisfying to live more frugally.If you’ve worked hard for your wealth like Tyson did, don’t let poor financial advice ruin you. It doesn’t matter if it comes from a close friend or a finance professional. The only advice that you should be taking to heart involves saving as much money as possible. Your current decisions affect your future life, so make the right ones today to avoid suffering the same fate as the late boxing champ.
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