Mike Tyson the popular Boxing legend, who started his career in 1985, and fought last in 2005, Amassed great wealth, but due to improper management and having lavished his money on women, gold, diamonds, and several luxuries. He went bankrupt.
“When you’re making that much money, it lasts you a long time. The money didn’t run out right away, it took like 15 or 16 years for me to go broke. I was doing a lot of foolish things like, ‘Hey baby, do you like that car? Ok, come and spend the weekend with me,’ pure crazy stuff you can do with your money,” Tyson said.
He disclosed that he used the last money he had to go for rehabilitation since he was into many addictions which he wanted to be free from. He categorically called those times, the worst times of his life.
“I spent the last money I had for rehab, about a million dollars. I had enough money left, about $2 million, and I bought a house in Phoenix. The house was a hard sell, but someone loved it and boom, I got the money. This is God at work.”
The heavyweight champion realized his mistakes and said that he would never pass his wealth to his children as it could hurt them too
“Pray more and work harder. Be the hardest worker and believe yourself, I can’t help them by giving them money. I can only hurt them if I give them money. They have to learn because if they have no aspirations and experience no adversity, at the slightest fight they will give in.”
He got to the lowest point of his life but he was able to bounce back. He owns a company dedicated to cannabis production, which he receives 500 dollars monthly.