Mike Tyson net worth: Mike Tyson, heavyweight boxing champion of the world, has a net worth of $7 million.
This, of course, despite earning more than $400 million dollars during his 20 year boxing career. In fact, at one point, around Tyson’s 40th birthday, he was reportedly $35 million in debt.
He fought his way back, financially, by appearing in movies like The Hangover, filming a documentary, starring in animations, songs, and comedy sketches, creating a one-man show and touring from city to city, publishing a second book, and starting his own boxing promotion company.
So what can we learn from Mike Tyson’s meteoric rise to fame and fortune, his even faster fall from grace, and now his steady climb back to multimillionaire status?
Here’s a few lessons that seem obvious, but with so many cases of athletes and actors – hell, even CEOs, supervisors, doctors, dentists, and lawyers – making big money then going broke? Maybe they’re not so obvious.
Because, sure, you can roll your eyes and crack jokes about Mike Tyson squandering hundreds of millions of dollars. And that’s what most of society does.
This, despite their exact same behavior, only on a smaller scale. (You know, making $65k/year and driving a $95k Escalade. Ahem. Hypocrites.)
So I’d rather you take a long look at your own relationship with money. And understand that, if you can’t live below your means making $50k a year… who’s to say anything changes if you go on to make $50 million a year?
Honestly, it probably wouldn’t. Which is why so many lottery winners, like Tyson, find themselves bankrupt and bitter not too long after cashing-in.
So what needs to change? Again, simple stuff. But it can cost you a fortune if you don’t do it. Ask “Iron Mike.” Today, he could’ve been one of the wealthiest people on the planet had he handled the basics. Things like:
1) Get in the habit of keeping (saving and investing) a third of everything you make, starting now. And hold yourself to it as your income rises.
2) Keep a small circle of ride-or-diers. Like DJ Khaled says, as soon as you detect a “they” – someone who, by words or actions, doesn’t want you to win – cut ’em loose. For example, if Billy thinks a Bengal tiger for the backyard is a good idea? He’s out. And if second cousin Susie asks for a Bentley? She’s out too.
3) Remember, what goes up fast, comes down fast. Put money to work while the getting’s good. Safely, smartly, diversely. And when you have enough passively trickling in each month… to where you’d never need to actively earn another dollar? You’re good. You shouldn’t have to come out of retirement and put your perfect boxing record on the line just to pay taxes. (Wink.)
For now, at least, it seems like Tyson has finally figured some of this out. I hope his story ends well.
