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The Washington Post reports famed defense attorney F. Lee Bailey just filed for Chapter 7 bankruptcy protection.
He’s perhaps best known for anchoring O.J. Simpson’s “dream team” of lawyers at his murder trial. But Bailey has had a lifetime of high-profile—and multimillion-dollar—court cases to his credit.
Somehow that didn’t stop Bailey’s assets dwindling to “a car worth less than two grand, and some personal property worth less than five, and a condo with a mortgage.”
In the piece below, Mark highlights another high-profile name who attained—and lost—more riches than most folks can imagine…
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From Mark Ford, founder, Palm Beach Research Group: During the 20-year span of his career, Mike Tyson’s income exceeded $400 million.
Yet, in 2004, before his 39th birthday, he was $38 million in debt…
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:
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Nearly $4.5 million on cars and motorcycles
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$3.4 million on clothes and jewelry
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$7.8 million on “personal expenses”
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$140,000 on two white Bengal tigers and $125,000 per year for their trainer
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$2 million on a bathtub for his first wife, actress Robin Givens
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$410,000 on a birthday party
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$230,000 on cellphones and pagers between 1995 and 1997.
The purpose of this piece is not to shake a finger at Mike Tyson. It’s to alert you to the dangerous temptation to spend more when you make more.
As someone who grew up drinking powdered milk and wearing hand-me-downs, I understand the strength of that temptation.
But I should also point out that, nowadays, “Iron Mike” has come around. He’s working hard, acting, making appearances, and doing what he can to salvage his life.
I admire the new Mike Tyson. He shows you that you can recover from a terrible financial loss—even one that came from your own bad habits—simply by adopting a positive mindset and getting to work.
Reeves’ Note: Mark’s holding an exclusive online wealth-building training event this week. Attendance is 100% free… and you’ll gain immediate access to content we’d normally charge hundreds of dollars for—including one of Mark’s Extra Income Opportunities—just for attending. Click here (or the image below) to get started.
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