From Mark Ford, editor, Creating Wealth: During the 20-year span of his career, Mike Tyson’s income exceeded $400 million.
Yet, in 2004, before his 39th birthday, this amazing moneymaker 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.
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 per 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.
The purpose of this 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…
If you feel you may succumb, read my fundamental essay on saving and investing, “The Secret of the Golden Buckets.” You can access it for free, right here.