July 5,2022

Mike Tyson earned millions of dollars in his sports career, but at some point in his life he went bankrupt due to mismanagement of his money and for having squandered it, as he himself said.

Tyson began his professional boxing career on March 6, 1985 and fought for the last time in 2005. He generated great wealth, many speak of more than $400 million, but he also came away with nothing, and he himself revealed what happened to that money

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.

In statements to the podcast The Pivot and that was picked up by the specialized site Izquierdazo, Iron Mike said that the last thing he had left was to pay for his rehab against addictions, when he was going through one of the worst moments of his life.

“I spent my 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

Tyson, who was world heavyweight champion for the first time in 1986, less than two years before his debut, spent part of his fortune on luxuries such as diamond necklaces, a gold bathtub and even Bengal tigers

He will not pass on his fortune to his children, as it could hurt them

The youngest heavyweight champion in history learned his lesson and said the one thing he won’t do is inherit his fortune to his children, because doing so will hurt them and won’t help them

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.”

Iron Mike currently has a company dedicated to cannabis production in California, which earns him an estimated 500,000 dollars a month. He hit rock bottom, but the former heavyweight champion got a second chance and now enjoys it.