The Sad Story of Mike Tyson: A Spending Fool

White Bengal Tiger

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.

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Mike Tyson spent:

  • 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 a 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 but 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.

[Ed. Note: The above was excerpted from Michael Masterson’s New York Times best-seller Automatic Wealth for Grads… and Anyone Else Just Starting Out.

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  • Annette McI

    What A Fool,What A Fool,What A Dumb A.. Fool!

  • James

    Money does not buy class.

  • Demetrius

    Super stupid (mike) freaking ridiculous……….WOW SMH

  • Jesse Romero

    He earned it. He can do whatever he wants to do with his money.

    • TheStateIsNotGreat

      He is millions of dollars in debt and filed bankruptcy. It’s other people’s money he is screwing with.

      • Allman Bros

        he is not in debt anymore

  • Kokane

    That chart only 19 million give or take if I made 400million 19 ain’t put a scratch on the surface

  • JJMMORPG

    Not in debt any more, and is still very wealthy, huge house, family & kids.. still has hired bodyguards etc etc.

    • rollins3490

      And what percentage was pilfered by the leeches(legally,albeit)? Some sources say nearly half. super-stardom at such a young age is so dangerous.

  • joe the grinder

    When you get tangled up with King Don you are lucky to see half of what you make. Then comes Uncle Sam next in line. Compare Tyson with Floyd Jr. The difference in their financial styles is as extreme as their boxing styles.