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“Wiped Out A Lot Of Billionaires”: Mike Tyson Remains Brutally Honest Discussing About People Who Did Not Know How To Take Care Of Money

Published 10/13/2023, 3:46 PM EDT

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Achieving heavyweight champion status at just the age of twenty exposes you to life’s harsh realities. ‘Iron’ Mike Tyson stands among boxing’s greatest. His resilience extends beyond the ring, facing life’s toughest challenges. So, it’s no surprise fans adore him; he has climbed from adversity to wealth, his journey a turbulent rollercoaster. Not only his personal life, his financial journey to stability has been a rocky one too, to say the least. Through it all, he’s gained valuable financial wisdom.

Recently, in an episode of Hotboxin with Mike Tyson, world-renowned entrepreneur, Grant Cardone came as a guest. Money has been a delicate issue for the legend who at one point in his life went bankrupt after sloppily spending his enormous fortune. Cardone, the financial coach seemed to be the perfect person to discuss such a topic with. Let us find out what wisdom they have to give.

Mike Tyson and Grant Cardone on the importance of financial education

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The two started by tracing out the reason behind people not having enough money. The cause seemed to be a lack of correct education. Tyson recalled a few rich people who did not possess the knowledge of handling money. Eventually, they were wiped out.

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“Vanderville and those guys, they were living large until 1913…. they had taxes and it wiped out a lot of billionaires. The Robber Barons got wiped out only probably four families succeeded and continued to make money for the rest of the generation but normally they were wiped out,”

“Because those guys prey on one another too,” said Cardone.

“Yeah absolutely, he gets to the top of the food chain they go eat each other. Like we’re all sitting at a poker table right like let’s say there’s five Big Rich guys sitting at a poker table they could all be friends but they all have one goal,” added Cardone, reiterating that once they reach the top, they become greedier.

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Iron Mike’s financial downfall

Life’s fortunes can swiftly change, turning someone from wealthy to destitute, or vice versa. Mike Tyson experienced financial hardships, realizing the need for caution in his profession. In his younger years, Tyson recklessly spent a lot of money, accumulating a staggering $27 million debt. Despite once commanding a $30 million fight payout, his financial situation had drastically shifted, making debt repayment daunting. Even though he was the 14th highest-paid athlete globally, earning $700 million from boxing, Tyson filed for bankruptcy in 2003. During this challenging period, he doubted his ability to even survive his thirties.

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With the aid of notable movie roles and book deals, Mike Tyson successfully bounced back financially. Currently, he leads a comfortable life, boasting a net worth of $10 million. He has ventured into the cannabis edibles business, capitalizing on its legalization for recreational use in several US states. Did the podcast make you more wary of using money the right way as well? Let us know in the comments below.

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Written by:

Prachi Prava Senapati

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Prachi Senapati is a Boxing Writer at EssentiallySports. She has been a part of content creation and is using her expertise in the sport of Boxing. Her fascination with the combat sport stemmed from her early years when she witnessed the Mike Tyson and Evander Holyfield fight.
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Edited by:

Arijit Saha