Some years ago, while I was attending evening classes studying for my CIPD qualification, I was informed that the new school caretaker was a sparring partner for Mohamed Ali.
Now, this guy must have been in his 70s and he look a little frail, and several the students wanted to mess around and do shadow boxing with him, but as he was at work, he wasn’t at all interested.
One of the young lads who was a semi-professional boxer, and a little cocky, approached him one day to challenge him to a sparring match.
The caretaker politely refused.
But this young man wasn’t taking no for an answer, he stood directly in front of this chap and started to taunt him by saying that he couldn’t punch his way out of a paper bag, yet only spar with the great Mohamed Ali.
The caretaker again asked him to move otherwise he would have to move him. Well this young man and his friends fell about laughing, and then sparred up and went to give this caretake a like tap on the head.
Two seconds later, this young man was rolling around the ground, this mans has was like lightning, I have never seen anyone move so fast.
That afternoon I had lunch with him, and I said, tactfully of course, even at his age the speed of his hands where incredible.
He said, his nick-name in the ring was ‘quick draw’ before of his speed, but he gave up the professional because he saw how fame and fortune had ruined many of his close friends.
And he was right.
For example, consider Mike Tyson, and how he blew $700 million dollars of career earnings.
Mike Tyson was the heavyweight boxing champion of the world and made hundreds of millions of dollars in his career.
And he lost it every penny.
#1 Lavish Parties
Details of this event are hard to find, but in 1996 when Mike turned 30, around 700 guests were invited to Mike’s luxury estate in Connecticut. Security for the party included hiring 12 off-duty police officers. He spent $410,000 for the one-night celebration.
Speaking of Tyson’s Connecticut mansion, his 50,000-square-foot estate is the same house that 50 Cent bought a few years later from Mike’s ex-wife. When 50 Cent went bankrupt in 2015, it came out that this mansion’s mortgage, property tax, and other maintenance fees cost him $67,000 a month.
But this wasn’t the only house Tyson bought. Mike also had estates in Maryland, Ohio, and Las Vegas.
These were the types of places with 10+ bedrooms, infinity pools, basketball courts, gold-plated furnishings, and ponds. One of these mansions even had an on-site casino and a nightclub inside.
#3 A 24-Karat Gold Bathtub
As a gift for his wife, Mike bought quite possibly the most expensive bathtub in the world, dropping $2,200,000 on a bathtub inside his Ohio mansion.
#4 Employing People Who Don’t Bring Any Revenue
Mike hired an animal trainer for $125,000 a year to take care of his pet Siberian tigers. He also employed an entourage of people, including bodyguards, chauffeurs, chefs, and gardeners.
None of these people were assets bringing in any revenue, they were simply monthly expenses that drained his savings.
#5 Expensive Cars
Tyson bought 111 cars. He owned a limited-edition Bentley Continental SC that cost $500K and was one of only 73 ever made.
He owned several Ferraris, Lamborghinis, a Range Rover, a Mercedes-Benz 500, and a 1995 Rolls Royce. A few times he even got phone calls from the police after members of his entourage were pulled over driving cars, he forgot he had even bought.
#6 Jewellery and Clothes
Tyson spent $100,000 a month on jewellery and clothes, including things like a diamond-coated watch for $800,000 and an emerald and diamond bracelet for $250,000.
Tyson routinely spent $10,000 to $12,000 a day with his “walk around” cash.
He went bankrupt by 2003.
Since then, his net worth in 2019 is now back up to $3 million by doing numerous TV and movie appearances and debuting a show in Las Vegas at the MGM Grand.
Invest or Spend?
As you make money in life, you can choose to spend it or invest it.
If you invest, you’ll have more money to spend later…
And the best investment you can make is by starting your own business.
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