Think about that amount of money for a second.
It is the amount of money that Mike Tyson made in his career.
It could buy you 1,457 Lamborghini Gallardos or 40 luxury villas in California.
If you’re like most people, you might think that with all that money you are financially free and you can live happily ever after. No way could somebody lose all that money!
But that was not the case for Mike Tyson. His wild lifestyle led to him filing for bankruptcy in 2003.
This is an extract of an interview Tyson did with The View in 2010:
“I’m totally destitute and broke, “Tyson said.
“How did that happen?” asks Joy Behar.
“I had a lot of fun. It just happened,” he said.
Well … it didn’t actually just happen. The truth is that Tyson was not financially literate. He simply did not understand that he needed to invest. He did not understand that no matter how much you earn, your money simply cannot help you if you do not know how to help it, how to manage it and invest it.
Now, over the course of your career, you will earn a lot of money. It might not be $300m but it will be a substantial sum.
The key question is: will you invest some of it and build your money tree or will you end up like Mike Tyson – full of financial worries and regrets asking yourself, with tears in your eyes: “Where did it all go?”
The key thing about investing is that it doesn’t matter how much money you have. It’s about doing it or not doing it.
It’s about developing a habit.
If Mike had developed a habit of investing, he would have a fantastic life now. But he didn’t.
He spent it all.
And fell from grace.
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