You name it, Mike Tyson had it. Multi-million dollar mansions, tigers in his backyard, luxurious watches, and expensive cars. However, this lifestyle did not last long enough for him. A year prior to his retirement, the former Heavyweight champion filed for bankruptcy in the year 2003. How did he lose his $400,000,000 Empire? The reason behind the same is more than one.

Many athletes like him, who made abundant fortune, ended up bankrupt. Moreover, in a recent turn of events, ‘Iron Mike,’ reveals that the present generation is a lot more financially sound. Why does he say this?

Mike Tyson feels that the current generation is smarter

In a recent episode of, ‘Hotboxin’ with Mike Tyson,’ the ex-NFL player, Antonio Brown was featured on as a guest. Amongst other things, Tyson dived in on the current landscape of athletes with regard to handling their fortune. According to him, athletes of this generation are a lot more smart regarding handling money He does not see wealthy athletes filing for bankruptcy after their retirement.

In addition, he draws a comparison with, ‘Street people,’ who did not have any knowledge on how to save and invest money. Reflecting on the same, he stated, “Now athletes are smarter now to handle their money more proficient than we did back then. Most of us were guys that had criminal records and stuff. We never thought we live this long. When I say street people I do not mean people the live in the street you know.”

Many would agree with Tyson’s assessment. In today’s age and time, there maybe more knowledge and caution regarding expenditure. Moreover, this has not been the only instance when Tyson has spoken about going bankrupt.

‘Iron Mike’ gets candid about his bankruptcy

In another episode of the podcast, Tyson on similar lines candidly reveals he had no clue on how to deal with abundant wealth and was reckless. Especially during the nascent stages of his career when he wanted to spend his money on extravagant items. Not to mention, he paid a substantial amount of his wealth as alimony to his first wife Robin Givens. Subsequently, he filled for bankruptcy in the year 2003. While citing an anecdote, he stated, “I mean, you know when you’re young you know how it was you get money you want a Rolex chain… It gets crazy.”

That being said, ‘The baddest man ever,’ survived bankruptcy by paying off small amounts of his debt with time. Even decades after his retirement, the boxer is in public limelight and has multiple sources of income. Tyson’s journey is an example for many athletes to refrain from certain practices that he indulged in.