“Handling money is art…” Mike Tyson who went bankrupt after earning $400 million, gives important advice for athletes

Mike Tyson speaks about money (Image via Imago)

Mike Tyson was once one of the highest-paid athletes in the world. The boxing legend quickly burned through his $685 million fortune due to a combination of lavish spending, poor financial management, and legal troubles. Now, at 58 and about to fight Jake Paul, Tyson had some important things to say to young athletes who may find themselves in a similar position.

Mike Tyson recently sat down for a conversation with the media at the LF* Go! Press conference in Las Vegas. There, a reporter asked Tyson what he would say to young, particularly black athletes about managing money. The former heavyweight champion sat up straight and spoke about what he had learned about money and its management.

Handling money is an art… You have to go somewhere and learn the art of handling money… No one’s born knowing how to handle money. You must learn how to handle money. Its an art.

Mike Tyson at LF* Go! press conference

Tyson’s extravagant lifestyle included buying mansions, luxury cars, and even extraordinary pets. The heavyweight icon famously spent $2.2 million on a gold bathtub for his ex-wife and owned Bengal tigers that cost him $200,000 annually just for maintenance. At the height of his spending, Tyson was known for throwing lavish parties, like his $580,000 30th birthday bash.

Tyson’s collection of luxury cars included Bentleys and Ferraris worth millions. His poor financial decisions, coupled with legal issues, massive divorce settlements, and a $19 million tax debt. This ultimately led him to bankruptcy in 2003. Mike Tyson was reported to be in debt of $38 million. He later rebuilt some of his fortune through various ventures, including a successful podcast, acting roles, and a cannabis business.

Larry Holmes reveals the only way Jake Paul can ‘survive’ against Mike Tyson

Larry Holmes recently weighed in on the upcoming fight between Mike Tyson and Jake Paul. The fight is scheduled for next month, and this matchup has drawn significant attention. Not only because it pits a YouTuber/boxer against a former heavyweight champion but also because Tyson has not fought professionally since 2005.

Larry Holmes on Jake Paul vs Mike Tyson (Image via Imago/X)
With millions on the line, boxing icon and Tyson’s former rival offered advice and a warning. After watching Tyson train, Holmes emphasized the risks Paul faces if he tries to engage Tyson in a brawl. Holmes pointed out that Tyson’s punching power, even at 57, remains dangerous. He likened it to Earnie Shavers, one of the hardest hitters in boxing history.

If Jake moves like Larry Holmes did, around in circles, ducking punches then he might be able to survive… If he tries to trade punches he’s not going to win. The only way he wins the battle is if he runs.

Larry Holmes via OLBG

Earnie Shavers named this overhand right vs Larry Holmes the hardest punch he ever threw.

Holmes said, “Earnie hit me harder than any other fighter, including Mike Tyson. He hit me & I was face down on the canvas hearing saxophonist Jimmy Tillis.”

Amazingly Larry got up to win. pic.twitter.com/d3psGiUQIi

— ʙᴏxɪɴɢ ᴛʀɪᴠɪᴀ ɢᴜʏ (@BoxingTriviaGuy) April 25, 2020

The heavyweight legend has advised Paul to rely on movement, jabs, and defense to avoid getting overwhelmed. However, Holmes ultimately predicted Tyson would win, given his experience and mental toughness. With millions of dollars on the line, what happens this November at the AT&T Stadium in Arlington, Texas remains to be seen.