The legendary Mike Tyson was asked to give some financial advice to UFC featherweight champion Conor McGregor. ‘Notorious’ has lately gone public with some pretty lavish items, and Tyson was known for some lavish spending back in the day (he once got in a fender denter in a Rolls Royce, and offered it to the responding police (they got in trouble for accepting it).
Mike’s advice was simple and solid – if something you want appreciates in value, buy it. If it goes down in worth, then rent it!
The best advice in life is that which is hard earned. Mike went through something like $400,000,000. So when the man speaks, listen.
Conor McGregor has been spending a lot of money on some flashy toys so @TheBuzzer asked Mike Tyson for his best financial advice.
Posted by UFC on FOX on Thursday, January 21, 2016
Tyson purchased an enormous number of things that depreciate.
•Approximately 100 cars, including multiple Bentleys, Ferraris and Lamborghinis. He bought at least 20 from a single dealership in Las Vegas.
•Three endangered Bengal tigers, for $70,000 each. The tiger trainer was paid $125,000 a year, and was just one of up to 200 people on his payroll. One of the tigers ended up in a cage behind an Indiana tattoo parlor, until it was confiscated by the United States Department of Agriculture (USDA) in 2010.
•A $2,000,000 bath tub as a Christmas present for his then wife Robin Givens. She reportedly received a divorce settlement of over $10 million, but said publicly that she didn’t receive a dime. The tub ended up being bought by British billionaire Derwood Hodgegrass, for a reported $1,000,000.
•That tattoo, for $200-300.
•A $3,000,000 fine for biting Holyfield’s ear.
“I’m not tight with a dollar,” acknowledged Tyson at one point. “I’m very frivolous at times.”
However, the greatest single source of the revenue pouring out was to promoter/manager Don King, and his manager/pals/hangers on Rory Holloway and John Horne. Those two made $22.5 million each. How much Don King made off Tyson has never been definitively estimated, but it was a lot more than that.He was very generous. Whether it was $5 or $500,000, he gave it to anyone with a sob story. He took care of family and friends, paid mortgages and bills. But somewhere along the way he got lost.
He was very generous,” said Holloway. “Whether it was $5 or $500,000, he gave it to anyone with a sob story. He took care of family and friends, paid mortgages and bills. But somewhere along the way he got lost.
