Mike Tyson at the fight between Deontay Wilder and Tyson Fury in February 2020. Photo by Reuters
Legendary boxer Mike Tyson said that even though he has a lot of money, he won’t leave it to his children as they need to work hard to make a living by themselves.
Tyson, 58, reportedly earned $20 million from his Nov. 15 fight with Jake Paul, who is 31 years younger, although he suffered a defeat.
Before fighting Paul, Tyson’s net worth is estimated at $10 million.
However, he told The Sun that he has no plan of leaving inheritance money to his children.
“Pray more and work harder. Be the hardest worker and believe in yourself. “I can’t help them by giving them [my kids] money. I can only hurt them if I give them money.
“They have to learn because if they have no aspirations and experience no adversity, at the slightest fight they will give in.”
Throughout the course of his career, “Iron Mike” is estimated to have earned as high as $685 million, Forbes reported.
However, excessive spending habits and poor financial decisions made Tyson go bankrupt in 2003, before retiring from boxing two years later. At that time, he had $23 million in debt.
“When you’re making that much money, it lasts you a long time,” Tyson told The Sun. “The money didn’t run out right away, it took like 15 or 16 years for me to go broke.
“I was doing a lot of foolish things like, ‘Hey baby, do you like that car? Okay, come and spend the weekend with me,’ pure crazy stuff you can do with your money.”
To recover financially, Tyson starred in a number of movies and had his own animated video. He also produced a podcast called “Hotboxin’ with Mike Tyson” from 2019 to 2024.
But the majority of his wealth came from his cannabis ranch, where he grows and sells marijuana and cannabis-based wellness products.
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