Why does Mike Tyson holds such a low net worth?

Michael Gerard Tyson was a professional boxer in the United States from 1985 through 2005. Tyson is regarded as one of the best heavyweight boxers of all time, having earned the nicknames “Iron Mike” and “Kid Dynamite” early in his career and eventually becoming renowned as “The Baddest Man on the Planet.”

Mike Tyson’s net worth plummeted when he spent his money on high-end goods. He not only purchased large, expensive residences and other properties all around the world, but he also purchased exotic cars. He also owned a tiger as a pet, which apparently cost him $71,000.

The superstar is alleged to have spent $60,000 on each of his three Bengal tigers. An extra $70,000 was spent on their upkeep and nourishment. He also had to pay an additional $125,000 for an animal trainer.
When he was competing at the greatest level, ‘Iron’ Mike Tyson had it all. As feared as he was in the ring, the sport’s poster child was equally feared outside of it.

Mike Tyson earned over $700 million from his boxing matches alone, yet he utilised the money to further his career. He put a large portion of it into training, lodging, and other boxing-related expenses.
Despite this, his highest net worth is reported to be in excess of $300 million.

Mike Tyson reportedly spent $2.2 million on a gold bathtub, exotic pigeons, houses, and jewels worth $5 million, among other things. In the world of combat sports, Mike Tyson is a household name. Excluding Mike Tyson from the ranks of boxing legends such as Muhammad Ali, Floyd Mayweather Jr., Sugar Ray Leonard, and others is difficult.

Mike Tyson, a terrifying and fierce fighter in his heyday, had serious financial problems as a result of his impulsive spending and eventually filed for bankruptcy in 2003. Tyson’s net worth is estimated to reach $3 million as of 2021, according to Wealthy Gorilla. This is largely due to his Tyson Ranch cannabis enterprise, which has generated a lot of buzz in the MMA community.

Many celebrities have lately been on Hotboxin’ with Mike Tyson, and ‘Iron’ Mike’s podcast has garnered favourable reviews and a warm reaction. Khabib Nurmagomedov, the former UFC lightweight champion, was his most recent guest on his show. During the programme, Tyson also revealed that he is now a very different person, one who enjoys donating his belongings to those in need.

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