How to Lose $400,000,000

 

To quote the writer David Bach, “The more we make, the more we spend. And if we’re not careful, the more we owe.”

We hear a lot about the stories of people making large fortunes. We don’t hear so much about the dark side to making a fortune – the people who go on to lose the money they earned and sometimes end up in a worse position than where they started.

In this video, I talk about the boxer Mike Tyson. I explain how he turned his $400 million fortune into $38 million worth of debt, and how you can avoid making these kinds of mistakes.

THE RISE AND FALL OF MIKE TYSON

At 20 years old, the boxer Mike Tyson defeated Trevor Berbick and became the world’s youngest heavyweight champion.

The money came in fast.

Over the coming years, Tyson saw $400 million flow into his account. Sadly, he had never been taught how to manage this kind of wealth. He was a street kid and a mugger by age 11, and was used to a life of struggling with money.

So even with a $400 million fortune, he still struggled to hold on to his money. He found ways to blow it. He bought numerous cars and motorcycles. He spent $140,000 on two tigers and a further $125,000 every year for their trainer.

Before his 39th birthday, he was $38 million in debt. When interviewed about this, he shrugged it off and said, “it’s just how I live my life.”

If your business were to return you $400 million, what would you do with it?

YOUR FINANCIAL THERMOSTAT

The reason Mike Tyson found ways to whittle down his fortune is he was hard-wired to reject such large amounts of money. He grew up poor, and his subconscious would make sure he stayed that way.

Some people are like this, while others are the opposite. They naturally find ways to build a comfortable amount of wealth. Even if they lost it, they’d find a way to rebuild it.

I call this your financial thermostat. It’s the level of wealth you’re subconsciously comfortable with, and if that level is low, you might need to change some deeply ingrained beliefs.

In the MOBE Platinum Mastermind, you will learn from the most experienced mentors how to protect the returns from your business and ensure you set yourself up for lasting wealth. To learn more about the Platinum Mastermind, click HERE.

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