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Bobby Brown And Mike Tyson Have Regrets About Blowing Millions Of Dollars

August 24. 2017

Bobby Brown and Mike Tyson in the 1980s

R&B singer Bobby Brown and boxer Mike Tyson have been friends from the 1980s. Back then they were multi-millionaires with sizeable bank accounts. Brown had $50,000,000 in the late 1980s and Tyson $125,000,000. Both hit hard times due to drugs, drinking, greedy women and unscrupulous business people, in events that depleted their fortunes and landed them in jail.

Tyson even lost the heavyweight title over their wild partying with women that sapped his strength and put him in the wrong frame of mind before the fight. They both went broke and struggled to make money again. Both have earned a modest sum since their financial fall, but nowhere near the many millions they once had.

In Brown's autobiography "Every Little Step" he stated, "Now in our middle age, Mike Tyson and I will sometimes sit around and talk about how much of a waste it can be to give hundreds of millions to a kid barely out of his teens, as our society does with athletes and entertainers. We were let loose on the world with no direction, no financial advisers who really cared about us, not enough people watching our backs."

Brown further stated, "To most of the people around us we represented a paycheck - not somebody they should be looking out for. Because if we had people who were really watching our backs, they would have quietly stashed away money in a trust somewhere so that later on, when things got tough again, they could come to us and say, "Hey, man, guess what? You're not totally f*****g broke. I put a hundred million dollars over here in this account just for you, just for this very moment."

Herein lies the problem. Unless you have power of attorney, you are not in a position to put aside any funds belonging to another person. Secondly, when some athletes and entertainers become famous and start making money, they don't listen to sensible people warning them to be careful.

My dad and his friends, who have worked in the music industry for decades, have seen many stars come and go. My dad also worked in the sports industry as well. All you can do is give people guidance and hope for their sake they listen. I've also learned in trying to help some entertainers and athletes not ruin their personal and financial lives, that sometimes they listen and sometimes they do not for various reasons.

 

Bobby Brown and Mike Tyson in recent times

The problem is the hype of fame deceives some people. They begin to think they are invincible, when no human being has that status. Good and bad happens to everyone. However, you can take sensible steps to limit the bad from happening regarding making wise choices in your personal life and with your finances.

We all make mistakes. They key is to try to learn from other people's mistakes rather than suffer the pain of your own. There are so many athletes and entertainers that have fallen due to poor choices. Learn from their mistakes and do not go down that path.

It has been my observation for years that some entertainers and athletes prefer listening to yes people, who tell them what they want to hear. They view it as positivity, but it is self-delusion. Yes people are leeches with their hands stretched out. They don't want to upset the entertainer or athlete, so they ingratiate at every turn. They tell them everything they do is right, even when they are making poor destructive choices.

A true friend will warn you not to blow all your cash, be careful of scheming gold diggers and groupies, pay your taxes and learn to save some of your money so you have something to fall back on during the times you will earn less in your career. Some athletes and entertainers want to have fun all the time and see that as a buzz kill. However, you know what is a real buzz kill - getting trapped by a gold digger or groupie via a costly pregnancy (or pregnancies) you were not ready for, losing all your money and property to poor financial choices, developing a serious addiction and or getting a serious sexually transmitted disease.

Sometimes fame causes some entertainers and athletes to take others for granted, such as the real and genuine people in their lives. Ingratitude is never honorable. Never let fame take you to the point you fail to appreciate the genuine people in your life and those who helped to get you there. 

Many famous athletes and entertainers who went down the wrong path, later expressed regret over the poor choices that brought about those negative circumstances in their lives. No one expects a young celebrity to know everything (no human does). However, with age comes wisdom. Learn from those that went before you. Keep things in perspective.

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