In 2003, Mike Tyson, a former world heavyweight boxing champion was broke and filed for bankruptcy. This was in spite of the fact that he became a world champion at the age of 20 and earned a whopping $470 million! How did he become broke after earning such an amount of money?
A close look will reveal that Tyson’s undoing was his mind-set. Psychologists call it cognitive restructuring.
He grew up in the slums of Brooklyn, New York. The slum has its own culture; prevailing way of thinking. Unfortunately, when he began to earn millions of dollars, his old way of thinking remained with him.
He did not invest in stocks or in real estate. He did not know how to start and run businesses. His mind, instead of being an asset, became a liability.
Tyson’s story holds a big lesson for you and me. We cannot rise beyond the level of our thoughts. Given the fact that poverty and wrong thinking have become part of our culture, we must find a way to escape its mental trap.
Do you know that everyone has the opportunity to be prosperous but many people eat their seed money?
This is exactly the case of Mike Tyson. If you spend all you earn whether as a business person or an employee, you are eating your seed money.
What you have that you think is not enough, is actually enough. Try and cut down on your expenses. Learn to separate your need from your want.
