Are You A Spendthrift? Please Read This

If you are spending more than what you earn, the only point that can bring you solace is that you are not alone. But you will soon realize how your spending habit can wreck havoc on your life. For knowing how profligacy can ruin one's life, please read this.

You must certainly be aware of Mike Tyson, one of the greatest boxers the world has seen after the era of Muhammad Ali, who was popular or rather notorious for his egotistical remarks like "I'm so fast that last night I turned off the light switch in my hotel room and was in bed before the room was dark...."

Mike Tyson's peak popularity spanned for nearly 20 years and it is said that he earned more than $400 million during this period. But in 2004 and before he attained the age of 39, he was reportedly in debt to the tune of $38 million. 

Mike Tyson was notorious for his legendary profligacy. He employed about 200 people including chauffeurs, bodyguards, gardeners and chefs. He expended about $4.5 million on motorcycles and cars, $3.4 million on jewelry and clothes, $7.8 million on items he mysteriously called as “personal expenses," and $140,000 on the cost of 2 white Bengal tigers for maintaining which he paid an amount of $125,000 every year to a trainer.

Additionally, he spent $2 million for making a bathtub for Robin Givens, his first wife and an actress, $410,000 for hosting a birthday party, and $230,000 on pagers and cellphones. 

The intention is not to accuse Mike Tyson over his spending habits. At the same time, the intention is not to advise people to be miserly. You must never hesitate to spend on essential and necessary items. 

On the other hand, the intention is to caution people that if they spendmore than what they earn, they can be very much sure that their finances will soon be in doldrums. The problem is that when money is pouring in quickly, you may be dangerously tempted to spend without thinking about the consequences. In fact, the temptation may be so strong that you need all your will power to counter it. But it is imperative that you deploy all your mental capabilities for keeping this temptation at bay so you will not have the need to regret at a later date.