Be at the forefront of your industry and earn millions of dollars a year It doesn’t guarantee that you will stay that way for the rest of your life. Even the richest and most successful people are not immune to sudden failure.
There are many reasons innovators and entrepreneurs can lose everything they worked for (personality problems, mistakes in managing finances, bad decisions, or just plain bad luck). The question is, What to do when these dilemmas arise
These 9 billionaires lost everything, but they didn’t give up. They fought and worked their way back and became stronger than ever. Read their stories, learn their lessons, and try to avoid their mistakes.
1. James Altucher
During the internet boom in the 1990s, James Altucher started a web design company called Reset Inc. and sold it for $ 10 million. Then he lost everything on a series of bad investments. In fact, he claimed to have “made every bad decision that was in the manual”. He committed suicide with $ 143 in his bank account.
Eventually he realized he needed to rethink his business and life. He stopped believing that his worth lay in the amount of money he had, and little by little he set off. He started writing his story and his blog about being rich, poor, rich, poor became hugely popular. Then he started writing books (20 and counting) which were a great starting point for his creativity. He’s a very popular blogger now, owns a podcast, and is a writer with millions of investments.
2. Martha Stewart
Martha Stewart was world famous for her home decor and tips brand for decades, and her recommendations have been worth millions. She was later charged with insider trading after selling her stake in a biotech company. She was sentenced to five months in prison and fined $ 195,000. They also had to leave the management of their company, Martha Stewart Living Omnimedia, for five years.
After his release from prison, he organized a return to the heavily mediated public. She remains super dynamic and passionate about her business and continues to develop. She appears on TV shows like she did alongside Snoop Dog. His current estimated net worth is $ 300 million.
3. Larry King
Driver Larry King has a net worth of $ 150 million, but there was a time when he was not doing so well. In 1971 he was arrested for robbery for cheating on his partner out of $ 5,000. At the time, he was DJing on an MTV show that was taped in Miami and was a columnist for the Miami Beach Sun Reporter. Although the charges were eventually dropped, he was dismissed from all posts.
After the scandal, he could not find a stable job and went into deep debt. In 1978 he owed the bank $ 352,000 with a debt of $ 4,000. He had to file for bankruptcy. But he got a second chance when the show “Larry King Live” debuted on CNN in 1985 and Larry made a starting salary of $ 200,000 a year. He left CNN in 2010 but continues to produce his show, which now airs on Ora TV and Hulu.
4. Dorothy Hamill
Dorothy Hamil rose to fame after winning a gold medal in figure skating at the 1976 Winter Olympics. She turned her incredible feat into millions of dollars and became a great skate star who appeared in various shows. She has also been a spokesperson for many companies, promoting products like cars, coffee, and shampoo.
But Hamill had certain financial habits, like spending too much money on jewelry. In 1993, she got caught up in a multi-million dollar deal to buy the bankrupt Ice Capades show. He tried to renew the show but failed. In 1996 she had to file for bankruptcy. He has since written a book, A Skating Life: My Story, and was in the film The Christmas Angel: A Story On Ice. In 2007 he appeared alongside Will Farrell in the film Blades of Glory. Today his net worth is $ 5 million.
5. Bill Bartmann
Bill Bartmann founded a debt collection company in the 1990s, valued at billions of dollars. Commercial Financial Services, his Oklahoma-based company, was the largest debt collection company in the United States. It was a complete success until he was charged with fraud and Bartmann, one of the richest men in the country, was forced to file for bankruptcy.
However, he did not let himself be stopped from stopping him. He soon found a way to tell his story, and his books, Billionaire Secrets to Success and Bailout Riches, became bestsellers. After the success of his publications, he started a second collection company, which he named CFS II. Today his company has annual sales of $ 10 million.
6. George Foreman
George Foreman was a former boxing champ and is currently an entrepreneur familiar with the ups and downs of life. At the Olympic Games in 1968 he won the gold medal in weightlifting and in 1973 the world title.
He retired from boxing and returned to the city he grew up in to ordain himself and become a Christian minister. However, his lack of income led him to file for bankruptcy in 1983. He returned to boxing to regain financial stability, and in 1994 he became the greatest weightlifting champion.
Since then, he has done everything from radio advertising to company talks about product promotion. The real money, however, came after founding George Foreman Grill, a company that sold more than 100 million units worldwide. He sold the rights to the name in 1999 for $ 138 million. Today, his net worth is estimated at $ 300 million.
7. Walt Disney
Although his name is now a $ 130 billion brand, there was a time when Walt Disney was a movie producer in trouble. He started his studio Laugh-O-Gram in 1920, but things got complicated when the company went bankrupt. He was unable to pay his employees or clear his debts and was forced to file for bankruptcy. Thanks to a loan from his parents and siblings, he started a new company, the Disney Brothers Cartoon Studio.
After financial difficulties in the middle of the production of Snow White and the Seven Dwarfs, Disney was on the verge of bankruptcy again. This time it was a loan from the bank that saved him, and he was able to pay for the studio and finish the film, which became a huge commercial hit.
8. Robert Stiller
Robert Stiller is the founder of Keuring Green Mountain. He built his fortune selling disposable K-cups and coffee bags. In 2011, his companies led him to join the Billionaires Club. However, he made a number of irresponsible expenses and lost a large portion of his fortune. In 2012, he had to sell five million shares (valued at around $ 125.5 million) to repay the loans he had taken out. This caused the value of the company’s shares to drop to $ 17.11 from where they were above $ 100 per share a year ago.
However, improvements in the company’s share prices helped him recover and he still owns 8.3 million shares in his company. Soon he regained his net worth of $ 1.2 billion. In 2013 he decided to retire.
9. Maggie Magerko
In 1992, Joe Hardy, founder of 84 Lumber, left his housewares business to his daughter Maggie Magerko. By 2006, Maggie’s net worth was $ 2 million, but the bad decisions that started with Hardy came to the fore when the real estate market collapsed in 2009 and took away the construction industry.
In the end, Magerko put everything he owned, including his jewelry and personal accounts, to keep 84 Lumber on, and put himself on the brink of financial and personal ruin. Today she’s a great leader at the helm of a much smarter and clearer company. His estimated net worth is $ 1.3 billion.