How One Man Went Being a Billionaire to Broke to a Billionaire Again

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Beingness at the top of your field and earning millions of dollars a twelvemonth doesn't mean you'll stay that manner forever. Fifty-fifty the richest and most successful people aren't immune to sudden failures, flops and plunges in cyberspace worth.

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At that place are many reasons why innovators and entrepreneurs may lose everything they worked so hard for -- personality clashes, mishandled finances, poor decision-making or just bad luck. The question is, when you lot're faced with those dilemmas, what do you do?

These nine multimillionaires lost it all, only they didn't give up. They fought and clawed their way back, and became stronger than e'er. Read their stories, learn their lessons and try to avoid their mistakes.

1. James Altucher

During the dot-com blast of the 1990s, James Altucher founded a spider web-design visitor chosen Reset Inc. and sold it for $x meg. Then he lost everything in a series of bad investments. He made "every stupid conclusion in the volume," he said. With $143 left in the banking company, he contemplated suicide.

He eventually came to realize he had to reevaluate his concern and his life. He stopped judging his "self-worth by his net worth." He slowly dug his way out and found his way back. He began blogging about his riches-to-rags-to-riches-again story, which has proven to be incredibly popular. And he started writing books -- twenty and counting so far -- which have also been a not bad outlet for his creativity. He is at present a mega-popular blogger, podcaster and author with investments worth millions.

Related: 4 Bad Money Habits That Accept Left Millionaires Broke

2. Martha Stewart

For decades, Martha Stewart was world famous for her brand of simple, elegant homemaking tips and habitation decor; her postage of approving was worth billions. So she was charged with insider trading for selling her shares of the biotech company ImClone. She was sentenced to five months in prison, fined $195,000 and forced to step down from her visitor, Martha Stewart Living Omnimedia, for five years.

Subsequently she returned from prison, she launched a highly publicized comeback. She remains a dynamo, passionate nigh her business, and continues to evolve, such every bit actualization on TV shows with unlikely partner Snoop Dogg. Her current net worth is estimated at $300 million.

Related: Martha Stewart Living the CBD Life

3. Larry Male monarch

Talk-evidence host Larry King has a net worth of $150 meg, merely there was a time when life wasn't so rosy for the Idiot box personality. In 1971, King was arrested on charges of chiliad larceny for allegedly stealing $v,000 from his business organization partner. At the fourth dimension he was working in Miami as a disc jockey for WIOD, a talk-show host for WTV and a columnist for the Miami Embankment Sun-Reporter. Although the charges were somewhen dropped, he was fired from each position.

Post-obit the scandal, he was unable to hold a regular task and he sank deeper into debt. Past 1978, he owed $352,000 to creditors -- including $14,000 in gambling debts. He was forced to declare bankruptcy. He got his big pause when "Larry Rex Alive" debuted on CNN in 1985 and King earned a starting bacon of $200,000 annually. He left CNN in 2010, but has been hosting "Larry King At present" on Ora TV and Hulu since 2012.

Related: What threescore,000 Interviews Taught Larry King

4. Dorothy Hamill

Dorothy Hamill rose to fame after winning a gold medal in figure skating in the 1976 Winter Olympics. She turned her stunning performance into millions by becoming a star in a number of professional ice-skating shows, including the Ice Capades. She became a spokesperson for multiple companies, endorsing products as diverse as cars, java and shampoo.

Simply Hamill fell into bad financial habits such as overspending on jewelry. She entered into a multimillion-dollar deal to purchase the bankrupt Ice Capades in 1993. She revamped the evidence, just it flopped. In 1996, Hamill was forced to file for bankruptcy. Since then, she's written a book, A Skating Life: My Story, and starred in the television film The Christmas Angel: A Story on Water ice. She too appeared in the 2007 movie Blades of Glory alongside Will Ferrell. Hamill'southward net worth is now $5 million.

Related: From $100 Million to Broke to Betting It All on Cryptocurrencies

5. Nib Bartmann

Bill Bartmann founded a debt-collection company whose value in the 1990s was estimated in the billions of dollars. His Oklahoma-based company, Commercial Fiscal Services (CFS), was the nation's largest debt-collection company. It was a massive success until an associate was bedevilled of accounting fraud. Bartmann, one of the richest men in America, was forced into bankruptcy.

However, Bartmann didn't let failure stop him. He found success again by writing his story of failure. His books, Billionaire Secrets to Success and Bailout Riches, became best-sellers. Using his publishing success every bit a stepping stone, he eventually launched a 2d debt-drove company, which he named CFS Two. His new visitor made $10 million in a single twelvemonth.

half-dozen. George Foreman

George Foreman is a former boxing champion and current entrepreneur who is no stranger to life'due south ups and downs. He won the gold medal in the heavyweight division of the 1968 Olympics. Later on he turned professional person he won the world heavyweight championship in 1973.

He retired from boxing, moved back to his hometown, and became an ordained Christian minister. All the same, his failing income led him to file for defalcation in 1983. He returned to boxing to help him regain financial stability, and in 1994 he became the oldest heavyweight champion.

Since then, he has washed everything from radio commercials to corporate speaking engagements to production endorsements. Only the real money came when he launched the George Foreman Grill, which sold more than than 100 million units worldwide. He sold the naming rights to the grill in 1999 for a whopping $138 million. Foreman's current cyberspace worth has been estimated at $300 million.

Related: The Inventor of the George Foreman Grill Sets the Record Direct

vii. Walt Disney

While his name is now a brand worth nearly $130 billion, Walt Disney was once a struggling filmmaker. He launched his first movie studio, Laugh-O-Gram, in 1920, but bug arose when his backing firm went broke. No longer able to pay his employees or cover his debts, he was forced to file for bankruptcy. Only he went on to form a new company, Disney Brothers Cartoon Studio, thanks to a loan from his parents and brother.

Disney came close to defalcation again when he ran into financial trouble in the midst of production for Snow White and the 7 Dwarfs. This time a bank loan saved the day. He was able to fund his staff and studio through the completion of the film, which became a critical and commercial success.

Related: 16 Inspirational Quotes From Walt Disney

8. Robert Stiller

Robert Stiller is the founder of Keurig Green Mountain. He congenital his fortune by selling K-cups single-serve java pods. His endeavors launched him into the billionaire club in 2011. Notwithstanding, he engaged in irresponsible spending and lost a big chunk of his fortune. In 2012, he was forced to sell five million shares (worth almost $125.5 one thousand thousand) to pay off loans he had taken out against his sizeable stock holdings. This contributed to the company's stock price plummeting to $17.11, less than a year subsequently it had been over $100 per share.

However, improvements to the company's stock prices since then take helped him recover, as he however owned 8.three one thousand thousand shares in the company. Presently, he was worth $1.two billion. He finally opted to retire in 2013.

ix. Maggie Magerko

Founder Joe Hardy turned his housing supply concatenation company, 84 Lumber, over to his daughter, Maggie Magerko, in 1992. By 2006, she was worth $2 billion, only bad decisions that had started under Hardy reared their head in one case the housing market began collapsing in 2009, taking the structure market down with it.

Magerko ended up putting nearly everything she had, including her jewelry collection and personal checking account, on the line in order to turn 84 Lumber around. She teetered on the brink of corporate and personal fiscal ruin. Today, Magerko is a tough leader at the helm of a leaner and smarter 84 Lumber. She has a internet worth estimated at $1.3 billion.

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Source: https://www.entrepreneur.com/article/335042

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