“You may not realize it when it happens, but a kick in the teeth may be the best thing in the world for you.” Walt Disney, Entrepreneur and Dreamer
Today’s market is filled with talk of celebrities with their personal, health, family and financial affairs constantly being exposed in the media. Reality TV has allowed many average people to succumb to the same fate as they become subject to the socially watchful eye of the general public. However famous or infamous, we tend to relate to those in difficulty since many of us can or have experienced those same situations. Clearly, a financially stressful situation will not discriminate amongst different walks of life or financial status, it happens to different people for different reasons. Below, you will read about people in the public eye who have lived through financial struggle stating bankruptcy was their solution, allowing them a fresh start at achieving their goals and building their dreams.
WALT DISNEY
Walt Disney began building his cartoon empire in the 1920's. He was caught in a financial battle when his main client went into bankruptcy leaving him with the sole option of declaring personal bankruptcy. He was unable to pay his staff and other costs he had incurred, however, following bankruptcy, he found a way to start over and not dwell in the unstable beginnings of his career. He turned his situation around and truly worked hard to become one of the most famous American success stories of the century.
Walt Disney went on to produce an incredible portfolio of Oscar winning films and built world renowned theme parks that have been a main part of children’s lives and fantasies for many generations.
ABRAHAM LINCOLN
Abraham Lincoln was owner of a grocery business that failed and pushed him into bankruptcy in 1833. He then became a lawyer and regularly filed bankruptcies for others in his town until he finally entered the world of politics.Lincoln went on to become the !6th president of the United States of America, regardless of his prior financial difficulties and bankrupt status.
MILTON SNAVELY HERSHEY
M.S.Hershey was raised in a very strict religious family who never took risks and considered him intelligent yet unrealistic one. His first four attempts at launching a candy company failed leaving him in the depths of financial distress. He declared bankruptcy due to this and in 1903 started the very successful Hershey Chocolate Company and the town HERSHEY, Pennsylvania, was born.
STAN LEE
Stan Lee, best known as the Spider Man co-creator, also worked with the teams that created the Fantastic Four, the Incredible Hulk and X-Men. In 2001 Lee was forced to file for bankruptcy after the demise of his production and marketing studio, Stan Lee Media with partner Peter Paul.
"Money is a terrible master but an excellent servant." P.T. Barnum
P.T. BARNUM
P.T.Barnum filed for bankruptcy in his younger years prior to creating what evolved into the world’s most famous circus: Barnum and Bailey Circus. He first opened a museum in New York City showcasing nature’s oddities and invested money into urban development which failed and caused him to file bankruptcy. This proved not to stifle his eventual success, but rather enable new opportunities and the reinvention of his creative self.
HENRY FORD
Henry Ford, who went on to become a leader in the automotive industry, also filed for bankruptcy in his early years. He needed a second chance in order to become successful at his business which opened up doors for many other auto makers to launch companies, catapulting him as a worldwide industry leader.
LARRY KING
Larry King began his career in 1950s and as his popularity grew, the media started to report of his incapability to run his own finances. This outrageous debt seems to have caused his eventual decision to file bankruptcy.Since then, it seems the famed interviewer has regulated his spending and continues to operate as a successful tv show host regardless of any past financial difficulties.
There are numerous famous people who have recently suffered from insolvency such as:FRANCIS FORD COPPOLLA
GARY COLEMAN
MARVIN GAYE
MC HAMMER
DON JOHNSON
LATOYA JACKSON
WILLIE NELSON
WAYNE NEWTON
TOM PETTY
MEATLOAF
BURT REYNOLDS
ANNA NICOLE SMITH
MICKEY ROONEY
MIKE TYSON
TONI BRAXTON
CYNDI LAUPER…and many more
These are all great examples of how people can bounce back from financial hardship. They didn’t let their fame, ego or status get in the way of their desires, allowing a fresh start in their pursuit for success! Even a lottery winner can go bankrupt:William J Post III, known as BUD POST, who won $16.2 million in the Pennsylvania state lottery in 1988 managed to be $1 million in debt and living on food stamps. He filed for bankruptcy in 1996 after his girlfriend sued him for 1/3 of the winnings and his family invested in businesses that eventually failed.
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