bankruptcy

10 Oct 2019

3 famous individuals who overcame bankruptcy

This is a blog post about hope, honestly. Despite our inclinations to talk about money and how to deal with it, and despite the fact that the subject of this post is how 3 different subjects dealt with money, this is not about money at all. Overcoming bankruptcy is more a matter of hope, wit, and willpower. We are interested in the process; the walk from point A to point B.

If you are not worried about bankruptcy, probably you want to keep your finances in a balance, right? If the answer to this question is positive, this post (and other content from Credit Boost) is also for you. That being said, let us take a look at the biographies of 3 individuals who were broke and now are not!

bankruptcy
3 subjects overcame bankruptcy and you can learn a lot from their stories. (Source: Pixabay)

Know 3 influent people who overcame bankruptcy and became rich

Abraham Lincoln

Abraham Lincoln is considered to be the greatest of American presidents. However, Abraham Lincoln wasn’t always a president or even a politician. According to Forbes, early in his life, he was a storekeeper. In 1833, he and a partner even opened a general store in New Salem, Illinois. Unfortunately, it didn’t go well for both of them.

As we ourselves are pretty much tempted to do, Lincoln and his partner purchased inventory from other stores on credit. When the business didn’t do well, debts mounted and Lincoln’s business partner died.

It was actually from the business failure that Lincoln began his political career, launching his campaign for the Illinois General Assembly. Nice story, huh?

Walt Disney

Probably you don’t know that, but Walt Disney showed entrepreneurial drive at an early age. Do you know what happened also very soon? Filling for bankruptcy, and he had to do it almost like a teenager. The episode we are referring to happened when Disney formed Laugh-O-Gram Studio in 1920, making animated fairytales. In order to do that, he got a financial backer and began building a staff of animators. However, the financial backer went broke.

Using a loan from family, something some of us also would do, he started a new company in 1923. It took a few years until he created Mickey Mouse, causing his career to take off. Children everywhere are glad that he made it.

Cyndi Lauper

~Girls just want to have fun~ and that might cost everything when we do not budget well. However, Lauper’s bankruptcy came before she had success and it had nothing to do with splurging. She spent several years singing and writing songs for a group called Blue Angel, but they never caught on with the public. Until launching her super successful first solo album, she was broke and worked in restaurants and retail to keep herself afloat.

Well, now that you are aware of theses stories, perhaps you understand what we were saying about hope. Most of the time, living is about not giving up when the days get harder on us. You might be broke one day and become the president of a powerful nation after some years. It might be the case that the very fact you are broke now is the thing that will lead you to a greater future.

We are not advising you to file for bankruptcy, but if you did, it wouldn’t be the worst. It might be better. Keep that in mind when life throw fireballs at you.