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History is replete with stories of paupers/entrepreneurs who managed to make it to the top, financially speaking. How come we never hear of gazillionaires who lost their fortune and became paupers. Did that never happen? If so, to whom and why?
Last edited by iwishiwerethin; 05-07-2014 at 09:36 AM..
My question is about regular business practice, not squandering a fortune one has not built. Has anybody as rich as Zuckerberg or Bezos ever lost their fortune and had to resort to finding an ordinary job to put food on the table and cover the rent?
I might be wrong, but I get the feeling that when rich people go bankrupt, they still remain wealthy.
It's extremely rare. Once you reach a certain "wealth critical mass" you could probably just put it in a CD and live off the interest. Zuckerberg losing his fortune would require several substantial missteps, and usually those who can create something that substantial have people to help them avoid repeated massive mistakes.
More commonly, you get the Paris Hilton's of the world, who inherit the money and blow it all living a party life.
interesting question. I know there are quite a few that had millions and lost it..but it seems hard to imagine with billions.
Oftentimes it is their company (and investors) that suffer but they get over it. Like with Donald Trump he has had issues, but never had to resort to a regular job.
I'm sure in the sports world in this happens quite a bit...but again none of them have Zuckerberg or Bezos money.
There is a documentary on this called Broke
"According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress. Sucked into bad investments, stalked by freeloaders, saddled with medical problems, and naturally prone to showing off, many pro athletes get shocked by harsh economic realities after years of living the high life."
interesting question. I know there are quite a few that had millions and lost it..but it seems hard to imagine with billions.
Oftentimes it is their company (and investors) that suffer but they get over it. Like with Donald Trump he has had issues, but never had to resort to a regular job.
I'm sure in the sports world in this happens quite a bit...but again none of them have Zuckerberg or Bezos money.
There is a documentary on this called Broke
"According to a 2009 Sports Illustrated article, 60 percent of former NBA players are broke within five years of retirement. By the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress. Sucked into bad investments, stalked by freeloaders, saddled with medical problems, and naturally prone to showing off, many pro athletes get shocked by harsh economic realities after years of living the high life."
Regarding Paris Hilton, i bet she's brought in more money than she's spent. She gets paid for those shows, appearances and any products with her face.
Famous musicians, sports stars and lotto winners are the main ones to r odd from rags to riches and fall back to rags because of sudden success and high indulgence. Other than that it normally don't happen batting MAJOR disasters.
History is replete with stories of paupers/entrepreneurs who managed to make it to the top, financially speaking. How come we never hear of gazillionaires who lost their fortune and became paupers. Did that never happen? If so, to whom and why?
I suspect that many in Wall Street rise, then crash and burn their way back down to the bottom. But even then they probably pick themselves up a go and promote and gain elsewhere. Once they get out of jail. Like Boesky, Milken and of course Madoff.
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