15 Billionaires that went broke and lost their entire wealth.
Here is the list of some of the most powerful billionaires at the time, some people that owned hedge funds, real-estate and stock market gurus along with some dishonest people and crooks.
How can someone with millions and billions of dollars lose it all and go broke? What does most of these people have in common that led them into being broke? Some of these people ended up on social security benefits with the help from their relatives while others were once on the top of the world surrounded by wealth and companies.
For average people that lost everything, usually is a result of one of the three events: divorce, loss of a job or health.
What about people that have billions of dollars? Is it really that easy to lose billions of dollars that easily? What I say to that is this: we will never know because we were not in their situation.
In most cases, however, it was a direct result of poor financial decisions and no financial protection. This is the reason we keep mentioning the importance of being properly structured and financially educated. For example, for someone with ten million dollars making bad financial decisions, or having an unexpected catastrophic event happen in the family may or may not end up losing it all. People that are financially comfortable unfortunately do not often think about the protection because they are overconfident of their ability to not losing their money while they continue placing their focus to continue building wealth.
They do not know a simple thing such as where someone lives (physical residence) determines if they may lose all their wealth overnight in the event of a personal bankruptcy. They do not know that there are legal ways to get good protection that will protect them from any of these events. They do not know that there are options to protect their already accumulated wealth that can help their families and children. They do not know that there are ways to minimize taxes significantly with proper legal structure. They simply do not know what they do not know.
- Patricia Kluge
- Alberto Vilar
- Vijay Mallya
- Eike Batista
- Sean Quinn
- Aubrey Mcclendon
- Jocelyn Wildenstein
- Adof Merckle
- Bernie Madoff
- Allen Stanford
- Elizabeth Holmes
- Huang Wenji
- Bjorgolfur Gudmundsson
- Ramesh Chandra
- Michael Pearson
How can we protect our hard-earned money and prevent this from happening? What is the lesson we can all learn from their mistakes? Click here to continue reading – Got a promotion what’s next.