SESocialMedia

Broke? You're in good company!

With MJ's parting this week - it reminded me of a book on my shelf...

 THEY WENT BROKE?!It's Time To Stop the Bleeding by Roland Gary Jones

MC Hammer, born Stanley Kirk Burrell, sold some 18 million copies of his album, Please Hammer Don't Hurt 'Em.  Even though he won Grammy's and earned over $50 million in the 1990's - he filed Bankruptcy.  "It's time to stop the bleeding and get on with my life," he told one reporter when he filed.

You're In Good Company

John Wayne, Sam Walton and Donald Trump all sufferd financial hardships too! John Wayne at one time invested millions into get rich schemes from, "Hair Trigger Formula" that was suppose to end baldness, to a company that was going to extract methane gas from cow manure, to the development of "Product 76" which was "a substance that supposedly could both cure skin ailments and insulate buildings."  WOW! (I feel better already!)

Heck, even DANIEL BOONE had trouble!  He borrowed money to finance his fur-trading expeditions, and then came back empty-handed... sometimes, in an effort to save his own hide, he gave up horses and guns to the unfriendly Indians!  Because of this, the local bankers didn't like him too much...

"In fact, according to at least one account, Boone's motivation for exploring and settling wild Kentucky was to escape CREDITORS back East!  Eventually a Virginia judge issued a judgment and warrant for Boone's arrest on a debt.  On the back of the judgment a clerk later scribbled, "Gone to Kentucky."

So cheer up!  History is littered with stories of people like Harry Truman, Abraham Lincoln and Walt Disney who had tough financial times, and are still remembered for remarkable ACHIEVEMENTS!  The story of our life is part of the continuum, and it's what we LEARN from these times, and how we WORK THROUGH them that will determine what folks remember about us!

If you have questions about how you might be able to turn your credit scores around, click here.

Comment balloon 5 commentsEleanor Thorne • July 08 2009 02:28PM

Comments

Yes it is amazing that for the wealthy, bankruptcy is merely a tool for financial reorganization and financial planning, while for the little guy it is the last financial resort in most cases.

Posted by Robert May, Real Estate & Mortgage Expert - Lethbridge, AB (Robert W May - Lethbridge Real Estate) about 8 years ago

Great point which I also point out to people who have suffered considerably in these economic times.

Sean

Posted by Sean Allen, International Financing Solutions (International Financing Solutions ) about 8 years ago

Soothing balm for many Eleanor.  It's tough to swallow when you're in financial trouble - humbling to no end.  But remembering that others - very successful others - have been there helps. 

Posted by Lee & Pamela St. Peter, Making Connections to Success in Real Estate (Berkshire Hathaway HomeServices YSU Realty: (919) 645-2522) about 8 years ago

It's amazing that the wealthy often find themselves "down on their luck".  When people have so much money, you would think they'd do whatever is necessary to ensure a secure future for themselves.

Posted by Tom Boos, Providing the very best of service to Sellers and (Sine & Monaghan Realtors, Real Living) about 8 years ago

Eleanor,

Been there; done that!  This is an encouraging blog post!  Thanks.

Mike in Tucson

Posted by Mike Jones, Mike Jones NMLS 223495 (SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) ) about 8 years ago

Participate