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Sunday, August 15, 2010

They Filed Bankruptcy?

With so much finger pointing these days it is easy to feel embarrassed and ashamed if your credit is less than perfect or if you are in debt up to your eyeballs. But even those who have had no choice but to file bankruptcy are in good company. Did you know that Walt Disney and Abraham Lincoln are in this group?

Below are five people most would never have guessed to have filed bankruptcy:

Walt Disney - Walt Disney’s name is synonymous with Mickey Mouse and the “happiest place on earth,” Disneyland. However, Disney’s career wasn’t always a moneymaking venture. In 1921, he began a company called the Laugh-O-Gram Corporation in Kansas City, Missouri but was forced to file for bankruptcy two years later because his financial backers pulled out. It must have been fate because Disney then headed to Hollywood and became one of the highest paid animators in history.

Benedict Arnold - Benedict Arnold fought on the American side of the Revolutionary War but didn’t get the attention he felt he deserved so he switched to the British side. He went bankrupt after the war when a failed financial venture caused him to lose everything.

P.T. Barnum - P.T. Barnum is best known for being half of the “Barnum & Bailey Circus” but he actually didn’t get into that until he was 61-years-old. He first opened a museum in New York City showcasing nature’s oddities like Tom Thumb who was only 2 feet 9 inches tall. He also put a bunch of dough into the development of East Bridgeport, Connecticut and went bankrupt when that didn’t work out. He bounced back in four years and got into the circus business.

Buffalo Bill - Buffalo Bill organized his “Wild West Show” in the late 1800’s and went on to become quite wealthy. Even though he made millions touring the country, he was also very generous and gave away so much money that he had to file for bankruptcy in 1914. He died bankrupt in 1917 and was buried on Lookout Mountain.

Frances Ford Coppola - Responsible for directing the Godfather trilogy and winner of five Academy Awards before he was 40, Francis Ford Coppola was $300,000 in debt before the first Godfather movie came out. He then was able to rebound but began bankruptcy proceedings after his 1982 musical One From The Heart tanked. Luckily, he borrowed the money from his mother to get into the wine business and again turned his financial future around.

If these famous and historical people can bounce back from losing every thing so can you!  Take control of your finances and credit history today, make a promise to yourself to do a little each day to bring you that much closer to your financial dreams.

Thomas Paine - Thomas Paine, known for the pamphlet Common Sense, greatly benefited from his move to America in 1774. He was broke and facing bankruptcy and to top it off, his second marriage had just ended, so moving across the ocean was a logical next move.

Rembrandt - Rembrandt went bankrupt in 1656 and his house and collections were auctioned. Unfortunately, the money raised wasn’t enough to cover his debt so he set up an art-dealing business to keep his creditors at bay.

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