Often people are afraid to admit they are in financial trouble. They feel embarrassed, scared, and unsure about the future. Many don’t feel comfortable even admitting they financial trouble; they feel as if they will be judged for their lack of financial stability. What many do not realize, however, is that financial struggle is a much more common than they think. It’s not always easy managing your finances, and you may face a struggle like most do. Here’s a list of famous authors, artists, businessmen, athletes, and actors who, too, have dealt with financial struggles.
Thomas Jefferson: Yes, that Thomas Jefferson. One of our founding fathers filed bankruptcy several times. While he helped create an inspired form of government, he was very poor with his money, spending large amounts on food and wine. His image now appears on the nickel.
P.T Barnum: Though he is best known for being the amazing showman who co-founded “Barnum and Bailey Circus”, he dealt with many financial struggles before his rise to fame. He filed for bankruptcy in 1871 due to bad business investments before organizing “The Greatest Show on Earth” in 1881.
Mark Twain: Otherwise known as Samuel Langhorne Clemens, he invested most of his money in a contraption called the Paige Compositor that was created as an automatic typesetting machine before becoming the writer we know and love today. When this venture did not prove to be fruitful, he filed for bankruptcy in 1894 to discharge his debts. He did not forget his debts, however. He traveled through Europe lecturing for four years in every major city and used this money to repay all of the people he owed money to.
Henry John Heinz: Yes, the condiment manufacturer. This gentleman filed for bankruptcy in 1875 after a year of poor harvest, where he could not meet the growing demands for his condiment products like horseradish, pickles, and sauerkraut. After his financial recovery, he introduced a new product to the market, tomato ketchup, and his company to this day is still very popular.
Abraham Lincoln: Due to a failed business that was really no fault of his own, the eventual 16th President of the United States filed bankruptcy in 1833. Bankruptcy laws were much different than we have now and he was forced to repay his debts over 17 years. His face now appears on the penny.
Oscar Wilde: This poet and author of many moving works filed for bankruptcy in 1895. His property was auctioned off before serving two years in prison on unrelated matters. Nevertheless, he returned from prison, made a financial recovery, and went on to write amazing works such as The Ballad of Reading Goal.
Milton Snavely Hersey: Mr. Hersey started four candy companies that failed before creating Hersey’s Food Corporations. He filed bankruptcy after his candy companies failed, but clearly fifth time was the charm as he is the number one chocolatier on the market nowadays!
Henry Ford: The automobile manufacturer had two failed attempts at automobile companies before creating the name we all know today. He filed for bankruptcy after his first company failed due to a disagreement with a business partner. He would have almost filed for bankruptcy after creating his third company until he sold his first car and business began to soar.
Mickey Rooney: In the early 1960s, Rooney was in quite a financial bind that he blames on an alcohol and gambling addiction. He filed in 1962 after owing the IRS $1.75 million. He remained successful and recovered well, as people still watch his movies to this day.
Debbie Reynolds: In 1992 Miss Reynolds purchased a hotel in Las Vegas, naming it after herself and no doubt thinking this to be a good investment. This hotel, however, did not attract as much attention as she expected so she and the hotel filed for bankruptcy in 1997. The hotel was sold at auction.
Johnny Unitas: This Hall of Fame quarterback had a much better throw than he did a handshake. He endeavored on many business ventures but was not very successful in any. He dabbled in bowling alleys, restaurants, and even land. Seeing as none of these were successful, he filed for Chapter 11 bankruptcy in 1991.
Jerry Lee Lewis: Though a famous musician, he managed to dodge the IRS for quite some time. Having racked up quite a bit of debt, he filed for bankruptcy in 1988 when the IRS then seized his cars, furniture, piano, and even collected concert ticket sales.
Burt Reynolds: This famous actor filed for bankruptcy in 1996 after his ugly divorce from Loni Anderson, having piled up over $10 million in debt. Despite his bankruptcy, losing his dinner theater and his ranch, he has continued on to be a famous actor and won a Golden Globe for Best Supporting Actor in Boogie Nights.
Sherman Hemsley: Most famous for his role George Jefferson in All in the Family, Hemsley filed for Chapter 13 bankruptcy in 1999 after not being able to pay a loan on an investment made in Las Vegas. His cased was dismissed, however, and his debt was managed outside of the court.
Marjorie Margolies Mezvinsky: This member of the US House of Representatives filed for bankruptcy in 2000. Her case was a bit on the rocky side, as she was refused a discharge because she was unable to disclose what happened to her assets.
50 Cent: He is less known as Curtis Moore, though he is more known for his club hits. He filed for bankruptcy seeking protection from a court ruling that insisted he pay a girl $5 million for as sex tape that was released.
Aaron Carter: The teeny bopper pop star filed for bankruptcy in 2013 after claiming he had only $8,000 in assets and owed over $2 million to the IRS.
Mike Tyson: Tyson may talk a mean game, but he wasn’t able to back up the punch with his finances. After spending nearly $300 million of his earnings, he filed for bankruptcy in 2003 having racked up $27 million in debt.
Gary Coleman: Famous for his role on Different Strokes and later running for Governor of California in 2003, this actor would have seemingly been set for life. He was forced to file for Chapter 11 bankruptcy in 1999 however, for reasons that he claims involved his family squandering his money.
Larry King: This famous actor filed for bankruptcy in 1978 after a Wall Street scandal. Fortunately for him, he was able to get back on his feet with his show Larry King Live and make a full financial recovery.
Donald Trump: No, he did not personally file for bankruptcy as many might like us to believe. However, several of his entities did file bankruptcy over the years. This was a much discussed topic in the 2015 Republican presidential debates.
While financial turmoil may seem like an endless tunnel of debt, these famous people prove that it can happen to anyone, and there is a light at the end of the tunnel. By recognizing the problem and addressing it head on, you can recover from your financial distress.
