5 Famous People That Went Bankrupt

Many of us assume that successful people got where they were without any obstacles along the way. The truth is that most successful people suffer setbacks along the way and in this list we will take a look at some famous people who went bankrupt along the road to super stardom.

Abraham Lincoln

As the 16th president of the United States, you would assume that Abraham Lincoln lived a life of prosperity and success but this is not the case at all. Abraham Lincoln was declared bankrupt in 1833 and spent 17 years of his life paying off money that he borrowed from friends to start his business. Abraham Lincoln tried his hand at many different things when he was young and bought a general store in New Salem, Illinois, in 1832. Sadly Lincoln’s business did not take off and he was left with mounting debts that he continued to pay back until well into the 1940’s.

Henry Ford

Henry Ford is a remarkable man and a true genius of the modern age. Sadly his first business the Detroit Automobile Company was forced to file for bankruptcy in 1901. Henry Ford eventually mastered the skills he was learning and went on to form the Ford Motor Company in 1903 that eventually made him rich.

MC Hammer

MC Hammer shot to fame in the late 80’s and went on to become a bit of a musical joke to most people. His story should serve as a cruel lesson to those who earn too much money and have little financial common sense. In 1996 MC Hammer ended up $13.7 million in debt as a result of his insane spending and poor financial skills and now works as a preacher and television host.

Perez Hilton

The internet blogger Perez Hilton is now a bit of a cult hero thanks to his celebrity gossip website but he was not always so successful. Perez, whose real name is Mario Lavandeira ended up going bankrupt in 2005 after racking up $50,000 in credit card debt due to overspending whilst at college.

George Foreman

Now known to many people as the creator of the George Foreman grill, this successful boxer and entrepreneur was once on the brink of financial disaster and several million pounds in debt. The fear of financial ruin forced him to re-enter the boxing ring at age 45 and reclaim his heavyweight title in 1994, allowing him to pay off his debts and start again.