James' World 2

Click the link below the picture

.

Hmmmm…

As the famous saying goes, “The brightest flame burns the quickest“.  There are plenty of successful entrepreneurs who quickly rise to financial success, only to lose everything just as abruptly.

Life in the fast lane is not without its speed bumps, and here are some of the people who went from rags to riches – and then vice-versa.

The Millionaires & Billionaires Who Lost It All

1. Jordan Belfort

The once was Multi-Millionaire stockbroker had it all. Yachts, planes, women, midget throwing parties & drugs where just a few of the high life activities on Jordans agenda. Jordan was reported to be making $250 Million at the age of 25 through his stockbroking firm Stratton Oakmont which functioned like a boiler room and later served  as inspiration for the creation of the film also known as ‘Boiler Room‘, starring Vin Diesel & Giovanni Ribisi. Jordan Belfort’s multi millions where stripped from him when the FBI pinned him for securities fraud and money laundering.

After Jordan Belforts release from jail and paying back the 100 millions of dollars he owed other stock brokers Jordan decided to turn his life around releasing the New York Best Seller ‘Catching The Wolf Of Wall Street‘ which was written by Jordan himself about his Wall Street sagas and his run ins with the law. This Book has been developed into a movie which will be directed by Martin Scorsese starring Leonardo DiCaprio as Jordan Belfort. Jordan also has toured the world discussing how to achieve success without sacrificing integrity and ethics.

The lesson here is that there is always room for change, if Jordan can change his life for the good, you can too.

2. Kim Dotcom

This German internet millionaire is most popularly known as the founder of Megaupload, an online file sharing service. Kim Dotcom’s fall from grace isn’t really because of bad business decisions as much as he was involved in a lot of suspected criminal activities.  While his website is being accused of copyright infringement, he’s also been charged with insider trading, embezzlement, and computer fraud. The problem with Kim is not only that he couldn’t handle his rock star lifestyle, but also the fact that he amassed his fortune through suspected illegal means.

UPDATE: Kim Dotcom has returned with a more legit way of sharing with his new online company MEGA. We will keep you updated with his progress. Good on you Kim for having another go and doing things right.

3. Allen Stanford

Currently in jail and awaiting trial, this former billionaire was charged with running a multi-billion dollar Ponzi Scheme.  Having acted as the Chairman of Stanford Financial Group, he’s been accused of masterminding a financial conspiracy to rob investors out of their hard-earned money and misused their funds to sustain his extravagant lifestyle. Like Kim Dotcom, he tried living the good life at the expense of others and is now reaping the consequences of his actions.  As of today, Allen Stanford is taking a number of medications for his depression and is even partially blind after an inmate assaulted him.

4. M.C. Hammer

MC Hammer rose to fame in the 1990s and earned around $30 Million during the peak of his musical career.  Shortly after his success, M.C. Hammer wasted no time squandering his fortune on mansions, sharing money with friends and expensive toys. Before the decade was over, he filed for bankruptcy due to an enormous debt.  He’s a classic example of someone earning his wealth too fast and too soon, which made it hard for him to handle his finances. Now living as a pastor in California, he learned the hard way that one should learn from their mistakes and consider the consequences of a decision before making it.

5. Sean Quinn

Only a few years ago, this Irish businessman was worth $6 Billion.  However, he quickly lost it all after he invested twenty five percent (25%) in Anglo Irish Bank.  However, his mistake was to use money he borrowed from his own insurance company.  When a financial crisis swept his country, his Anglo Irish shares suffered and caused him billions in debt.  What people can learn from Sean Quinn’s example is that itís alright to take risks only if youíve done your homework to avoid getting burned after taking the plunge.

.

mage Credit: Unsplash

.

.

Click the link below for the complete article:

.

__________________________________________