3 Legends Who Bounced Back From Bankruptcy
By James Mills, Mentorship Coach & Associate Partner, Lighthouse International
Losing all your money and your professional reputation can have a massive impact on your self-esteem. Here are three legends who not only seemingly reached rock bottom in pursuit of their passion, but also completely rebuilt their careers to become at least as successful as they were before....
Larry King - Host - Larry King Live
"I remind myself every morning: Nothing I say this day will teach me anything. So if I'm going to learn, I must do it by listening."
Larry King filed for bankruptcy back in 1978 with a total debt of $352,000 following his arrest and the struggle to find a journalism job for years. His saving grace was being offered a late-night radio talk show by CNN which subsequently became the famous "Larry King Live" which ran for 25 years. He is now worth an estimated $150 million.
Kim Basinger - Actress
"You never stop the measuring process because these are oceans that are so deep that they have no bottom, and it takes a long time to know that. It only goes to a higher place after you've gone to the depths where you think there's a bottom - and when you find out that there is no bottom, it just rises up into this plume of euphoria."
Because of legal action taken against her, Kim Basinger filed for bankruptcy in 1993 when she had a net worth of $5.4 million. Subsequent film roles and a modelling contract meant that she had an estimated net worth of $36 million in 2014.
Meat Loaf - Singer
"For the past 32 years, I've done nothing outside the entertainment business. I've had some real highs and some real lows, but I love the work so much that I never once thought of quitting."
Meat Loaf filed for bankruptcy in the 1980s because of legal action being taken against him and a not-so-successful album. Hit albums, film appearances, TV production and an autobiography means that his estimated net worth is around $25 million.
What Can We Learn From This?
Having the courage to face adversity and challenging circumstances is one thing that differentiates true legends from those who like the idea of becoming successful, but aren't prepared to do what it takes to truly succeed at the highest level. At the same time, these legends have recognised that their value is not directly connected to their bank balance! Instead, they learnt from their mistakes and had the resourcefulness to rebuild their career from nothing.
Here are some questions to consider...
- On a scale of 1-10, how important is the achievement of your goals?
- What do you fear could happen if you completely committed to going for your goals today based on your current skills, resources and network?
- What are the specific skills resources and connections you would need to acquire now, that would then make achieving your goals far more possible, and prevent these fears from getting in the way of your success?