Getting to the top takes hard work. But staying there is even harder. Yes, indeed. It’s not easy having it all and then losing everything.

But that doesn’t mean you can’t bounce back from even the highest drop – and go even higher.

Just ask these five people who went from riches to rags. And back to riches.

24/7 Wall St. Insights

• Whether it’s faulty investments, poor decisions or bad luck, these mishaps have driven millionaires to bankruptcy.
• Many individuals who lost millions bounced back and earned even more.
• Poor investment decisions can crumble the portfolios of even the richest. But you can defend your nest egg with dividend-paying stocks. Check out our report 2 Dividend Legends to Hold Forever for some expert tips.

James Altucher

James Altucher launched a successful web-design company called Reset Inc. during the Dot-Com bubble of the late ‘90s. He eventually sold it for $10 million. But the turn of the century was not kind to Altucher. As he put it, he lost everything after making “every stupid decision in the book.” But he found some success in books.

Tell your story

He began writing popular titles about his journey to rebuilding his business and restructuring his life.

Today, he’s a successful writer, blogger, venture capitalist and podcaster. And he’s keeping his eye on the future by venturing into the world of crypto and A.I. Altucher’s net worth is around $50 million.

George Foreman

Boxing and grilling legend George Foreman wasn’t always the champ when it came to his finances. But when he got knocked down, he got back up and kept on swinging.

Put your fists back up

After retiring from boxing, Foreman returned back home and traded his gloves for the garb of an ordained Christian minister. But poor financial decisions eventually led him to fall to bankruptcy in 1983.

So he decided to get back in the ring. And he got the gold, becoming the oldest world heavyweight champion in 1994. Today, he’s worth a cold $300 million.

Stan Lee

Stan Lee may be the father of beloved superheroes and blockbuster movie celebrities like Spider-Man and Iron Man, but his life wasn’t always super.

Stan Lee first saw massive success as the face of Marvel during the height of the comic book wave in the ‘70s and ‘80s.

But in moving with the times, Stan Lee jumped into the world of online marketing and production with his new company Stan Lee Media. However, the firm collapsed after the Dot-Com Bubble burst in the early 2000s and Stan Lee found himself facing Chapter 11 bankruptcy

Power up

Stan Lee refused to quit. He co-founded POW! Entertainment and pushed to become a visible face in modern pop culture. He landed a 2002 voice role in “The Simpsons,” appeared as himself in several Marvel comics, and had his own action figure. He also made cameo appearances throughout the insanely popular Marvel movies that launched in the early 2000s and continue to pull in millions at the box office today.

Before passing away in 2018, Stan Lee’s net worth was around $50 million.

Dorothy Hamill

Professional figure skater Dorothy Hamill became an American hero after winning gold at the Winter Olympics in 1976. That win also scored her fame as she went onto become a spokesperson for various popular brands selling everything from cars to shampoo.

But her performance on the ice didn’t translate to gold-winning money management skills.

Hamil’s fame led her to overspend on jewelry and make some poor investment decisions.

She decided to buy the bankrupt Ice Capades in 1993 in an attempt to flip it. But she failed and found herself filing for bankruptcy in 1996.

Keep on moving

Hamil decided to tell her story. She went on to write “A Skating Life: My Story.” She also starred in the TV movie “The Christmas Angel: A Story on Ice.” Notably, she made a cameo in the popular 2007 movie “Blades of Glory,” starring Will Farell. Today, her net worth is around $5 million.

Walt Disney

Believe it or not, the man who founded one of the world’s largest media and entertainment empires almost never built it.

In 1920, then struggling actor Walt Disney launched his first film studio called Laugh-O-Gram. But what followed was no laughing matter.

The firm backing his venture collapsed. Walt found himself unable to pay his employees or meet his financial obligations. He eventually went bankrupt.

Stay the course

After securing a loan from his parents and brother, he formed another studio. Unfortunately, he nearly plunged into bankruptcy again during the production of “Snow White and the Seven Dwarfs.” But it wasn’t magic that saved him.

Walt managed to secure one more loan to get the project through the finish line. And as you know, it became a timeless classic.

Today, Walt Disney Co. holds a market capitalization of around $175.08 billion.

Why we covered this

It’s never easy to achieve fame and riches just to see it all crumble away. But it’s possible to climb back to the top and reach even higher peaks. That’s why we gathered the stories of five individuals who did just that. And we hope they inspire you.

 

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