There are a lot of financial gurus and talking heads out there.
Financial Gurus Who Have Gone Broke – There are a lot of financial gurus and talking heads out there. It sure would be easier to interpret their advice if there were a running banner along the bottom of the screen showing their own investments, their past investment performance, and their net worth. It’d be even more interesting if they had to reveal past crimes, schemes, scams, complaints, and bankruptcies. It certainly would make us all a lot more skeptical of their advice.
A surprisingly high number of financial gurus, particularly in the real estate space, have gone bankrupt at some point or another. Sometimes it is a business bankruptcy and sometimes it is a personal bankruptcy, but I find it amazing how many of them wear it as a badge of honor. Personally, I’m far more proud that I haven’t gone bankrupt, and I actually prefer taking advice from others who have also not gone bankrupt. That’s not to say you can’t learn from someone who has gone bankrupt, but it does make me a little more skeptical about their advice, especially if they advocate for a lot of leverage.
Today, we’re going to discuss some of the more well-known gurus out there and their experiences with bankruptcy and other legal troubles.
Dave Ramsey
Dave Ramsey is not shy about discussing his bankruptcy and what he learned from it (he’s certainly swung from being a big fan of leverage to being one of the most anti-debt folks on the planet). If anything, maybe he learned his lesson a little too well.
Financial Gurus Who Have Gone Broke Continued
By 1986, Dave Ramsey was 26 years old, and he had amassed a $4 million real estate portfolio, no small sum at that time. However, he had seven figures of debtāwhich was recalled after some banks changed ownershipāand by 1988, he had declared bankruptcy.
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