I realize it my not be very fun to study people who’ve failed financially. We’d all rather invest our time studying success, right?
Well, the problem with not studying how people go broke is that we may end up making the same mistakes they’ve made ourselves. I certainly made some very costly mistakes that almost took me down.
By studying the main causes of financial failure, we can learn how to prevent something similar from happening to us. Why work your ass off to hit certain financial goals only to lose everything shortly thereafter? It really doesn’t make a lot of sense to invest years of your life to build wealth and not protect yourself. Plus, if you lose everything you’ve built, you end up questioning life. I certainly did.
In my June Cashflownaire Newsletter (to be released next week), you’ll find a detailed study of how people go bankrupt. This study encompasses 188 rich and famous people who went broke and includes names such as Eliot Ness, Harry S. Truman, Sam Adams, Daniel Boone, Abe Lincoln, Thomas Jefferson, Ulysses S. Grant, Larry King, Gloria Vanderbilt, Toni Braxton, Merle Haggard, Tom Petty and many more. Yes, several U.S. presidents were broke.
Believe it or not, I tracked all of these financial failures and more noting the commonalities of their financial woes. Remember, I used to be a CPA and still have a little bit of accounting geakyness in me. I, however, did NOT use an Excel spreadsheet. LOL.
I’ve summarized my findings within the newsletter saving you hours of work. I’ve also included a few steps you might want to take yourself. These are steps I’ve taken myself and constantly bang my Cashflownaire drum about.
You can become a Cashflowniare Member here:
Once you join, you’ll get the May Newsletter immediately. Plus, you’ll get the June Newsletter next week when it’s released! It’s almost like getting a two months for the price of one! If you wait until next week to become a Cashflownaire. you’ll lose out on the May Newsletter. 🙁
P.S. This study isn’t all misery. My study uncovers something very positive about those who went bankrupt. Something that might even be inspiring to those who’ve had financial problems. Truth be told, it was very inspiring for me. I actually did this study several years ago after putting the best bankruptcy attorney in Cleveland on retainer and it helped me see the big picture.
It may do the same for you, too!