617 crore 50 crore
with a bankrupt company. At 57, he had no films or endorsements, no money, had legal cases against him, and tax authorities put up a recovery notice on his house. He was forced to restart his career and managed to repay all debts. Today, his net worth is 2,866 crore.
The clear learning here is not to take undue financial risks after retiring or launch projects without sufficient expertise and financial backing. One also needs to keep investing in retirement to ensure that the money keeps growing at a pace faster than inflation.
Loans don’t go away if you ignore them. Repay at the earliest
Becker, who once had a net worth of
1,400 crore, and continues to rank among the top 10 highest earners in tennis, was reluctantly forced to auction 82 trophies and personal souvenirs in July this year. One of the primary reasons for his downfall, besides a lavish lifestyle, was his refusal to repay loans and pay taxes, which ran into several hundred crores of rupees. He could have saved himself this predicament by simply paying on time the money he owed. It is important to understand that loans keep becoming bigger because the interest
Don’t get attached to a loss-making investment
The ‘King of Good Times’, Vijay Mallya, is a clear instance of the destruction wrought by emotional attachment to a loss-making investment. Clinging to Kingfisher Airlines, which was launched in 2005 and grounded in 2012, led to his downfall as the company kept piling losses. Mallya defaulted on bank loans that were taken to keep