Sep
01

From Bankrupt to Billionaire

By Tony Seruga

When it comes to acquiring wealth, the general public has two major blind spots:

  1. They have no idea that bad economies are actually the best times to generate wealth;
  2. They truly believe that they have to have lots of money, connections, education and experience to become wealthy.

Nothing could be further from the truth. I’m living proof of that and so is one of my partners, Bill Bartmann.

If you were to read Bill’s biography, I do believe you would be totally shocked at where he came from to where he’s been.

Bill was born in Dubuque, Iowa in 1949. At age 14, he dropped out of high school and joined a traveling carnival. He lived under bridges and many times ate from garbage cans. He later joined a gang called the Manor Boys. Bill attempted to join the Marines but was rejected for hearing problems. Bill became an alcoholic by age 17, and one night fell down a flight of stairs while drunk. He became paralyzed and was told that he would never walk again. Against his doctor’s wishes, Bill embarked on a nightly regimen of physical activity until he eventually regained the use of his legs.

For several years Bill worked at the Dubuque Packing Company, a large local slaughterhouse. While there, he organized a wildcat strike to force the company to give benefits to part-time workers. The strike was successful. Around this time, he ran into a high school principal who earlier had expelled him from school. The principal challenged Bill to get his GED certificate, which he did. Bill later earned a BS from Loras College and a JD from Drake University.Inc. Magazine "The Billionaire Nobody Knows"

After passing the Iowa Bar Exam, Bill immediately went into private practice, specializing in personal bankruptcy cases. He also invested in real estate along with his brother, Ted. Bill moved to Muskogee, OK to devote full time to real estate investing. While there, he became involved in oil drilling and promptly lost almost all of his assets. Bill was later asked to take over a struggling oil equipment company in Oklahoma. He turned around the company and grew it substantially. It folded in 1985 due to falling oil prices, with Bill one million dollars in debt due to personally guaranteeing some of the corporate obligations.

Hounded by debt collectors, Bill looked for other opportunities. He saw an ad in the newspaper about buying defaulted loans from the federal government. He bought a portfolio of loans, financed by the bank he was already in debt to. Bill succeeded in collecting enough money from that first portfolio to recoup the cost of the portfolio, plus make a partial repayment on his bank debt. That led to more purchases of loan portfolios. Bill created a company that would buy out debts and then attempt to collect from debtors. The strategy was successful, with 400% returns.

In Bill’s life, he was a millionaire three times, bankrupt twice, and a billionaire once. At one point he was the 25th wealthiest person in America.

Achieving billionaire status, especially when you have been bankrupt requires a particular mindset, something that Bill Bartmann has definitely perfected.

Bill’s story is truly fascinating and inspiring.

However, it gets even better than that, because not only can you learn from Bill, there is even an opportunity to work with him and build your own wealth.

You see, a few years ago, a friend of mine, real estate rock star Ron LeGrand introduced me to Bill.

At the time, I knew quite a bit about Bill and how he had made his billions with his company, Commercial Financial Services, but that was a few years ago, however, it was like history was repeating itself and this time, the opportunity was even bigger than before.

Rather than me trying to explain it, Bill recorded this video and you can learn about the opportunity right from the horses mouth.

What excites me about Bill and this new opportunity is that I know of a half dozen people that have basically gone into business with Bill and each of them is tickled beyond belief.

The url to Bill’s video is: www.FreeBillionaireInsights.com

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Comments

  1. Carolyn says:

    right now I can’t even comprehend earning $10,000 from a business let alone a billion dollars

    carolyn

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