The stories of 21 people who went from rags to riches will inspire you. — part 2
Many of Silicon Valley’s and Hollywood’s most well-known billionaires and millionaires didn’t always have it so good. Having started out in the slums of Los Angeles, these stars and entrepreneurs have gone on to become household names.
Before writing the Harry Potter novels, J.K. Rowling was a single mother trying to make ends meet.
J.K. Rowling was a single mother struggling to pay her rent before she had the inspiration for “Harry Potter” in a dream.
Although she has now faced controversy over some “transphobic” statements made by Rowling, she battled depression and other obstacles before becoming one of the most successful female writers of recent history and one of the most beloved British authors of all time.
The author has a net worth of $60 million thanks to the success of the Harry Potter books and the resulting film franchise.
After growing up as an orphan, Roman Abramovich has amassed the world’s third largest yacht.
Multi-billionaire Roman Abramovich owns stakes in Evraz, Norilsk Nickel, and the Chelsea soccer team in the United Kingdom. He also owns the third-largest yacht in the world, which he purchased for $400 million in 2010.
However, he was an orphan in Moscow before becoming a billionaire. Abramovich, who was always driven to succeed, dropped out of college to pursue his dream of starting his own business.
He made a lot of money flipping investments in companies like Sibneft, Russian Aluminum, and Evraz Group, all of which are in the oil and steel industries.
Before becoming a multi-billionaire, Kenny Troutt’s racehorse had won the Triple Crown.
While attending Southern Illinois University, Kenny Troutt supported himself by selling insurance on the side. Troutt was raised in poverty as the son of a bartender.
However, he went on to found Excel Communications, a long-distance phone company, after graduating from college. He went public with the company in 1996, 12 years after he founded it.
Teleglobe purchased Excel Communications from Kenny Troutt in 1998 for $3.5 billion. Profits from the deal went into stocks, bonds, and racehorses; he reinvested them.
One of his current holdings is a Kentucky Derby winner named WinStar Farm in Versailles.
Troutt’s net worth has risen to $1.5 billion as a result.
Oprah Winfrey was fortunate enough to receive a full scholarship to college despite her humble upbringing.
This is even though Oprah Winfrey was born in a poor Mississippi family in 1954. She ran away from home at the age of 13 after being abused and molested by two family members and a family friend during her traumatic upbringing. She had her first child at the age of 14, but the baby died soon after.
Winfrey was awarded a scholarship to attend Tennessee State University because she was always an intelligent and driven young woman. As a result of her participation in a local beauty pageant, she became the state’s first African-American TV correspondent at the age of just 19.
After moving to Chicago, where she started her morning show, the renowned talk show host became a household name. “The Oprah Winfrey Show” would become a household name. She was the first woman in history to have her talk show, and she produced and hosted it.
It ran for 25 seasons, from 1986 through 2011. OWN, the Oprah Winfrey Network, is the result of Winfrey’s departure from her talk show.
According to recent estimates, she is the first black woman and one of the world’s wealthiest black women, with a net worth of $2.6 billion.
John Paul DeJoria supported his family by selling Christmas cards and newspapers.
It wasn’t long ago that John Paul DeJoria was just a first-generation American trying to make it in the world of business.
To help support his family after his German and Italian parents divorced at the age of two, he started selling Christmas cards and newspapers at age 10.
“Echo Park is where we grew up in the heart of downtown Los Angeles. Because everyone was going through the same thing, we had no idea how bad things were getting “He revealed this to Forbes. Mom came home from work on a Friday and said to her sons, “You know, between us we have only 27 cents,” but we had food in the fridge, a garden in the yard, and we were “rich” because of it.
DeJoria became interested in the shampoo industry after taking a job at a Redken factory. John Paul Mitchell Systems was founded with a $700 loan from the company. In the hopes that his product would catch the attention of buyers, DeJoria slept in his car while selling door-to-door.
2.7 billion dollars is the estimated value of John Paul DeJoria’s fortune.
Howard Schultz was born and raised in the Canarsie neighborhood of Brooklyn.
Schultz was raised by a truck driver's father who barely scraped by. Although he came from a low-income family, his athletic ability earned him a football scholarship to Northern Michigan University. Schultz worked for Xerox after graduating from college with a degree in communications.
Then he stumbled upon a small coffee shop called Starbucks, where he eventually worked his way up to the position of vice president of operations.
“[My mother] began to weep, and I couldn’t help but notice. ‘A coffee company?’ she inquired. What the hell are you talking about? The question is, ‘Who will buy the coffee?’ But I had to follow my heart’s desires, and that was all that mattered to me “Schultz told the Mirror that he had spoken to the paper.
After leaving Xerox in 1987, he went on to become the company’s CEO because he was so enamored with the coffee. Coffee company Starbucks went from a handful of stores to more than 16,000 locations worldwide thanks to Schultz’s guidance.
Schultz resigned from his roles as executive chairman and board member of Starbucks in June of last year. His position has been upgraded to chairman emeritus.
The current net worth of Howard Schultz is 4.8 billion dollars.
Before starting Forever 21, Do Won Chang worked as a janitor.
Jin Sook and Do Won “Don” Chang emigrated from South Korea to Los Angeles in 1981 in search of success and new opportunities, according to Business Insider. When they arrived in the United States, the Changs had no money, no formal education, and a limited vocabulary of English.
When they first started in the coffee industry, they quickly realized that it wasn’t going to be their ticket to the top. Don worked as a janitor, a gas station attendant, and a coffee barista for a few years to support himself and his family. When he made that crucial observation, everything changed.
Don told the LA Times in 2010 that he noticed that “the people who drove the nicest cars were all in the garment business.”
His clothing store Fashion 21 was open for business in less than two months. Fast-fashion chain Forever 21 would be born out of this venture in the years to come. The retailer has filed for bankruptcy despite once raking in billions of dollars annually.
In 2015, Jin Sook and Do Won Chang’s net worth was estimated by Forbes to be $5.9 billion. After falling to $1.6 billion, their net worth has rebounded to $3 billion.