2. Harold Simmons
Harold Simmons was a businessman who used a concept known as leveraged buyout (LBO) to acquire corporations. This means he used a significant amount of borrowed money (i.e. those dreadful things known as loans) to purchase companies and assets to fund business growth. The first time he put this concept into practice, it earned him $50 million.
Fast forward a few decades and Harold Simmons had a net worth of $10 billion by the time he passed away in 2013. He wasn’t always rich, though. He practically grew up in a shack that had no plumbing or electricity. But, his parents always taught him the value of education and Harold took it to heart, earning himself a Masters in Economics.
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