Category Archives: Work-Life Balance

Joe Biden Work-Life Balance Memo To His Staff

Joe Biden work-life balance memo to his staff

There is a Joe Biden work-life balance memo that is trending on twitter. It is a note that he sent out to his staffers in 2014 before Thanksgiving.

What is interesting about this memo? It is the show of care. The desire that those who work with him then should have a work-life that balance family commitment with work demands.

Dan Barker shared the memo on Twitter, and he urged that it be read in full. Adding that the politician’s personal losses may have pushed him into writing the note to his staffers. Mr Biden’s son Beau, died from cancer. Likewise, his first wife Neilia and infant daughter Naomi sadly passed away in a car crash in 1972.

Go through the content of the memo below.

image credit: Facebook

“To My Wonderful Staff,” the letter begins.

“I would like to take a moment and make something clear to everyone. I do not expect nor do I want any of you to miss or sacrifice important family obligations for work.

Family obligations include but are not limited to family birthdays, anniversaries, weddings, any religious ceremonies such as first communions and bar mitzvahs, graduations, and times of need such as illness or a loss in the family.

This is very important to me. In fact, I will go so far as to say that if I find out that you are working with me while missing important family responsibilities, it will disappoint me greatly.

This has been an unwritten rule since my days in the Senate.

Thank you all for the hard work.”

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Joe Biden Work-Life Balance Life Lessons

The mirror shared some responses on twitter to the memo. The Joe Biden work-life balance memo to his staff should be another wake up call to bosses who still see the relationship between work and life differently. It is more important to those leaders who believe that the only relationship they can or should have with their staffers, is how to meet the bottom line. Or how they can ‘use’ people to achieve their personal ambition.

No! There is a better way.

As Alex Bostanian wrote in the entrepreneur magazine, “life is similar to walking on a tightrope, where we have to skillfully balance our career and personal life to reach our goal successfully.”

He continues, “our work-life and our personal life are two very important pillars. While work allows us to earn a living to fulfill our essential needs, our personal life brings us peace, happiness, and intangible fulfillment. Work is an essential part of our daily lives. Concurrently, we must always remember to reserve time for ourselves, our family, and our friends. Our personal development and personal relationships are just as necessary as our career growth.”

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Elusive Work-Life Balance In Bangkok; Ranked 43rd Out Of 50

Work-life balance elusive

Bangkok ranked 43rd out of 50 major cities worldwide for qualities that make working and living easier. People in Bangkok struggle to achieve a work-life balance. The city is ranked 43rd out of 50 major cities worldwide for qualities that make working and living easier. This is according to Kisi, a US-based security specialist. But you may be wondering, how elusive is work-life balance in Bangkok?

The results are based on an analysis of 19 factors grouped under three broader themes — work intensity, society and institutions, and urban livability. These are themes that the researchers believe, affects working life overall. And therefore, based on those criteria, top nine European cities emerged from the 2020 survey. The nine cities were led by Oslo, Helsinki and Copenhagen in that order. Calgary in Canada rounded out the top 10.

The top-ranked city in Asia was Singapore. It holds the 41st position, with a total score of 64.7. Note that Oslo was assigned a score of 100. Bangkok that scored 59.6 still finished ahead of Hong Kong (45th), Kuala Lumpur (47th) and Seoul (50th).

According to Kisi, the “Best Cities for Work-Life Balance 2020” report assesses “a city’s adoption of smarter working policies.” It also assesses “cities capacity to simultaneously equip residents with the ability to enjoy their leisure time.” This year’s study also took into account how Covid-19 has changed and continues to affect work-life balance.

Understanding Kisi’s Best Cities for Work-Life Balance

“This index is not designed to be a city livability index, nor is it intended to highlight the best cities to work in. Instead, it is an indicator of a city’s ability to provide a healthy work-life balance for its residents. While also providing opportunities to relieve work-related stress,” the company said.

Kisi chose the 50 cities for the survey based on their reputation for attracting professionals and families for their work opportunities and diverse lifestyle offerings. It then gathered and analysed publicly available data on the many factors that affect working life.

Kisi’s Survey – Work Intensity Factors

Work intensity factors included the amount of time a person dedicates to their job. This includes the total working hours, commuting and vacation days taken. Also analysed were unemployment figures. This takes into account the impact of the pandemic, as well as the percentage of people who have had to take up multiple jobs in order to get by as a result.

Kisi’s Survey – Social Factors

Analysis of social factors focused on the extent to which residents receive equal treatment. These are for services such as; access to state-funded health and welfare programmes, as well as institutional support for equality and social inclusivity.

Kisi’s Survey – City Livability Factors

City livability was evaluated based on affordability as well as citizens’ overall happiness, safety and access to wellness and leisure venues.

The two final factors added this year related to Covid-19: overall economic impact and projected percentage change in employment.

Bangkok’s Weak Areas Based on Survey Factors

Work intensity factors that pulled down Bangkok’s ranking included hours worked plus commuting time. Bangkok average 50.7 hours per week on hours worked plus commuting time. It has percentage of the workforce considered overworked at 20.2%; and vacation days taken at just 10 per year.

Bangkok’s ranking was low on city livability factors. Affected areas included a low affordability score of just 38.3 compared with scores of 80 or more for the top 10 cities, and 27.9 for air quality.

Click to read: Elusive Work-Life Balance in Bangkok; Ranked 43rd Out of 50

Source: Bangkok Post

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Working Dads Battles And The Burden To Provide

WORKING DADS BATTLES AND THE BURDEN TO PROVIDE_Worklife

Working dads would always feel they have more battles to contend with than working moms. The narrative that gender pay imbalance makes the working mum – who earns less – to more likely drop off work because the man earns more may be true. But that is not the whole story.

Given an option, a man will love to relax at home and not go to work. Hanging out and having fun with the boys will be like play-watching a professional league game. Working dads wants to do some other fun stuffs too – not just go to work and earn a living for the family. But that should not include any – or a lot of – home or child care responsibilities. This type of man or working dads is real and do exist, but rarely the conventional real man. And such men will form a very minute percentage of men. Now don’t roll those eyes looking down at your man or your self – if you are a man reading this.

Just as a woman or working moms have that natural tendency to take care of the home and the children, so do real men. But real men and working dads go into battles too. They have moments of low self esteem and doubt over their manliness, especially if they cannot provide for their family.

Working Dads Battles And Working Moms Love

Just when the post, working moms battles and the mental health toll was off to press, LinkedIn was prompting me to review a post by Andrew. Andrew’s post, why you feel the burden to provide is about a dad who is “celebrating” a milestone. Guess what it is. He was having the last of four kids turn 18! He was glad that he would no longer be the “parent” of any children, since they are now all adults.

Andrew got my attention when he wrote, “I think it was because of the incredible pressure I used to feel to provide for the family, whilst doing work that frankly had little meaning for me. I wasn’t sure I would be able to keep it up. To hang on until this milestone date in the future. Of course as parents, we never stop loving and caring for our kids. But I honestly wondered if I would be able to make it through all those commutes and meetings where I didn’t want to be.”

Speaking on behalf of real men, I will say, that statement by Andrew just feel so normal for many working dads. I then remembered some honest quotes about fatherhood from Ben Affleck. It added spice to my thought on this. Ben said, “Fatherhood has made me more sensitive and probably more caring, in a way. I always thought I was a caring guy, but it has made me feel things more acutely.”

When The Battles Without Shifts To The Battles Within

Usually, almost like normal, couples take on each other, tear each other apart and fight like the enemy is within. At that point, we all wonder, where was the first love? Mr. Pay Slip and Mrs. Professional Career that took back seats when love was in the air are the new bosses. Dictating what decision is right to take. What feelings to have.

It is not a crime to suspend judgement on what could possible go wrong in a relationship when that first love crush hit. When there are light sparkles in the air, colorful stars in the sky and live bands music playing just for two.

Recently, through the building relationships podcast, I was listening to Dr. Gary Chapman answer some questions on radio. I was reminded that the initial ‘crazy love feeling’ only last a while. We all need to keep working on our relationships for it to keep the shine.

Now, I don’t want to get off track and start to talk about Dr. Chapman’s Five Love Languages. But remember this, Work-Family balance was already tough enough. Then the pandemic hit.

Don’t Crash Your Ride, There Is Help Hanging Out With Good ‘Real’ Men

Real man, do you feel burdened and insufficient providing for your family? And we are not just talking about the financials. But also about the emotional needs of everyone in the family, including your spouse. You can be feeling discouraged and less appreciated, especially by everyone who should be cheering you on. Though you are doing your best grinding at a work that seems not to have any meaning for you?

Are you wondering if men can have work-life or work-family balance? You may want to check out the Good Men Project. And get involve in the type of men’s conversations that no one else is having.

Working dads mental health is also very important during this period. Seek professional counselling to get some good advise to ride this storm. And, if you are feeling just a little like a boy again, here are 10 habits that you need to watch and take care of, they can change boys into men.

Now, don’t crash your ride. In the heat of working dads battles, do not place the “punches” on the working mom, your spouse. You are both scripting the greatest love story, your stories, a personal story. It is your story, whatever you want to write.

Welcome to Worklife Feed.

Hyatt Work From Hotel Sweetens Work From Home

Hyatt Launched Work From Hotel Package

When I started reading about Hyatt work from hotel package from rustourismnews, I knew it is a going to be a great work from anywhere deal. Guided by its purpose of care and commitment to listening to guests and members, Hyatt recently launched the Work from Hotel extended-stay package. This is Work From Hyatt that gives families, couples and individuals a seamless, much-deserved change of scenery.

Following the strong interest in the initial launch of the package, Hyatt has announced it’s expansion. Travelers can choose from nearly 90 hotels across North America and the Caribbean with the Work From Hyatt package.

With millions of people still working and learning remotely, the Work from Hotel package encourages work-life and school-life balance. And this is from the comforts of a premium resort experience. Guests may check email poolside, and take a lunch break on the beach. And boy, you can enjoy a swim in the pool after school or sneak a massage after a big meeting.

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Why A Work-Life Balance Scoreboard?

According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week. And nearly half said they worked more than 65 hours per week.

“… when the assumption that everyone needs to be always available was collectively challenged. Not only could individuals take time off, but their work actually benefited.”

The EU Gender Equality Index 2019 focuses on Work-Life Balance (WLB). The EU WLB scoreboard cuts across three broad areas {paid work, unpaid work (care) and education and training}. These is presented with 15 indicators in six specific areas of concern.

20 Highest Rated Companies For Work-Life Balance During COVID-19

Burning out? Check Out 20 Highest Rated Companies For Work-Life Balance During COVID-19

Due to COVID-19, the concept of having a work-life balance has increasingly become more difficult to achieve. Many employees have been experiencing long hours of work to meet deadlines and keep businesses afloat. This alters employee morale, wellness, and motivation, which unfortunately leads to burnout. Now, you can have a pick from the 20 highest rated companies for work-life balance during COVID-19.

Although the concept of work-life balance varies across companies, Glassdoor Sr. Economic Research Analyst Amanda Stansell was able to look at Glassdoor reviews from the past six months. This was used to reveal which employers prioritize their employees’ well-being during the COVID-19 pandemic.

The research found the monthly percentage of employee reviews in July 2020 on Glassdoor discussing mental health and similar topics rose 42 percent compared to six months earlier.

Prioritizing mental health and wellness within the workplace is now more important than ever. Not only to employers, but also for employees suffering from chronic workplace stress.

Additionally, Stansell and the team analyzed millions of employee reviews on Glassdoor to identify the top 20 companies for work-life balance in the U.S. This is as COVID-19 heightened the stress and turmoil people across the world face in and out of work.

Are you looking for an employer that cares for your mental health and prioritizes wellness? Check out the 20 Highest Rated Companies for Work-life Balance During COVID-19!

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Why A Work-Life Balance Scoreboard?

According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week and nearly half said they worked more than 65 hours per week.

“… when the assumption that everyone needs to be always available was collectively challenged, not only could individuals take time off, but their work actually benefited.”

The EU Gender Equality Index 2019 focuses on Work-Life Balance (WLB). The EU WLB scoreboard cuts across three broad areas {paid work, unpaid work (care) and education and training}. These is presented with 15 indicators in six specific areas of concern.

Get hired by the 10 companies with best work-life balance

GET HIRED BY THE 10 COMPANIES WITH BEST WORK-LIFE BALANCE

With layoffs and job losses happening every now and then, securing a current job is top priority for many. But once the inevitable happens, and savings start to dwindle, things change quickly. Desperation can set in, priority flips and desires can change. The goal simple becomes how to get hired by another company as soon as possible. This is to either avoid a career break, or just to keep putting food on the table.

However for someone who is looking at changing from one job to another, the considerations and desperations can be different. Among other things, there can be a better scrutiny of the work-life balance offerings by different companies.

Recommended; Define Worklife, Worklife Balance And Quality Of Worklife

Once desperation sets in, getting hired immediately becomes the most important huddle worth crossing.

According to Maslow’s hierarchy of needs, such individuals will soon realize that work, and secured pay are not by themselves, the ultimate.

How much do you value getting a job and the balance that the work offers?

If you’re averse to burn-out and a healthy work-life balance is paramount to your success at work, then check out Comparably.com’s list. The list has the highest rated US companies when it comes to Work-Life Balance in 2020.

Comparably.com created the list after asking a variety of questions regarding paid time off, sick days, and overtime compensation. On average 83% of employees working in the listed companies were satisfied with their company’s approach to work-life balance. This ensured that their team does not suffer the complications that arise from on-site burnout.

The company stated that they have not enlisted employees anonymous reviews on Glassdoor to back up the aforementioned list or statistics.

Now, do you want to get hired by any of these companies? That is, if any of them provides a culture in which you believe you can thrive. Why not check out the ladders or the companies websites?

The 10 companies with the best work-life balance as listed by Comparably.com are as follows; CVS Health, Imprivata, Frontier Communications, Walmart, and TaxJar. The others are, Target, Smartsheet, Whole Foods Market, ePlus Inc, and Drfit.

Few highlights of the 10 companies with the best work-life balance

The qualities exhibited by these companies can be developed and deployed by any other company. The most difficult is having very happy team members who can openly and positively rate your organization.

To improve things in your place, start by reviewing your remote work offers, shifts system and your organization’s response to employees emergencies. Make them flexible, easy and responsive to employees personal emergencies. Also assess your response towards folks dealing with fallout related to COVID-19. From there, develop a checklist of actions to improve your performance in those areas.

Another common characteristics of the 10 companies is their work environment. Employees want to work in an environment that is relaxed, friendly and uplifting. Not a place with over demanding work, or working with a boss who breaks the spirit.

Every employee desires an organization that utilizes their experience, and exposes them to new things.

A supportive leadership crowns it all. Good leaders develops strong organizations, they do not micromanage, they communicate well, and set the direction for a good company culture.

Thank you to the teams and companies for making sure employees mental health, their families, and customers are taken care of.

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Why A Work-Life Balance Scoreboard?

According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week and nearly half said they worked more than 65 hours per week.

“… when the assumption that everyone needs to be always available was collectively challenged, not only could individuals take time off, but their work actually benefited.”

The EU Gender Equality Index 2019 focuses on Work-Life Balance (WLB). The EU WLB scoreboard cuts across three broad areas {paid work, unpaid work (care) and education and training}. These is presented with 15 indicators in six specific areas of concern.

New Worklife Balance Ideas For Making ‘Work’ Work

Work-life Balance_New worklife balance ideas for making 'work' work.

These new worklife balance ideas have been compiled as a guide. The guide profiles promising and innovative practices from 297 employers that are creating effective and flexible workplaces to make work “work” better for both the bottom line and for employees. The theme: New worklife balance ideas for making ‘work’ work.

All the employers profiled are recipients of the Alfred P. Sloan Award for Excellence in Workplace Effectiveness and Flexibility.

The Sloan Awards are part of When Work Works, a US nationwide initiative to bring research on workplace effectiveness and flexibility into community and business practice.

The 2014 Guide to Bold New Ideas for Making Work Work is a product of the When Work Works project. It is published and distributed jointly by Families and Work Institute and the Society for Human Resource Management.

What Is An Effective Workplace And Why Is It important?

The concept of flexible workplaces continues to grow as a solutions-based strategy to address the changing nature of work and the increased pressure and demands of the global market. The speed of adoption of flexible workplace practices between 2014 and 2019 is far less compared to what has been achieved in 2020, since the onset of the COVID-19 pandemic.

Business leaders are strategizing on hybrid flexible workplace options. Governments are pleading for offices to open and for workers to return back to the offices. A plea to roll back flexible workplace practices as city centers ‘risk’ becoming ghost towns.

The drive for flexible workplace before year 2020 was the desire to create effective work environments. These are workplaces that are conducive to increased productivity, innovation, creativity and engagement. Not the all time blast of working from home or working from anywhere that COVID has engineered.

Society for Human Resource Management (SHRM) and Families and Work Institute (FWI) have also found that the effort to create an “Effective Workplace” no longer means simply offering flexible arrangements – although that is one component. As businesses return back to the offices or practice a hybrid of working some days at the office and some at home, they still have to ensure effective ‘workplaces.’

Criteria Of Effective Workplaces

Businesses look at six different elements in their pursuit of an effective workplace and one that offers employees work-life balance. These six criteria of Effective Workplaces include both work and non-work factors that impacts employee work-life balance, wellness and mental wellbeing. All of them benefits both the employee and the employer.

  • Work-life Balance_New worklife balance ideas for making 'work' work.
  • Work-life Balance_New worklife balance ideas for making 'work' work.
  • Work-life Balance_New worklife balance ideas for making 'work' work.

Why A Work-Life Balance Scoreboard?

According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week and nearly half said they worked more than 65 hours per week.

“… when the assumption that everyone needs to be always available was collectively challenged, not only could individuals take time off, but their work actually benefited.”

The EU Gender Equality Index 2019 focuses on Work-Life Balance (WLB). The EU WLB scoreboard cuts across three broad areas {paid work, unpaid work (care) and education and training}. These is presented with 15 indicators in six specific areas of concern.

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Welcome to Worklife Feed articles and site-files indexing and adaptation series.


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Worklife Balance At Atlantic Council

Work-life Balance at Atlantic Council

To produce quality work and to successfully achieve it’s mission, Atlantic Council recognizes the need for employees to maintain a healthy lifestyle and a work/life balance. The theme: Worklife Balance at Atlantic Council.

Success at Atlantic Council requires the hard work of building consensus. Atlantic Council was founded in 1961 as a nonpartisan organization to galvanize US leadership and engagement in the world. This is done in partnership with allies and partners, to shape solutions to global challenges.

“The Atlantic Council is as good as its people.”

Worklife balance career benefits at Atlantic Council

Atlantic Council’s comprehensive benefits package helps to keep costs low for employees and their families.

The areas covered by the benefits package includes the following;

  • Competitive health, dental, vision, life and retirement plans
  • Paid parental leave
  • Parking and transit benefits
  • Legal and ID theft protection
  • Pet insurance
  • Regularly scheduled social events
  • In-house fitness facility
  • Generous vacation, sick and holiday leave policies
  • A pay for performance culture
  • Discount programs 

Countries and cities are assessed based on their performance on the better life index or work-life balance index. Companies will also be assessed according to their work-life balance benefit package offerings.

Visit www.atlanticcouncil.org for more information about the organization.


According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week and nearly half said they worked more than 65 hours per week.

“… when the assumption that everyone needs to be always available was collectively challenged, not only could individuals take time off, but their work actually benefited.”

The EU Gender Equality Index 2019 focuses on Work-Life Balance (WLB). The EU WLB scoreboard cuts across three broad areas {paid work, unpaid work (care) and education and training}. These is presented with 15 indicators in six specific areas of concern.

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Welcome to Worklife Feed articles and site-files indexing and adaptation series.


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6 Tips For Better Work-Life Balance

Work-life Balance_6 tips for better work-life balance

These days, work-life balance can seem like an impossible feat. Technology makes workers accessible around the clock. Fears of job loss incentivize longer hours. Post title: 6 tips for better work-life balance.

According to a Harvard Business School survey, 94% of working professionals reported working more than 50 hours per week and nearly half said they worked more than 65 hours per week.

Work-life balance means something different to every individual, but here health and career experts share tips to help you find the balance that’s right for you.

1. Let go of perfectionism

The key to avoid burning out is to let go of perfectionism, says Puder-York. “As life gets more expanded it’s very hard, both neurologically and psychologically, to keep that habit of perfection going,” she says. Adding that, the healthier option is to strive not for perfection, but for excellence.

2. Unplug

From telecommuting to programs that make work easier, technology has helped our lives in many ways. But it has also created expectations of constant accessibility. The work day never seems to end.

“There are times when you should just shut your phone off and enjoy the moment,” says Robert Brooks, a professor of psychology at Harvard Medical School and co-author of The Power of Resilience: Achieving Balance, Confidence and Personal Strength in Your Life.

Make quality time true quality time. By not reacting to the updates from work, you will be developing a stronger habit of resilience. “Resilient people feel a greater sense of control over their lives,” says Brooks, while reactive people have less control and are more prone to stress.

3. Exercise and meditate

Even when we’re busy, we make time for the crucial things in life. We eat, we go to the bathroom and we sleep. And yet one of our most crucial needs – exercise – is often the first thing to go when our calendars fill up.

Exercise is an effective stress reducer. It pumps feel-good endorphins through your body. It helps lift your mood and can even serve a one-two punch by also putting you in a meditative state, according to the Mayo Clinic.

Puder-York recommends dedicating a few chunks of time each week to self-care, whether it’s exercise, yoga or meditation. “The key is to find something that you can build into your life that can calm you down and activate your body’s rest system.”

4. Limit time-wasting activities and people

First, identify what’s most important in your life. This list will differ for everyone, so make sure it truly reflects your priorities, not someone else’s. Next, draw firm boundaries so you can devote quality time to these high-priority people and activities. From there, it will be easier to determine what needs to be trimmed from the schedule.

And if you find your time is being gobbled up by less constructive people, find ways to diplomatically limit these interactions. Are you cornered every morning by the office chatterbox? Politely excuse yourself. Do you feel an obligation to have drinks with the work gang the night before a busy, important day? Bow out and get a good night sleep. Focus on the people and activities that reward you the most.

To some, this may seem selfish. “But it isn’t selfish,” says Robinson. “It’s that whole airplane metaphor. If you have a child, you put the oxygen mask on yourself first, not on the child.” When it comes to being a good friend, spouse, parent or worker, “the better you are yourself, the better you are going to be in all those areas as well.”

5. Change the structure of your life

Sometimes we fall into a rut and assume our habits are set in stone. Take a birds-eye view of your life and ask yourself: What changes could make life easier? 

Instead of trying to do it all, focus on activities you specialize in and value most, and delegate or outsource everything else. Delegating can be a win-win situation, says Stewart Freidman, a management professor at the University of Pennsylvania Wharton School and author of Leading the Life You Want: Skills for Integrating Work and Life.

Freidman recommends talking to the “key stakeholders” in different areas of your life, which could include employees or colleagues at work, a spouse or a partner in a community project. “Find out what you can let go in ways that benefit other people by giving them opportunities to grow,” he says. This will give them a chance to learn something new and free you up, so you may devote attention to your higher priorities.

6. Start small. Build from there.

We’ve all been there: crash diets that fizzle out, New Year’s resolutions we forget by February. It’s the same with work-life balance when we take on too much too quickly, says Brooks.

Many of his workaholic clients commit to drastic changes: cutting their hours from 80 hours a week to 40, or bumping up their daily run from zero miles a day to five miles a day. It’s a recipe for failure, says Brooks.

When one client, who was always absent from his family dinners, vowed to begin attending the meals nightly, Brooks urged him to start smaller. So he began with one evening a week. Eventually, he worked his way up to two to three dinners per week.

“If you’re trying to change a certain script in your life, start small and experience some success. Build from there,” says Brooks.

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Click to read from source file: Forbes. Author @source – Deborah Jian Lee, http://www.deborahjianlee.com, @deborahjianlee


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Billionaires Who Went Broke Or Declared Bankruptcy

BILLIONAIRES WHO WENT BROKE OR DECLARED BANKRUPTCY

Mario Tama/Getty Images /Billionaires Who Went Broke Or Declared Bankruptcy

Work-Life Balance have one more definition. It can be defined as, “the way we impact-fully utilize and productively manage, balance and integrate our wealth (financial, health, work opportunity, status, privileges, relationships, accomplishments, taste, etc), and our life.” This definition gives a different perspective of work-life balance. It shows our relationship with wealth, and how as billionaires, the middle class and low income earners we can go broke or be forced to declare bankruptcy.

Check, Define Worklife, Worklife Balance and Quality of Worklife.

When we think of bankruptcy, we often think of celebrities who have gone brokecompanies that failed and crooks who are trying to cheat the system. But as it turns out, bankruptcy is likely most common among middle-class Americans.

Same Boat For The Low Income, The Middle Class And Billionaires

In 2018, Marketplace asked Sen. Elizabeth Warren, “what is something that you thought you knew and you later found out you were wrong about?

Sen. Warren responded, that, “many, many years ago when I first started studying families in bankruptcy I thought I knew who filed for bankruptcy. I had come from a family that had been turned upside down financially but my family had never filed for bankruptcy. So I figured, you know, the people who actually go into bankruptcy, they are probably trying to cheat the system, take advantage.”

However after taking a closer look, the senator said she realized she was “very, very wrong.”

“People who filed for bankruptcy were by and large hard-working middle-class families. Folks who had worked hard, gone to college, gotten married, bought a house, and had kids. But then had just been turned upside down by a serious medical problem, a job loss, a death or divorce in the family,” she added.

9 Rich And Famous People Who Filed For Bankruptcy

Taking a list from Business Insider, let us do a quick run down of some in these category in 2015. They are rapper 50 Cent, Marvin Gaye, Kim Basinger, Meat Loaf and Cyndi Lauper. Others are rapper MC Hammer, Francis Ford Coppola, former MLB pitcher Curt Schilling, Larry King, and Mike Tyson.

The tricky financial situation that high-profile people found themselves can happen to anyone. Many factors contributed to wealthy people losing it all. It could be as a result of economic downturns, bad investments, and even massive fraud cases that landed them in hot water. Others are alimony payments, addictions, backing out of a deal, breach of contract, debt to tax authorities, or frivolous spending.

There are stories of individuals who went from rags to riches. Some others who went from riches-to-rags. And there is also a unique group, those who came from rags to riches, went from riches to rags, and then back to riches from rags.

Some Billionaires Who Went Broke Or Declared Bankruptcy

Some of the most well-known billionaires have declared bankruptcy at some point in their lives, either personally or on their companies. Other wealthy billionaires have claimed to be completely broke.

Some of the billionaires reviewed here who might had gone broke or declared bankruptcy have returned to prominence and are just as rich as they once were. However, others failed to regain much, if any, of the wealth they once had.

Patricia Kluge
Dave M. Benett/Contributor/Getty Images

Patricia Kluge was a former heiress and model. Kluge met her second husband, John W. Kluge, on a trip to New York City. Nine years later, the couple divorced. She invested a great deal of her divorce-settlement money into her vineyard, and lived the epitome of high-society life before losing it all during the housing-market crisis of 2008. 

Kluge held an auction of all her fine jewelry and other spoils of wealth to try and save herself from bankruptcy. It didn’t work, and filed for Chapter 7 bankruptcy in June 2011. Source: Business Insider.

Image: Patricia Kluge and her third husband, Bill Moses, in 2003.


Click Evictions: “No one wants to see someone removed from their housing. The tenants are in a tough position. And the people who own the buildings, that is their income.”

The less privileged and management of financial distress.
Vijay Mallya
Vijay Mallya. Reuters

Vijay Mallya was India’s airline and liquor billionaire, known for his extravagant partying and high-flying lifestyle. He owned the now-defunct Indian airline company, Kingfisher Airlines. Beginning in 2012, Mallya had racked up numerous debts to banks in trying to keep his airline business afloat. 

When he defaulted on payments, the Indian banks he had borrowed money from came looking for him. He fled from India to the UK and he is now in the process of being extradited to India to be charged with fraud and money laundering. Source: Business Insider


Click Evictions: “When the sheriff knocks, she said she plans to walk out of her house with her backpack and dog, and just keep walking”

The less privileged and management of financial distress.
Sean Quinn
PETER MUHLY/Stringer/Getty Images

Sean Quinn was once the richest man in Ireland. He acquired a great deal of success through investments in industries such as plastic, glass, and hotels. He held a 25% stake in Anglo Irish Bank, but was bailed out by taxpayers during the 2008 financial crisis.

As a result of bad investments in an Irish bank, Quinn was forced to hand over most of his $2.8 billion fortune. In November 2011, Quinn claimed his assets to be less than £50,000 when he applied for bankruptcy. Source: Business Insider

Image: Sean Quinn on October 19, 2012, after his trial was adjourned.

Click Evictions: You can demonstrate that your inability to pay is because of financial hardship due to Covid-19. That you have made your best efforts to make timely partial payments. And that you would likely become homeless if you were evicted.

The less privileged and management of financial distress.
Jocelyn Wildenstein
Grant Lamos IV/Stringer/Getty Images

Jocelyn Wildenstein, was rumored to spend monthly, $1 million on lavish purchases and $5,000 on her phone bill. The New York Post reported she filed that her monthly income was $0, survived on $900 Social Security payments and assistance from her friends and family. 

Despite $2.5 billion she received in the divorce, she said her financial troubles are from a faulty divorce settlement. That she was promised much more. In May 2018, the socialite and former wife of the late billionaire art dealer Alec Wildenstein filed for federal Chapter 11 bankruptcy protection. Source: Business Insider

Image: Jocelyn Wildenstein.

Click Evictions: “We want to be clear that those who benefit from this assistance, are still obligated to pay any accrued rent or housing payments in accordance with their lease or contract,”

The less privileged and management of financial distress.
Bernard “Bernie” Madoff
REUTERS/Shannon Stapleton

Bernard “Bernie” Madoff holds the infamous title of leader of the largest Ponzi scheme in US history. He had served as the chairman of the Nasdaq, and flew under the radar for decades before his demise in December 2008. Before the scandal, he and his wife had a personal net worth between $823 million and $826 million.

His investors’ losses accumulated to about $65 billion. In 2008, Madoff was charged with 11 counts of fraud, money laundering, perjury, and theft. Now he’s broke and received a maximum sentence of 150 years in federal prison. Source: Business Insider

Image: Bernard Madoff enters Manhattan federal court on March 10, 2009.

Surrendering As POW Is Not A Failure – Billionaires Surrender Too

Click FDIC and Foreclosure: If you are having difficulty making your mortgage payments, one of the most important things you can do is be proactive.

The less privileged and management of financial distress.
Elizabeth Holmes
299Elizabeth Holmes. Jeff Chiu/AP

Elizabeth Holmes was once a Silicon Valley star with a net worth of $5 billion. Her blood-testing company, Theranos, was valued at $9 billion. By the end of 2004, the company had raised roughly $6 million from private investors. In 2016, the Centers for Medicare and Medicaid Services (CMS) concluded Theranos’ testing might pose a safety risk to patients.

After multiple lawsuits, layoffs, and a federal allegation, Theranos closed its doors in September 2018, narrowly avoiding bankruptcy. Holmes then forfeited control of Theranos and paid $500,000 to settle charges by the SEC. Forbes lists Holmes’ personal net worth at $0. Source: Business Insider

Click Bankruptcy or Foreclosure: What is the difference between surrendering a home in bankruptcy and losing a home to foreclosure?

The less privileged and management of financial distress.
Björgólfur Gudmundsson
299299IAN KINGTON/Stringer/Getty Images

Björgólfur Gudmundsson was once the second-richest man in Iceland. He made his fortune in the brewing industry, served as owner of UK football team West Ham and a major stakeholder in the Icelandic bank Landsbanki. After the bank went under in October 2008, Forbes revised Gudmundsson’s net worth from $1.2 billion to $0 when he declared bankruptcy.

Gudmundsson and his son, Björgólfur “Thor” Gudmundsson, were both major shareholders in Landsbanki. “Thor” Gudmundsson has since gained back a great deal of his wealth, in what Forbes referred to as a “crazy comeback.” Source: Business Insider

Image: Björgólfur Gudmundsson.

We all should hang in there, there can be better times ahead, even though the ride will be bumpy, or very bumpy.

Since Life Happens To All, Including Billionaires, Do The Rich Also Cry?

Click Bankruptcy or Foreclosure: Sometimes life happens, and you’re in severe financial distress, and need to choose between bad and worse. That’s exactly the situation between filing for bankruptcy or going into foreclosure.

The less privileged and management of financial distress.
Eike Batista
Eike Batista. REUTERS/Paulo Whitaker

Eike Batista was once Brazil’s richest man. In 2012, he was worth an estimated $30 billion, making him the seventh-richest man in the world. He lost a majority of his wealth when his oil company, OGX failed to meet demands, and Brazil’s economy slid into a decline. He filed for bankruptcy in 2013. In July 2018, he was sentenced to 30 years in prison for bribing former Rio de Janeiro Gov. Sergio Cabral.

On March 24, 2020, it was announced that Batista had struck a deal with Brazilian authorities and will serve four years in prison, pay back $160 million, and collaborate with prosecutors. According to BN Americas, a court still needs to validate the deal. Source: Business Insider


As kids, we were taught that health is wealth. But growing up, life teaches a different lesson and we all run after wealth; as if wealth is health.

When Health Is Wealth, Wealth-Life or Work-Life Can Be Balanced Or Integrated

When health is wealth, we take care of our health because of our life, so we can enjoy our wealth. We strive for proper work-life integration and work-life balance. Once wealth is health, an imbalance is automatically set off. We then live to work, have inappropriate wealth-life balance, a disoriented work-life balance and nothing is integrated except the temporary acclaims and satisfaction. Long term, a lot suffers, most not quantifiable in wealth terms.

Top 5 Reasons Why People Go Bankrupt: According to Investopedia, “there are many reasons why taxpayers are forced-or choose-to declare bankruptcy. But many times, common sense, sound financial planning and preparation for the future can head off this problem before it becomes inevitable.”

It went on that, “the bankruptcy statistics in America are alarming. The past few decades have seen a dramatic rise in the number of people who are unable to pay off their debts, and Congress has recently addressed the issue with legislation that makes it harder to qualify for this status.”

Allen Stanford
299Dave Einsel/Getty Images

Allen Stanford travails began after a Texas fitness club he owned went bankrupt. He turned to offshore banking and operated a scheme were retirees were promised “safe investments,” according to CNBC. The scheme culminated in $7 billion in losses for investors. 

When the Securities and Exchange Commission raided Stanford Financial Group’s Houston headquarters on February 17, 2009, they charged the magnate and his associates with running a “massive, ongoing fraud,” CNBC reported. Stanford was convicted in 2012 and is serving a 110-year sentence in Florida, CNBC reported. His net worth is now listed at $0Source: Business Insider

Image: Robert Allen Stanford arrives for a bond hearing at the Bob Casey Federal Courthouse June 25, 2009 in Houston, Texas

“The United States’ bankruptcy system faces a major problem: many consumers are too poor to file for bankruptcy, usually because they cannot afford the necessary attorney fees.”

Low‐income, low‐asset debtors in the U.S. bankruptcy system

Personal Bankruptcy And Dealing With Debt

If you’re unable to pay your creditors, filing for bankruptcy can help you get a fresh start, according to https://www.usa.gov/debt. Bankruptcy involves liquidating, or selling off, your assets to pay your debts, or creating a payment plan.

But, you should first consider other debt management options. Bankruptcy information stays on a credit report for 10 years. It can also make it difficult to get credit, buy a home, get life insurance, or sometimes get a job.


Legal disclaimer: I am not a certified financial planner/advisor, nor a certified financial analyst. I am not an economist, not a CPA, not an accountant, and not a lawyer. The contents on this site are for informational purposes only and does not constitute a professional advice.

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The information on this site, or any link provided should therefore not be construed as legal advice or legal opinion on any specific facts or circumstances. The contents are intended for general informational purposes only, and you are urged to consult a lawyer or other relevant professional concerning your own situation and legal or financial questions.

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