Name: Tom Kight
Current financial situation: Comfortable income from energy properties. Kight spends most weekdays trading stocks from his northwest Oklahoma City office.
Largest amount of debt: $400,000.
Road to recovery: Borrowed heavily on credit cards and negotiated with creditors to avoid bankruptcy without losing any property.
Words of wisdom: “You’ve got to have a game plan and you’ve got to be willing to stick to it. Most people don’t. They have the best-laid plans but something comes up and they say ‘I’ll catch up next month,’ and it never happens.”
A longtime oilman and private investor, Tom Kight has recovered from financial blows delivered by volatile markets.
The oil bust of the 1980s left him $400,000 in debt. But he managed to recover without sacrificing leveraged assets that he correctly anticipated would some day to regain significant value.
“I owed a lot of different things,” Kight said. “At one time I had 20 credit cards. I borrowed on credit cards to pay banks.”
Although his methods were unorthodox, his success was built on extremely careful money management.