Former Fixer Upper Hosts Chip and Joanna Gaines have an estimated net worth of $ 20 million, but did not always do so. In the couple’s past, they were so deeply in debt that they considered filing for bankruptcy. And now? Everything they touch turns to gold.
Admittedly, Chip and Joanna had a lucky break when they were discovered by HGTV’s talent recruiters. But beyond their natural talents, the couple made very smart financial decisions over the years that contributed to their massive growth in wealth in such a short time.
RELATED: Joanna Gaines hated her Waco farm when Chip first showed her: ‘It was a no for me from the start’
Chip and Joanna Gaines didn’t start with a lot of money
Before Fixer Upper the hosts made it big, they struggled as they tried to make ends meet. The 2008 housing crisis caused the Gaineses to borrow $ 100,000. Instead of filing for bankruptcy, the couple decided to fix their finances through a single approach.
“When we woke up some mornings, realizing that we didn’t have the money to pay some of these debts that we had accumulated over the years, we realized that we would have to be very creative, very fast and really fight for this” Chip explained during an interview with Insider.
“We didn’t want to quit, we didn’t want to declare bankruptcy, some of those things just weren’t options for us.”
Even after becoming famous, the couple has managed to increase their wealth by making several wise decisions.
They constantly reuse what they have
In almost every episode of Fixer UpperJoanna heads to her storage units to salvage decorative items or furniture to use in her clients’ homes. At this point, you can afford to buy everything new, but Joanna is amazing at reusing and recycling what she has. This has undoubtedly saved you money over the years, MoneyWise reported.
In addition to using furniture from her own private stock, Joanna also encourages customers to search for pre-owned items in antique stores instead of buying everything new. It is better for the environment and better for the wallet.
Chip and Joanna Gaines take risks
There are no great rewards without great risks. Chip and Joanna proved this many times by trying new efforts with no guarantee of positive results.
Chip is the admitted risk taker in the family and was flipping houses even before he and Joanna were married. Opening their first retail store, Magnolia Market, was a great bet. Even hosting Fixer Upper It was not a guarantee of wealth for the couple.
Just as starting the show was risky, ending the series at the height of its popularity was a shocking decision. But all those leaps of faith led the Gaineses to prepare to earn even more money with their own television network.
They have multiple sources of income.
The reason why Chip and Joanna were able to quit smoking Fixer Upper
and continuing to build their wealth is that they had already diversified their brand when they left HGTV.
These days, the Gaines have multiple books, a retail emporium, a restaurant, a magazine, multiple product lines, a hotel, and now their own television network. Even if one of your projects experiences a recession, they still have a lot of money flowing from their other projects. This is how so many millionaires build their wealth.
And after the launch of the Magnolia Network in 2021, that wealth is likely to grow even further.
