Learn about this inspiring story that shows that by working hard you can achieve your goals.
Ted Ngoy is an entrepreneur from Cambodia who He became a millionaire not once, but twice. He went from escaping the Genocide in his country with no money to building an entrepreneurial empire, after losing everything to regaining his entire fortune by reinventing himself again.
Ngoy escaped in 1975 from Cambodian genocide and moved to the United States with his family to start over when the country offered refuge to Cambodians and Vietnamese. There he got a job as a janitor at a chain donut shop. Winchell’s and since then, he never looked back.
How Ted Ngoy made his first fortune
Fascinated with the donut business, he learned everything he needed to know about how to cook donuts and how to run a business, so he was given the job of manager of one of the branches located in Newport. Some time later, with his savings and a loan from the bank, he created his own donut chain, called Christy’s Donuts in honor of his wife, Suganthini Khoeunwho changed her name to Christy when she became an American citizen.
His venture was a non-stop success and with it he was able to help his family and other Cambodian immigrants get into the donut business. That is why he was not only a successful businessman, but he was a symbol of hope for the community. But suddenly, things didn’t start to go as expected.
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How Ted Ngoy lost everything
During a trip to Las Vegas, Ngoy discovered the casinos, which was the beginning of a terrible gambling addiction. Within a few years, he had lost much of his fortune in gambling and casinos, had to take out loans and sell a large part of his stores and properties. At the end of the 90’s, Ted Ngoy had lost everythingto the stability of his family.
Due to this situation, he decided to return to Cambodia, which had already restored its democracy. Over there entered politics but this only deepened his economic crisis since his campaign was a failure. Although he managed to have a position as Secretary of Commerce and Agriculture, it was not enough to get out of bankruptcy, so he moved to Kep, in Thailand, for complete a real estate business with a Chinese contact.
The resurgence of Ted Ngoy
Thanks to his experience gained in the donut business, He received a large commission with which he expanded his real estate. Then more and more business came, until once again increased his assets to millions. He also started a new family with another wife and made a documentary together with filmmaker Alice Gu about his life and career, called “The King of Donuts”. Currently it also seeks to raise awareness among more young people about the consequences of gambling addiction.
Source: Ambito
I am Pierce Boyd, a driven and ambitious professional working in the news industry. I have been writing for 24 Hours Worlds for over five years, specializing in sports section coverage. During my tenure at the publication, I have built an impressive portfolio of articles that has earned me a reputation as an experienced journalist and content creator.
