Jim McIngvale Net Worth 2020
|Popular Name:||Jim McIngvale (Mattress Mack)|
James Franklin McIngvale
|Birth Date:||February 11, 1951|
Starkville, Mississippi, United States
|Net Worth:||$100 Million|
Jim Mcingvale is an American businessman from Houston, Texas, United States. Also known as Mattress Mack, he is popular for owning and running the Gallery Furniture retail chain. Jim Mcingvale net worth appreciates with his fierce presence in the business field he has been involved in for many years of his life. We will be detailing the biography of this businessman on this page, along with his success story and financial status. Let’s go!
Jim Mcingvale’s Early Life
James Franklin McIngvale was born in Starkville, Mississippi, United States on February 11, 1951. After completing his studies at Bishop Lynch High School in Dallas, Texas, he enrolled into North Texas State University, now known as University of North Texas, in Denton.
Following his graduation from college, James found a job at a stationery store where he worked until he was suddenly fired for no reason. The unpleasant situation got him determined to establish himself in the society and make a name for himself. He picked himself up and set out to make a better life for himself.
Jim Mcingvale’s Career
After he was fired from his first job at a stationary store, Jim found a job at a furniture store in town where he wrapped up the business ideas and trade methods of the industry. He then opened his own store in Houston where he sold furniture. Jim started this business with and a dream and $5,000, aiming to make his name in the industry.
He started his business in an abandoned model home. He adapted a refined business strategy that consisted of door-to-door flyers and nailed signs to telephone. His strategy sparked a superlative hail in the business with no less than $10,000 turn over.
In 2009, Mattress Mack opened a branch for his store to expand his furniture venture to the next level. It opened up near an impressive landmark in the Galleria area, Houston. He has plans to expand Gallery Furniture for more exciting projects with the highest commitment to his patrons as well as employees.
Today Gallery Furniture is a successful business, and is considered one of the most-successful independent furniture dealers in the country. Its stores have at several times achieved the highest recognized level of sales-per-square-foot of any store in America. According to reports released in 2005, Jim McIngvale’s company generates $200 million in revenue annually. An updated report in 2015 tipped the company’s annual revenue at about $150 million.
In 2014 the company ran a promo for Super Bowl XLVIII offering a reimbursement on any purchase more than $6,000 if the Seattle Seahawks won. When the Seahawks came up victorious, Jim ended up refunding nearly $7 million of furniture purchases. He is a big fan of the Houston Astros team, and is notorious for making huge bets on the team. At the start of the 2019 season, he put out a promotion that would reimburse any mattress-set bought for up to $3000 that season. This ended up being a $20 million liability when the team ended up making the World Series. To hedge his potential losses, McIngvale began to place bets that the Houston Astros would win the series. By the night of game 6 on October 29, 2019, the businessman had staked $12 million over a series of bets. He kept upping his bet as the Houston Astros fell behind 0-2. A win for the Astros would be worth $22 million to him, which should be more than enough to cover his refund losses.
Awards & Achievements
Jim Mcingvale is well-known for his commitment towards his business, which is now a highly popular brand among the customers. Former President of the United States George H.W. Bush honored him with a Points of Light Award after earning 5,115 daily points of community service and philanthropic contributions. He is also a recipient of the National Legion of Honor award, earned after his contributions following the incident of Hurricane Harvey.
Personal Life & Family
The businessman is married to Linda McIngvale, and they have three children together. Their eldest daughter Elizabeth was discovered to suffer from obsessive-compulsive disorder (OCD) when she was 12. The McIngvales were informed by several doctors that their daughter couldn’t be treated because the disease was in the last stage. However, when Elizabeth was 15 years old, she was sent to the Menninger Clinic where she was cured with Exposure Response Prevention Therapy. She survived afterward. At the moment, she is employed as an assistant professor at the Psychiatry Department of Behavioral Sciences, Baylor College of Medicine.
Jim Mcingvale Net Worth 2020
Being one of the most successful business owners in the country, Jim McIngvale net worth is $100 million. Most of his wealth has emanated from his business of running a furniture company in which he has now found profound success. Despite being a gambler who places huge bets on sports events, Jim has managed to keep his head high as a millionaire, and appears to be winning in his gambling career as well. He is currently settled in Houston, Texas where his business is based. His dedication to succeed after being laid off from his first job is worthy of emulation, and should serve as motivation to younger entrepreneurs and upcoming business people. While his success story is inspiring, we strictly advice that gambling is not the fairest part of his career, and should not be emulated by newbies, because there’s no guarantee of anything when it comes to betting. Cheers!