Why Utahns Keep Going Broke: The Hard Lessons from a Forgotten Millionaire
The Utah desert has a way of swallowing men whole. The blistering sun, the endless miles of red rock, the silence—it can drive a man mad. But for Charles Steen, a geologist turned prospector, the Utah wilderness wasn’t just an unforgiving expanse of canyons and plateaus—it was the key to a fortune.
In the early 1950s, Steen was down to his last dime, living in a tar-paper shack in Moab, Utah, with his wife and three children. His dream of striking it rich in Utah’s uranium country seemed all but lost. The U.S. government was offering massive incentives for uranium mining, fueling a nuclear arms race that needed the radioactive ore. But the experts said Steen had no chance. He had no proper drilling equipment, no financial backing, and, worst of all, no luck.
But Steen knew Utah. He knew its rugged geology, its sandstone cliffs, its hidden mineral veins. And he knew that somewhere beneath the red rock deserts of southeastern Utah, uranium was waiting. While others relied on conventional geological methods, Steen had a different theory about where uranium deposits could be found. He ignored the advice of government geologists, instead drilling based on his gut instinct and an understanding of Utah’s unique geological formations.
For months, he dug. Nothing. His money ran out. His drill crew abandoned him. Moab locals whispered about the “crazy geologist” chasing a fool’s dream in the canyons of Grand County, Utah. Then, on a scorching day in July 1952, everything changed.
The drill hit something different. The core samples pulled from the Utah desert floor weren’t the usual worthless rock. When Steen tested them, his Geiger counter went wild, the needle slamming against the maximum reading. He had found it—the richest uranium deposit in the United States, buried beneath the cliffs of the Big Indian Wash near Moab.
Overnight, Steen became Utah’s Uranium King. He went from penniless prospector to multimillionaire, transforming Moab from a sleepy desert town into the epicenter of Utah’s uranium boom. His discovery sent thousands of hopefuls pouring into San Juan County and Grand County, staking claims in the desert and blasting into Utah’s mineral-rich hills in search of their own fortune.
Steen himself built a mansion in Moab, complete with a swimming pool and gold-plated fixtures. He bought private planes, drove Cadillacs, and threw lavish parties where Utah’s elite and government officials mingled under the desert stars. His wealth seemed limitless.
But fortunes, like Utah’s ancient rivers, can dry up fast. Steen expanded too quickly, sinking money into more uranium claims across southeastern Utah, pouring cash into risky ventures. Then the uranium market collapsed. The U.S. government, once desperate for supplies, no longer needed so much ore. Steen’s company, once the backbone of Utah’s mining industry, went bankrupt. The mansion was sold, the planes vanished, the wealth disappeared like sand through his fingers.
By the 1970s, Charles Steen, the man who had built Moab into a mining empire, was penniless, living on Social Security checks in Colorado. His name, once spoken with reverence in Utah’s mining circles, became a cautionary tale of boom and bust.
Booms don’t last forever. If you don’t plan for the inevitable downturn, you’ll be caught off guard like Steen. The best way to avoid financial ruin isn’t to chase wealth—it’s to preserve it.
1. Live Below Your Means – When money is rolling in, it’s easy to convince yourself you can afford a bigger house, a fancier car, or a more extravagant lifestyle. The problem is, if your spending scales with your income, you have no cushion when things turn south. Live like your income is lower than it is, and you’ll have extra to save.
2. Build an Emergency Fund – Steen never set anything aside for the bad years. A true emergency fund isn’t just a few hundred dollars—it’s six to twelve months’ worth of expenses in a high-yield savings account. That way, if the market shifts or a financial disaster strikes, you’re not scrambling.
3. Diversify Your Investments – Steen had all his money in one thing—uranium. When it collapsed, so did his fortune. The same thing happens today when people bet everything on one stock, one company, or one industry. Spread your money across different investments so you don’t get wiped out if one crashes.
4. Avoid Unnecessary Debt – Debt is easy to justify when money is coming in. But when income drops, debt payments don’t stop. The more you owe, the more fragile your financial situation becomes. Keep your debt low, pay off high-interest loans quickly, and don’t take on new debt just because you can.
5. Be Skeptical of “Too Good to Be True” Opportunities – The best way to preserve wealth is not to lose it in the first place. Steen believed in his uranium find, but many people in Utah today put their faith in Ponzi schemes, get-rich-quick investments, and shady financial deals that promise big returns with no risk. If an investment sounds too good to be true, it probably is.
Steen’s downfall wasn’t unique—his story has repeated itself over and over in Utah’s history. The state is filled with big dreamers, risk-takers, and optimists, which is part of what makes it great. But it’s also what makes Utahns vulnerable to financial disaster.
1. The Get-Rich-Quick Mentality – Utah has a long history of boom-and-bust cycles. From gold prospecting and uranium mining to real estate speculation and MLM schemes, there’s a cultural belief that the next big score is just around the corner. Too many people gamble their future on a lucky break instead of focusing on steady, disciplined saving.
2. The Ponzi Scheme Epidemic – Utah has one of the highest rates of Ponzi schemes in the country. Why? Because people trust their neighbors and community leaders more than they trust traditional financial institutions. When a charismatic figure comes along promising high returns, many throw in their life savings without asking hard questions—only to lose everything.
3. Spending to Keep Up Appearances – There’s a cultural pressure in Utah to look successful, even if you’re struggling financially. Whether it’s big houses, expensive cars, or extravagant vacations, people spend more than they earn to maintain a certain image. But looking rich and being rich are two very different things—and when the downturn comes, it’s the people with modest lifestyles and strong savings who survive.
The people who survived the uranium bust, the tech bust, the real estate crash, and every financial downturn in history weren’t the ones who chased wealth the fastest—they were the ones who saved while everyone else was spending.
Steen thought the good times would last forever. He spent as if the uranium rush would never end. But the boom ended, and he was left with nothing. The same thing happens today when people spend recklessly in bull markets, take on too much debt, or invest in schemes instead of solid financial plans.
The only way to make sure you don’t end up like Steen is to prepare when times are good. Live below your means. Save aggressively. Diversify your wealth. Question the “too good to be true” investments. And remember—when the wind changes, it’s not the ones who look the richest who survive. It’s the ones who saved while they had the chance.
About the Author
Corey Noyes, CFP®
is a fee-only financial advisor who works with individuals and families with attorney finances and tax planning as his main areas of expertise.
