Foreclosures of the Rich & Famous
By Ryan Healy | June 5, 2008
Foreclosures are a hot news topic these days because they’re happening at such a fantastic rate. But they aren’t limited to overextended lower- and middle-class home owners.
Yesterday, the news broke that Ed McMahon is fighting foreclosure on his multi-million dollar home in Beverly Hills.
And while there are some extenuating circumstances (McMahon broke his neck 18 months ago, putting him out of work), it seems that somebody with such a high profile (Star Search, The Tonight Show) wouldn’t be facing foreclosure.
It proves that financial strength doesn’t come from earning power alone. It comes from a combination of earning power and wise money management. One without the other is a recipe for financial instability.
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2 Responses to “Foreclosures of the Rich & Famous”
Comments
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June 5th, 2008 at 12:11 pm
Reminds me of Mike Tyson. He ended up more poor than the poorest citizens of third-world countries. At least a man living in a hut in India has a net-worth of zero. Tyson ended up with a net work in the millions. Apparently his cell phone bill was what most people in mortgage.
June 8th, 2008 at 2:07 pm
Mike Tyson has had major money problems. It seems nearly every famous person eventually becomes entangled in major relationship, political, or financial issues.