Ed McMahon: Where's the bucks?
Filed under: Borrowing, Budgets, Debt, Real Estate, Saving, Relationships, Mortgage Confidential
Ed McMahon has finally found a buyer for his multi-million dollar house avoiding foreclosure. Reportedly, his mortage lenders filed notice of default in Februrary when McMahon was over $644,00 in arrears. When McMahon was interviewed regarding his money woes, he blamed his financial problems on having broken his neck about 18 months ago, preventing him from working.
I certainly can empathize with health issues causing financial hardship, but where's the bucks? McMahon worked for over 30 years on the Tonight Show with Johnny Carson, was the host of Star Search and spokesperson for dozens of products. I repeat: "Where's the bucks?"
While several accounts connect McMahon's problems to the credit squeeze and U.S. housing downturn, I think it has a lot more to do with poor money management. At 85 years old, with a career that spanned decades, you would think that McMahon would be financial secure. But I have seen this before.
Too many folks mistakenly believe that the "gravy train" will go on forever. I see this with my colleagues in the speaking industry, personal friends and family. They have years of making good money and fail to save for the time that they can't or don't want to work so hard. I have sat with speakers at NSA conventions who are in their early sixties and haven't started to save for retirement. Apparently they think they will forever have good health and fortune.
I would suggest a different approach. Keep your expense chassis as low as possible and bank some bucks. I don't want to worry about losing my house at 85 years of age.
Barbara Bartlein is the People Pro. She offers tips, tools and ideas to build your business and balance your life. For relationship tips, please visit: Marriage Tips. For Barb's free e-mail newsletter, please visit: The People Pro.
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Reader Comments (Page 1 of 1)
8-26-2008 @ 2:36PM
Jennifer said...
I think his spending is just the dangerous term, "The American Way". The downfall of America is CREDIT. People buy and buy and buy. They never save or invest a dime and when their luck turns sour they expect the government to rescue them. I don't think that the government should rescue anyone who mismanages money. If you can't afford something....DON'T BUY IT ON CREDIT. I believe this is the reason that people are absolutely miserable. They are in debt up to the ying yang and they continue to buy. There is a HUGE difference between NEEDS and WANTS. Buy what you need and SAVE for what you want in the future. THINK before you buy and if you need to charge it....DON'T GET IT...PERIOD.
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8-26-2008 @ 3:53PM
Joy said...
One word: GREED!
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10-03-2008 @ 3:55PM
Rolando said...
Plan your move ten times ahead of time,
to get away from unneccessary spending
do not give away reusable things that you have.
Threat your savings as a block of dry ice
don't let it melt away as time goes by.
Those who love money and help themselves prosper,
those who don't suffer.
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10-03-2008 @ 11:44PM
Moon said...
Until the bleeding hearts in Washington stop stealing money from achievers and giving it to minorities who won't pay their bills this nation will keep falling deeper and deeper in financial crisis. This whole bailout mess hasn't taught Washington a single lesson. The government will keep forcing lenders to loan money to people with bad credit just because they are Black and the responsible people who do pay their bills will keep getting stuck.. Just like Karl Marx said "from those based on their abilites to those based on their needs or in this case wants.
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10-07-2008 @ 10:43AM
peaches said...
Moon, bad credit is not based on color. Nor is good credit based on color. Mismanagement of money is the cause of the finincial crisis and that certainly was the work of black people.
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10-09-2008 @ 8:30PM
Tiredoftaking blame said...
I'm tired of hearing people blame this credit crunch on minorities! Where did everyone get this information from? All of my family on both sides either own their homes- free and clear - or they rent! Most of the black people I know aren't even in the market to buy. Get your facts straight and place the blame where it belongs- greed plain and simple. Nobody forced any lenders to make risky loans - no more than "whitey" forces minorities to engage in crime. It's really funny how Blacks, Mexicans, and other minorities are always the reason why things are going badly in this country. That's fine keep placing blame on us. The truth always prevails in the end. Remember who those executives are that run the banks, the stock market, and most of the government. I can assure you it's not poor blacks and mexicans - no matter how desperately the ignorant want to believe that it is.
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10-09-2008 @ 8:35PM
triedoftakingblame said...
For that matter, what does any of that have to do with Ed McMahon not being able to pay for his multi-million dollar house? It also surprises me that a person who seems to dislike "the government giving money to fiscally irresponsible minorities who drag everyone else down" quoting the father of communism. Do you actually have a position or are you just another brainwashed idiot who thinks that everyone else is to blame for everything. Your argument is not only offensive - it is ridiculous!
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10-16-2008 @ 4:22PM
Steve said...
A friend of the McMahon family told me that Ed's wife has run him onto the poor house with her outrageous spending.
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10-28-2008 @ 8:02AM
gary y said...
When u r dumb enuff at 85 to have a wife at least 40 years younger, it says alot about your mental state...
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