Add Ed McMahon from the Tonight Show to the list of celebs getting their homes forclosed upon. I saw this story in CNN Today and it led to a set of thoughts that I wanted to share quickly. These were the thoughts that led me to write Financial Lovemaking 101, since the mistakes of the McMahon family are not uncommon:
1) Making alot of money is the easiest way to trick yourself into thinking you have more than you really do.
2) Celebs are not as wealthy as you think. Many of them are trying to maintain a perception that others expect to see.
3) If you are in an industry that doesn't have much job security, you should go overboard to protect your financial security. Actors have incredibly poor job security, even the really good ones.
4) If you hit retirement age, you should be extra conservative with your spending. If you lose your money at that stage of life, it's hard to get it back.
5) Pay someone you trust to watch the person who is watching your money. Then watch the person you're paying to watch the other person.
Did that make sense?
The article is here, enjoy!
1) Making alot of money is the easiest way to trick yourself into thinking you have more than you really do.
2) Celebs are not as wealthy as you think. Many of them are trying to maintain a perception that others expect to see.
3) If you are in an industry that doesn't have much job security, you should go overboard to protect your financial security. Actors have incredibly poor job security, even the really good ones.
4) If you hit retirement age, you should be extra conservative with your spending. If you lose your money at that stage of life, it's hard to get it back.
5) Pay someone you trust to watch the person who is watching your money. Then watch the person you're paying to watch the other person.
Did that make sense?
The article is here, enjoy!
