I’ve been wondering why it is newsworthy that a famous entertainer, supposed worth millions (at one time, at least) is losing his home. According to the “Los Angeles Times,” “The six-bedroom, five-bath home on Crest Court is listed for sale at $6.25 million, said real estate agent Alex Davis of Alex Davis Estates, who has the listing. ‘It’s been on the market for two years, he said.'”
How do you loose something that is worth 6 millions dollars?
I saw a clip of McMahon’s interview last night with CNN’s Larry King … McMahon said it’s pretty simple actually, when you spend more than you make you end up with not enough. His wife looked at him and asked, yeah, where are those millions, Ed?
He went on to explain that after a few divorces and an accident the prevents him from working, the money just goes.
Sad.
It’s sad that someone who has, HAD, millions of dollars can’t afford his home anymore. I hear the good news is that with all the press they’ve been able to show the house more. Hopefully they will sell it and move into something they can afford for the rest of their years.
So, I wonder again why is this newsworthy? Because it’s a warning for the rest of us. No matter who you are, no matter how much money you make, the economy is hard right now. Take steps now to prevent something like this happening to you.
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ABOUT ALICIA: Alicia is the founder of Balancing Motherhood.com. Last year, she managed to stay sane while completing an MBA, working full-time, blogging, and still baking amazing birthday cakes — all while raising a young family at home.
Debbie says
My dad was a teacher for 28 years. He took a two year buy-out at age 50 and he and my mom have been full-time travelers now for 12 years. An I do mean full-time, as in they sold their house and live in a 44 foot deluxe travel trailer!
In 1999/2000 they took a 3 month cruise around the world, visiting every continent including Antarctica.
People have asked me what work he did in the summers to “have that kind of money.” Well, he did paint houses in the early years (when I was really little), but mostly, we traveled as a family in the summers.
My dad always said it wasn’t how much you made, but what you DID with what you made that counted.
So we ate out infrequently, camped on vacation, shopped wisely, and planned & saved for big ticket items.
My husband and I have planned – and are saving – to retire when he is in his mid 50’s. Our house will be paid off long before that (in about 10 years, actually, just before our oldest goes to college). We are in our late 30’s now. He is a tech coordinator and I am mostly a stay-at-home mom who supplements with some odd/part-time jobs. It’s truly not what you make; it’s what you DO with it!
akeorlando says
Yeah, this story has made me think, too. Of course, I haven’t spent that much time contemplating about Ed — I have never, ever liked him anyway!
Alicia at BalancingMotherhood.com says
Debbie: Thanks for the great comment. It’s refreshing to know that people can still retire early. I also love how your family doesn’t worry about how much you make, but what you do with it. Great advice! Thanks for sharing.