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Could you resist the celebrity lifestyle? Ed McMahon can’t.

by J. Money on Tuesday, November 4, 2008

celebrity lifestyles rule?If i became a celebrity, i’d be an outcast. There’s no way i could muster up enough balls to take on a multi-million dollar mansion out in The Hills…

Even IF my man Beckham lived next door! Or even Britney Spears for that matter – and that’s saying something ;)

Of course, money is crazy and it can steer the best of us down the wrong path at times. Just take a deeper look at the whole Ed McMahon debacle. The poor guy can’t even pay his mortgage :( I swear, if you ever see or hear me getting like this, STOP ME in my tracks and call me out, okay? Good, good.

I know the whole Ed thing is old and played out (the news, not the guy…meanies) but I find the whole thing incredibly interesting. I guess cuz it just goes to show that no matter how rich you are, or think you are, you are SCREWED w/out good money management!

Here’s a clip from Ed’s interview w/ Larry King:

King: And the payments, you can’t make — what’s the problem?

Ed McMahon: Well, if you spend more money than you make, you know what happens. And it can happen. You know, a couple of divorces thrown in, a few things like that. And, you know, things happen. You want everything to be perfect, but that combination of the economy, I have a little injury, I have a situation. And it all came together.”

His wife also joins the convo and adds that they probably should have paid more attention to managing it all earlier, and that “Because you’re a celebrity, people think you have a lot more than you have.” Hmm…yeah okay i can see that. But, and i’m kinda being harsh here, if you KNOW you’re not great at watching your financials, find someone who is! Or even hire a professional money manager. Doing any of that would save you a great deal of money in the long run, not to mention your sanity.

Of course, this is all easier for me to say since a) i’m not in their situation, and b) i’m not dealing with millions and millions of dollars ;) Whatever happens with their situation though (the foreclosure process had already started as of June ’08), I do hope that it all gets worked out. No one deserves to go through all that pain and suffering, no matter what the situation.

I’d also like to give them MAD credit for stepping up to the public platform and spilling all their details to the world!

It’s hard to measure how helpful that could be to others, but i can tell you that it def. made ME stop and think twice about stuff. It’s easy to get complacent and think you’re on the right track all the time, but it’s hard to know 100% until you’re actually tested in battle. Or perhaps that’s when you know you’re okay – When you basically never get INTO battle?

Whatever the case, I’d like to think that when i become a celebrity (aww yeahhh) I’ll have all my ish together and be ready to start saving that money! Now i just gotta figure out how to go about being one :)


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