Ed McMahon: Where's the bucks?

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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