'Rich' people facing foreclosures too
The New York Timesreports that "The town, which typically has about half a dozen foreclosure notices each month, recorded 34 filings in January, according to RealtyTrac."
So these foreclosure victims aren't necessarily as sympathetic as single moms losing the homes they scraped to buy. We're talking about, for example, professional gamblers and hedge fund managers -- some of whom, ironically, saw their fortunes turn because of bad bets on subprime mortgages.
The plights of these affulent people -- some of whom are now formerly affluent -- illustrates an important less of personal finance: having a good income is no substitute for poor money management.