Simple Debt-Free Finance

A Simple Approach to Getting Out of Debt & Into Wealth

Evander Holyfield - the Latest Celebrity Foreclosure Victim.

Posted on | June 9, 2008 |

OK all you real estate investors out there, get your check books ready! World boxing champion Evander Holyfield is the latest celebrity to succumb to foreclosure.

“The home worth an estimated $10 million is set to be auctioned by a bank on July 1.”

Maybe I’m too cynical, but this doesn’t surprise me. I have nothing against Mr. Holyfield. It’s just that celebrities going bankrupt prove a strongly held conviction of mine that money alone is not the answer. Of course, 9 children and child support doesn’t help. ;-)
Many people say, “If only I had more money my problems would be solved.” But this rarely true in reality because without the knowledge of how to manage that money, it only makes things worse. Money is like a magnifying glass and only serves to amplify the underlying behavior toward money. If you have good money management skills, then more money will likely make you wealthier. If, on the other hand, you have poor or no money management skills then more money will only get you deeper in trouble (debt). Just look at the majority of lottery winners who end up penniless within 10 years of hitting the jackpot.

In another recent story, Ed McMahon talks about possible home foreclosure,  Ed McMahon’s wife, Pamela explains:

“Asked why a millionaire couldn’t make house payments, Pamela McMahon said the couple had less money than people may think and suggested they could have done a better job managing their finances.

“We didn’t keep our eye on the ball. We made mistakes,” she said. “It’s embarrassing to say the least, and it’s sad, because you know, Ed’s worked his whole entire life.”"

The game, it would seem, is the same for the rich and middle class alike - keep your eye on the financial ball, and educate your self!

Of course, celebrities can do a funny Nationwide commercial to help get back on their feet again. The average Joe doesn’t have that kind of opportunity.

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Comments

2 Responses to “Evander Holyfield - the Latest Celebrity Foreclosure Victim.”

  1. Tony Orlando
    June 9th, 2008 @ 8:44 am

    Where did you get your blog layout from? I’d like to get one like it for my blog.

  2. Joe
    June 10th, 2008 @ 12:09 pm

    Hey Tony,

    Thanks for stopping by.

    The theme is called Redsplash and can be found at http://www.wpthemesfree.com/view.php?theme_id=1458

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