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Old June 4th, 2008, 06:27 PM
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Default Ed McMahon needs to win the publisher clearing house award

Ed McMahon's house has received a notice of default. http://www.usatoday.com/life/people/...e_N.htm?csp=34
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Old June 4th, 2008, 06:32 PM
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I read that today.....the economy is effecting everyone..Jose Conseco lost his house too..I would have thought the wealthy had, socked tons away for a rainy day..guess not!
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Old June 4th, 2008, 06:56 PM
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They buy houses that can't afford big fancy things. Warren Buffet is the second wealthiest man in USA. His house is worth about $400K he never lives beyond his means. It's a nice looking family house not a mansion
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Old June 4th, 2008, 06:59 PM
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This is the most pathetic thing I've heard all day.........

How could a guy in his position (meaning wealthy beyond the wildest dreams), get himself into a situation like this? He must have multiple income streams, including investments and royalties, so how can he not make his house payment?

Even if he has an ARM, interest rates are extremely low right now.

Besides all of this, why didn't he just pay cash for the thing, in the first place, and be done with it??!

Dean
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Old June 4th, 2008, 07:09 PM
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I've been to Mr Buffett's home for a Special Olympics fundraiser..He is a very nice down to earth man that happens to own my favorite eating establishment in the entire world ...Dairy Queen....
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Old June 4th, 2008, 07:23 PM
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Just goes to show, this credit crisis does effect a lot of people.
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Old June 4th, 2008, 08:05 PM
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Default Ed McMon Needs to Win the Publishers Cleearing House Award

According to the local news, McMahon defaulted on his payments because he fell and broke his neck about a year ago and hasn't been able to work. At age 85 and still working!

Judy
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Old June 4th, 2008, 10:47 PM
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Quote:
Originally Posted by venice
I've been to Mr Buffett's home for a Special Olympics fundraiser..He is a very nice down to earth man that happens to own my favorite eating establishment in the entire world ...Dairy Queen....
Mr. Buffett is my favorite investment guy. I have such respect for him.
Here are some of my favorite quotes:

"I’ve reluctantly discarded the notion of my continuing to manage the portfolio after my death – abandoning my hope to give new meaning to the term 'thinking outside the box.'"

"[The perfect amount of money to leave children is] enough money so that they would feel they could do anything, but not so much that they could do nothing."

"If you're in the luckiest 1 per cent of humanity, you owe it to the rest of humanity to think about the other 99 per cent."

"You only find out who is swimming naked when the tide goes out."

"Price is what you pay. Value is what you get."

"A public-opinion poll is no substitute for thought."

"Most people get interested in stocks when everyone else is. The time to get interested is when no one else is. You can't buy what is popular and do well."

Hey everyone hates Walmart and I'm doing great with it.
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Old June 4th, 2008, 11:45 PM
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I wonder if when he enters the sweepstakes if he will buy any magazines with his entry?

At 85 and some good financial management, housing should already be paid in full, life ins, health insurance, retirement life planning should have already been worked out.

It is always sad to hear this stuff but we all need to go under the pay your bills first, savings second, then yourself.
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Old June 5th, 2008, 06:56 AM
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add tithe and cruise fund to your list
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Old June 5th, 2008, 07:18 AM
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At 85 and making the money one would think he would never default. Go figure??? Have to have a chunky bank account for rainy days you never know.
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Old June 5th, 2008, 09:13 AM
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shouldn't Ed have a reverse mortgage instead of paying one ?

sitting next to Mr Carson all these years he failed to follow Johnny;s investment strategy
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Old June 5th, 2008, 06:47 PM
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I think what is happening to Ed McMahon is just as sad as when such a situation afflicts any senior citizen at any income level.
Very sad.

We tend to forget that there are those that (a) while they were in the public eye and may have made very good livings, possibly did not receive the level of remuneration years ago we may have thought. Also, there are an awfully lot of successful individuals out there who simply outlived their money.

And I'm sure that some wonderful folks of privilege have been guilty of something most of us have done and that is made unwise financial decisions or possibly even bailed out wayward children once too often.

By the way, if I am not mistaken, Ed McMahon is a Marine who also may well be a combat veteran.

Todd
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Old June 5th, 2008, 10:12 PM
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ToddDH you make a great point. Also remembering their are dishonest people claiming to be investment advisors looking to defraud the "wealthy".
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Old June 5th, 2008, 11:04 PM
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I'm sorry that Ed or Bill or Joe or John Doe or anyone is losing their house.
But-- does anyone really need a $ 6-7 million dollar house ? And too, I'm sure Ed made more money than most of us can even dream about.
Sounds like a little bad management on someone's part.
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Old June 6th, 2008, 12:17 AM
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Of course Ron and Katlady, a lot of what you both wrote is correct.

As a matter of fact, McMahon validated just about all of our points in an interview that I saw following my last post.

As regards the six million dollar home, many a valid point can be made arguing that such is a far more lavish home than probably most of us could ever afford or require. Nonetheless most of us live on a par with whatever our income is and I would have to guess that many of us would be guilty, at some point in our lives, of either living beyond our means or making unwise financial decisions. There are most certainly quite a number over my 61 years that I'd love to be able to change. To what degree you lived your lifestyle would, of course, be relative to your income. All that being the case, it just happened to strike me that Ed McMahon's situation is rather sad.

Todd
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Old June 6th, 2008, 12:14 PM
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I know a couple that are in their late 70's. He is still working and they refinanced their $3, 000,000 home.

Laura
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Old June 7th, 2008, 11:15 AM
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Well, sometimes refinancing is a strategic move, and not a sign of trouble. We've done it several times. On the other hand, working into your late 70's indicates either an overwhelmingly workaholic mindset, or a great fear of financial problems if you quit.

And, yes, it's true, McMahon's plight can and does happen at all income levels. The difference is that McMahon had the ability to take care of business for decades, and if he had, 6 million would be chump change to him, broken neck or not.

Shame on him. No sympathy.
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Old June 7th, 2008, 11:45 AM
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I had read the article about Ed Mc Mahon. It's the old story of how too many people get carried away in a luxurious lifestyle. With everything in life, there must be balance, whether it is fiscal, emotional, or social. Nothing is ever guaranteed! I strongly feel that it should be a requirement, before anybody graduates from high school, that they must take, and pass, a course on financial savy. We all should take a lesson from Warren Buffet.
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Old June 7th, 2008, 11:46 AM
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Default Ed McMahon Needs to Win the Publisher's Clearing House Award

Venice, I don't know how it is in other states, but in CA, you cannot qualify for a reverse mortgage if your home value exceeds $356,000. I'm not sure if you have to own it free and clear, or not.

Judy
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Old June 7th, 2008, 12:56 PM
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Quote:
Originally Posted by AR
Well, sometimes refinancing is a strategic move, and not a sign of trouble. We've done it several times. On the other hand, working into your late 70's indicates either an overwhelmingly workaholic mindset, or a great fear of financial problems if you quit.

And, yes, it's true, McMahon's plight can and does happen at all income levels. The difference is that McMahon had the ability to take care of business for decades, and if he had, 6 million would be chump change to him, broken neck or not.

Shame on him. No sympathy.
I fully agree. His problem in this instance is the amount of marriages he got himself into and he is still having to pay for. I saw an interview on the television where he explained what happened. He should have been a better steward of his income.
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