Herman School of Business
Ed McMahon is Going Broke...
People will rescue Johnny Carson’s sidekick and he will get to finish out his life in the style to which he has become accustomed. At age 85 he ran out of money before he ran out of life…and so his five-plus million dollar house is being foreclosed by the bank.
Banks are blind as to who will be evicted when the foreclosure date hits, banks just want their money from whoever owes it. In the case of Ed McMahon he will undoubtedly find some “work” from friends in the entertainment industry and possibly he could avoid the foreclosure from being completed. Ed’s comment this morning to Al Roker on the Today Show was that he never signed a check in fifty years as others took care of his finances. Maybe those others didn’t think Ed would make it to 85.
Making money is hard. Harder than you think, especially when you factor in some unknown issues like the entire economy tanking at the wrong time, and like being in debt up to your eyeballs when your earning power hits a snag, and like you not being willing to work hard enough to make it over the mountain to the Valley of Success waiting for you.
Refuse to lose. Give yourself a chance to win. Just take yesterday as a great example of what you do wrong…and what you can change to begin living right. Go over what you did yesterday and you will surprise yourself if you honestly view your actions. I swore to be positive for 100 days a few weeks ago and I will be here. No matter how bad things are for you right now…there is a way out, and a way to make it better not just a year from today, but actually starting as early as tomorrow. You see, facing the issues that have been holding you back starts with the simple acknowledgement that something needs attention. Tiger taught us to “slow down your thinking” at critical moments to give yourself a better chance to succeed.
One of my children sent me an email yesterday about taking more control of life and doing something different. It is wonderful to see anyone take my words and make something good happen for themselves…when it is one of your children who listens you feel like a genius. The parent in me wants to “do it for her” but the man I am says she will be just fine without my help.
- Posted: 18 June 2008
- Comments: 2
- Category: Running a business
Comments
Great post, Herm, especially about examining one’s life regularly.
And as far as McMahon is concerned, well, I wouldn’t be so hard on him. While there’s always a way out, as noted by Herm, sometimes that way out isn’t available until the slide hits bottom. Maybe Ed—-or his advisers—-look like geniuses if:
A. Congress doesn’t pass legislation like the Community Reinvestment Act, forcing sub prime loans to unworthy borrowers in the late 90s and early 2000s;
B. the Fed, under Greenspan, and, now, Bernanke doesn’t make easy money Wall Street’s “right”; and
C. to boot, what if the Fed doesn’t bail out investment banker fat cats that guessed wrong on rates.
Then, maybe, the dollar isn’t looking for a bottom, gas and other commodity prices aren’t sky high, and interest rates don’t scuttle adjustable rate mortgages and other variable credit. Then, maybe, Ed looks like genius, instead of a chump.
Written by BillOGoods on 27 June 2008
I have a hard time feeling sorry for a guy who made so much money (millions) he had to hire someone to manage it for him. How about mortage insurnace? or IRA’s or living within your means? Did Ed do any thinking at all?
HERMAN SAYS: My wife says Ed would have lived within his means if he hadn't married such a young woman around 1990. Maybe she wants me to think twice about a young hotty if she leaves the earth before I do. Actually...I want her to stick around longer than me.Written by PhilHolst on 18 June 2008