The Rich Don't Always Get Richer

Most of us have worked with buyers trying to get into a home that's a bit of a stretch for their incomes. Before the mortgage crash, lenders were happy to help them get into a home that they really couldn't afford unless things continued to flow very smoothly in their financial lives. Somehow we expect the rich to be a little more "astute" in their financial matters, assuming they hire experts to help them manage all that money.

Well, not always. Donald Trump is buying Ed McMahon's home and leasing it back to him. Ed is in default and facing foreclosure on his $4.5 million Countrywide mortgage. We wonder what happened to the 30 years of income from the Johnny Carson show. Ed is 85 years old and suffered a broken neck, keeping him from working for a year. Were I to be unable to work, it wouldn't take a year to get me to financial ruin.

Maybe we're reaching a point where nobody will be able to afford to retire. I know that I'll just keel over onto my keyboard one day. I'm putting it into my will that my wife push the "Publish" button in WordPress. That last post MUST go out.