Stars who lost their homes to foreclosure.
Ed Mcmahon long time side kick to Johnny Carson and Star Search host McMahon who's unable to pay his $4.8 million mortgage and putting a very public face on America’s housing crisis. Mcmahon is loosing his home to forclosure. The question that always comes to my mind is how can a multi-millionaire be facing foreclosure? McMahon blames the ailing economy, poor money management and his broken neck - which has kept him unemployed for 18 months is the main reason for his problems.
I was curious in how much interest does 1,000,000 make in a day. Much to my surprise it was much less than what I though. this is what you make Compounded daily, you'd get $136.99 interest in one day, and $51,267.49 interest in one year.
So just imagine that if he just lived a conservative life he could live strictly off the interest but what if he had maids and the daily expenses of living a lavish lifestyle. So unless you have a residual income coming in I can see how and why stars go broke! You see when the money quits rolling in they will eventually spend the money they have made! Simply because they can not maintain the lifestyle that they were used to.
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