Rich and Famous Pulled into New “Reality Shows”
"Survivor: Ed the Foreclosure Fighter"
"The Amazing Race: No Limousines"
"The Real World: Rich People Living on Less"
You won't see these shows on TV, but the real stories are playing out all over the country.
Ed McMahon doesn't have a regular program right now, but he's been popping up all over the airwaves lately due to his Beverly Hills home being threatened by foreclosure.
In her pre-"Sopranos" days, actress Lorraine Bracco owed more than $4,000 in limousine bills when she filed bankruptcy.
And whether it getting the hair highlights done less often, auctioning off the Monets or letting go of the extra 10-carat diamond ring, even the rich are being stressed by the current economic woes.
Even furs don't insulate rich from cold economy
"If you spend more than you make, you know what happens," was McMahon's comment to Larry King on his recent CNN show. And whether you make millions of dollars a year or well under six digits, "living within your means" and "saving for a rainy day" are more than just catchphrases.
"If only I had more money" may be the envious thought as working-class people look at the rich and famous. But maintaining a lifestyle is more about your own way of life than how much money you make. Every person needs to look at the money that's coming in… and the money that's going out.
Those celebrities likely retain agents, publicists, business managers, and others who all take a cut out of that large paycheck. And they'd better always be dressed in expensive clothes because the paparazzi could be around any corner.
In your case, perhaps you're paying for college tuition, a new car and helping out an elderly parent at the same time. The concept is the same, even if the income is not.
Keeping up appearances to keep the spouse
Divorce lawyers in places like New York City are seeing more clients concerned about losing their spouses because their personal income or net worth - often in the millions of dollars -- has declined dramatically. Often they try to "keep up appearances" by continuing to have the same lifestyle, never admitting they need to cut back on the personal trainer or Broadway theatre tickets. They often find ways to cope in a way that their spouses or people in their social circles won't notice. For example, Emigrant Bank Fine Art Finance reports that there are five times as many requests to get a loan secured by individuals' $2 million+ art collections than a year ago.
Financial problems have no exact income level
You may never have considered yourself rich, but maybe you've always been proud of how well you've been able to manage your money and provide for your family. But your life may have taken a personal downturn lately and you may find yourself at a loss at what to do for the first time. A knowledgeable professional may help you find options if you're worried about losing your home, losing your job or going even further into debt.
To get in touch with a Total Bankruptcy sponsoring attorney about learning more about filing bankruptcy, call 1 (877) 349-1309 or use our secure online case evaluation form. A local bankruptcy lawyer will evaluate your circumstances and contact you for a free, no-obligation consultation.
Related:
Celebrity Bankruptcies
Celebrities Not Exempt from Foreclosure