Ed McMahon

“Call no man happy, until he’s dead.”—Herodotus

Every so often real life intervenes in an argument, bringing a concrete example to an abstract argument so spot on that you could not make up a more telling example. Such an event can be pulled from last week’s news stories.

For those who missed the story, Ed McMahon’s house in Beverly Hills is being foreclosed on. Yes, that Ed McMahon. “Here’s Johnny!” “Send in your reply to Publisher’s Clearing House. You may already be a winner.” That guy.

Ed McMahon earned millions annually as a top ranked television personality and pitchman. Make that: he earned millions annually for decades. He is now over $644 thousand in arrears on a $4.6 million mortgage is took out only a few years ago.

When asked about why he is in arrears, his response is that it is because of his inability to work for the last eighteen months due to a neck injury.

The dude is 85 years old! Who the heck goes through life thinking that having to work in your eighties to keep from getting evicted is a workable game plan?

I have been arguing that true wealth is not related to your lifestyle, or to how much you earn. True wealth starts when you have the financial security to continue with your current lifestyle, even if you can no longer continue working. Exhibit number oneof how not to do this is Ed McMahon. I rest my case.