It's not just normal Americans feeling the pinch - MSNBC lists a few "celebrity foreclosures" which includes Michael Jackson, Evander Holyfield, and Aretha Franklin:
MSNBC - Fallen Stars: Celebrity Foreclosures Front Page

When most people hear the word foreclosure, they usually associate it with low-income families and poor people in general. The truth is that anybody can be in financial trouble no matter how high their income is.

Indeed - it seems surprising when high income earners appear to struggle as well.

Was really surprised to see Aretha Franklin on there - and even more surprised to see one of the sports players simply decide it wasn't worth paying the mortgage on his home. I can only presume its value had plummeted to well below the real estate value as prices sink.

Well most athletes have no regard for money, like Mike Tyson. He owned 3 tigers and paid cell phone bills for 1,000 of his friends. The money runs dry fast when your career slips.

Absolutely right.

It is all about managing your own finance.

very true.

I totally agree...

How about some genuine discussion here guys? I mean the thread I assume was meant to be a commentary on foreclosure, but I may be wrong.

It amazes me how people with such high incomes can be so stupid and go into financial trouble. All they have to do is save SOME of that income and they would be fine for the rest of their lives.

I agree with you - ha i was just noticing that same thing.

It is pretty scary when you also have Peter Schiff telling people to stop paying their mortgages (albeit in a somewhat biting, sarcastic manner - i would post a link but im a newbie and can't yet, so search for it). It would be great to see some statistics and be able to measure the influence that these stories have on people's willingness to walk away, and to do so with a bit less shame.

These kind of articles should be showed to people more. shows that even rich people can have problems living financially stable.

Yeah it's bad to say but this is good to see.

You need to be smart with your finances and not just go crazy when you have a little extra to spend.

No matter who you are, money will always be finite.

Celebrities seems to have so much of money but still have to go through foreclosure. We have to earn through out our life and they can earn that much in a month. But still they struggle.

Probably the best investment any of these celebrities could make would be to hire a financial adviser! LOL - It's sad to see people lose all their money so quick.

Too many people who make a lot of money, who have never had money have no idea how to handle it. I've seen many friends in my line of work (I'm included) who exited the Navy, to get a job that made 6 figures, only to piss that money away. Some of us woke up, some didn't. I know a few people that have been foreclosed on, and declared bankruptcy, and should have been wealthy. Its sad.