It Doesn’t Matter How Much You Make…
Posted on May 06, 2008 under Financial Literacy |I read an interesting article the other day about Jose Canseco having his home foreclosed. He walked away from his $2.5 million dollar home which is 7,300 square feet because it didn’t make sense to continue making payments.
This is just another instance that reminds us that it doesn’t matter how much you make. Whether you earn millions of dollars per year like Jose Canseco, or you just seem to be scraping by, you need to learn how to manage your money and the resources you have.
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by AJC @ 7million7years, on May 7 2008 @ 9:11 am
I can tell you this: his house did NOT break my 20% Rule, so that’s not where his financial problems arose!
The problem is that these guys know how to MAKE money quickly (e.g. sign a big fat sports contract), but they have no idea how to KEEP money … there’s no doubt that he was living on more than 3% - 4% of that $17 Million that he says that he was ‘only’ left with after divorces and taxes …
AJC.