By now you’ve seen all the media coverage of the possible foreclosure on celebrity endorser and spokesman Ed McMahon’s Beverly Hills mansion.

The media is acting as if rich people never get foreclosed. The LA Times just reported on foreclosures on multi-million homes in Napa, the center of Wine Country and all things chic:

Elsewhere in Napa, a 5,676-square-foot Mediterranean villa on a 35-acre lot was recently foreclosed on. It’s now on the market for $5.255 million.

Seven other houses in the city worth more than $1 million each are in default or have been foreclosed on, according to ForeclosureRadar, a company that sells default data.

Buyers last week of a Spanish-style, 3,220-square-foot house on a cul-de-sac here got a bargain: $1 million for a hilltop home in Northern California’s wine country, with views to San Francisco in the distance.

Two years ago, the same property sold for $1.4 million. But after the lender foreclosed on the property, the home was deeply discounted. Real estate agent Michael Snider, who handled the sale, thinks more such sales are on the way.

“It’s just beginning,” Snider said.

The wealthy may be able to hold off foreclosure longer than others, but eventually those with debt they can’t handle will be foreclosed on, he said.

Add Ed McMahon to the list.

But the REAL story that the media isn’t talking about is: Why is Ed McMahon, who is 85-years old and has been on television for DECADES- apparently broke?

Did he PLAN for retirement? Did he ever save any money? If not, why not?

Shouldn’t he have stocks, bonds, other investments?

All we know is that the house is listed for $5.75 million. McMahon’s loans, from the LA Times:

McMahon took out two loans on the property totaling $4.5 million and later borrowed an additional $300,000 against the house, according to ForeclosureRadar. The loans were obtained through Countrywide Home Loans Inc.

He’s been trying to sell it for two years, with no luck. He’s is in arrears by $644,000!

But, again, he is 85 YEARS OLD.

WHERE IS HIS MONEY????

From his spokesman:

Bragman, his spokesman, said McMahon fell and broke his neck about 18 months ago and has been unable to work since.

“The ideal situation would be that he would be healthy and able to earn a living to pay for his house,” Bragman said.

Why is he working when he is 85? Can you even imagine living paycheck to paycheck at that age?

Unfortunately, many of us think we’ll work for forever. So we save nothing. That is the only explanation.

Ed McMahon was Johnny Carson’s sidekick on the Tonight Show for years. He was also the host of Star Search. You’d think he made decent money from that.

Oh- and there’s this:

McMahon won a $7.2-million insurance settlement after claiming that mold in his house killed his dog Muffin and sickened him and his wife.

According to a lawsuit he filed, the trouble began when a pipe broke and water flooded a den. Mold was later discovered throughout the house. McMahon and his wife, Pamela, blamed faulty cleanup.

Did he ever collect on that settlement? If so- where did that money go???

Too many unanswered questions.

The REAL story here isn’t the foreclosure. Those are a dime a dozen (even in the upper bracket, sadly.)

The REAL story is how Ed McMahon, after decades in well-paying show business jobs, can be 85-years old and apparently broke.

How many women do you know who got engaged, only to see them break it off? What to do with the ring? Some give it back to the fiance. Others keep it.

Or, even more common, what if you’re married and, unfortunately, that doesn’t work and you end up divorced. What do you do with the engagement ring, the wedding ring, the necklace that your now ex-husband gave you?

With gold at $900 an ounce, many women may not want to just keep it in the jewelry box.

You could try and sell it on eBay, but that’s a pain. There are pawnshops too- but you likely won’t get much from that either.

Finally- someone has figured out a way for women to sell their gold, silver and platinum jewelry and hopefully make a bit of money. The website is called exboyfriendjewelry.com.

From the Chicago Tribune:

Erin Ennis, 38, a Washington, D.C., lobbyist, ended a relationship five years ago. She wrote in her ad, “Celtic knot earrings”: “At some point, he began to take fabulous trips to Ireland. Without me. I did get this lovely parting gift, however.”

Ennis has already sold a black pearl and diamond pendant and a purple beaded choker on the site.

“I didn’t want to just give them away, but I also didn’t want to haggle over them via eBay,” she said. “So, this seemed like a good fit: send them away with a wry sense of humor and make a little money off of them.”

Interestingly, about 25% of the customers on the site are men (someone’s trash is someone else’s treasure, after all.)

On the site, you can write a blurb about how the break-up happened, which is half the fun of the site (sorry guys.)

There are about 425 pieces of jewelry currently listed.

Forget the stimulus checks. What have you got at the bottom of your jewelry box?

This Memorial Day Weekend, be “un-American.”

Don’t go to the shopping mall.

Don’t buy a new car (despite the auto makers giving away $2500 a car rebates “this week only”).

Don’t buy new furniture (despite La-Z-Boy’s ads.)

You really don’t need to use that 20% off coupon at Bed, Bath & Beyond.

Stay home. Grill. Play in the backyard with your kids. Walk to the beach. Bike in the mountains. Read a book on your balcony.

Just take a break from shopping for one weekend. You might discover there are more options that can bring joy than simply whipping out the credit card.

Simplify your life. Start this weekend.

I hope everyone has a safe Memorial Day and remembers the reason we have Monday off. It isn’t to buy new sheets at that Memorial Day sale.

What are you going to buy with your stimulus check?

Maybe give some thoughts to new pillows.

Pillows? Yep, pillows.

Did you know that according to the “experts” you’re supposed to buy new pillows every 18 months?

I know family members that have had their pillows for 30 years!

Apparently, the need to buy new pillows comes from dust mites that will live in them nearly doubling the weight of the pillows after a few years (same with your mattress actually.) From the Ohio State University:

Beds are a prime habitat (where 1/3 of life occurs). A typical used mattress may have anywhere from 100,000 to 10 million mites inside. (Ten percent of the weight of a two year old pillow can be composed of dead mites and their droppings.) Mites prefer warm, moist surroundings such as the inside of a mattress when someone is on it. A favorite food is dander (both human and animal skin flakes). Humans shed about 1/5 ounce of dander (dead skin) each week. About 80 percent of the material seen floating in a sunbeam is actually skin flakes. Also, bedroom carpeting and household upholstery support high mite populations.

You can wash the pillows in hot water to kill off some of the bugs and bacteria.

But it only kills some of them, apparently.

They also tell you to change your sheets every week and vacuum every day (if you have carpet in the bedroom.) Yes- I KNOW you’re doing those things. I hear about people vacuuming every single day. (sarcasm, sarcasm.)

The only way to truly live “bug free” is to buy new pillows.

Makes you wonder what you’re sleeping on when you go to a hotel, doesn’t it? Especially the small town hotel that is family owned. Think they’re buying new pillows every 18 months?

Right- me neither.

I must confess, I’ve owned my pillows for a few years. They don’t feel twice as heavy as when I bought them- but maybe they are and I just haven’t noticed. Or maybe I’m in denial about all the dust mites (what you can’t see, can’t hurt you type of thing.)

Maybe I should buy new pillows with the stimulus check after all.

Nah….