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| Personal Finance Thursday, Dec. 10, 2009
Money Can't Buy Happiness
I'm always looking for personal finance lessons in the lives of celebrities, since we mere working-class mortals often idolize their fame and fortune. In the last two weeks Tiger Woods' life has been one large lesson that money can't buy you love -- or keep your secrets. Let's recap. The world's best golfer, a husband and father of two small children, crashed his car late last month. That accident opened the door to allegations that he's had affairs with at least 10 busty bombshells. What has followed is a lot of commentary on what we can learn from Tiger's admitted "transgressions." Tiger's troubles provide the perfect cautionary tale for young girls and boys who yearn for the fame, but sometime forget the 'bitter' that comes along with it, Terrence Samuels of The Root writes in The Tiger Woods Lesson: Do You Really Want to be Rich and Famous?. A panel of experts at the Post's new On Success Web feature weighed in on Tiger's travails. "We just expect more of people who are well-known because we secretly want them to pay a price for their fame and money," wrote On Success panelist Garrison Wynn, founder of Wynn Solutions. Another panelist, Celeste Owens, a motivational speaker and licensed psychologist, wrote: "Being a public figure has its advantages (e.g., endorsements, huge signing bonuses) and disadvantages (e.g., being held to a higher standard/role model) -- one cannot divorce the two. Like it or not, to whom much is given, much is required." "Tiger Woods has certainly profited from his fame, therefore I have little sympathy for the costs he simultaneously incurs from this notoriety," wrote Catherine H. Tinsley, associate professor at Georgetown University's business school and the executive director of the GU Women's Leadership Initiative. Tinsley went on to say: "He has earned this money not just through his sports winnings but also from all his endorsements and sponsorships. Thus, he reaps profit now because he is famous, because people look up to him, model after him, and want to be him. I might also add my speculation that his sexual attractiveness is heightened by his fame -- because people look to him and model after him, women want to be with him." Read what other On Success panelists had to say. By the way, there have been no advertisements in prime-time featuring Woods since Nov. 29, according to data from Nielsen Co. But give them time, the advertising will return. Tiger is still a big draw. Your Take On Tiger Last week, I asked you what you thought of Tiger and his current situation. Specifically, the Color of Money Question of the Week was: Tiger Woods is a highly paid pitchman who encourages us to buy products based on who he is and what he stands for, are we out of line to question his personal behavior? Here is what some of you had to say: "My simple answer is 'no,'" wrote Matthew Tracy of Vandalia, Ohio. "If someone cheats on his family, how do we know he won't cheat elsewhere? His image in marketing says he stands behind the item and that he believes it rises to his level. The more honest and above reproach, the more we believe in his message. The more we see of dishonesty (especially at home or in what he is best known for) the less his message counts." "With regards to commercial advertising and its influence on what we buy, I think most advertising is a waste of money that only serves to enrich those agencies and people like Tiger," wrote J. Henry of W. Melbourne, Fla. "I never, ever buy anything based on what a pitchman says in an advertisement." Kenna Giffin of Denton, Tex. wrote: "Questioning is fine, obsessing is something else. There are so many events and issues that need to be explored and explained, over and over, that I resent all the time wasted on this matter." Burden or Benefit? For many people, there is one four-lettered word that can stop them dead in their tracks. FREE! However, sometimes free comes with a price. That's what Karen McHale found out after winning a $1.2 million home in a raffle. The costly crib she won had 6 1/2 bedrooms, 4 1/2 bathrooms but it also came with a hefty monthly bill for utilities and homeowners insurance totaling $600 to $800, reported the Post's Emma Brown in Raffle winner sells $1.2 million home at a bargain (Dec. 8). The home was a "giant rock around my neck," McHale said. McHale finally sold the house for $650,000 to a church. She made a tax-deductible contribution of $200,000 to the church to reduce the amount of taxes she would owe to the IRS. In all, McHale netted $200,000. That's not a paltry sum. But Brown noted - and you should take note as well -- that McHale's windfall was accompanied by enough stress and tax-code headaches that she said learn her lesson about gambling. Justice Served Sometimes the unjust get their just deserts. A Maryland woman who stole millions from Washington area homeowners trying to avoid foreclosure was sentenced to more than 12 years in prison. Post reporter Maria Glod wrote that the judge on the case called Joy Jackson, president of Metropolitan Money Store, a "vulture." "This was a scheme that was practiced on the most vulnerable people you would imagine," U.S. District Judge Roger W. Titus said. Jackson was convicted of siphoning off the equity in people's homes and using the money to pay for a lavish wedding, jewelry, fur coats and vacations. "I opened the company out of love. I opened the company to help," Jackson said during a tearful apology. "I know I have good in me, but I allowed greed to overcome me." Yes indeed, it was greed that took her down, which is often the case. Tia Lewis contributed to this e-letter. You are welcome to e-mail comments and questions to singletarym@washpost.com. Please include your name and hometown; your comments may be used in a future column or newsletter unless otherwise requested. -Michelle Singletary When helping an adult child financially isn't really helping Let me ask you: When should parents turn off the financial spigot for adult children? An attempt to open banks' doors to all Millions of Americans conduct their day-to-day financial business outside the banking system, leaving many to be preyed upon by payday-loan companies, rent-to-own establishments and other non-bank institutions. Wrap up your holiday shopping with money left in your wallet It's wonderful to be in the spirit of giving, of course, but think it through before you go gift-wild at the mall. Buying even modest presents for a long list of friends and relatives will add up fast. The convenience of purchasing a gift card has helped turn them into a multibillion-dollar business, but a rash of retail bankruptcies amid the recession raising new questions about who owns the money stored on a gift card.
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Personal Finance: Money Can't Buy Happiness
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