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| Personal Finance Thursday, Dec. 3, 2009
What's the price of happiness for Tiger Woods?
Since 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? That's the Color of Money question of the week. Why even ask that question in context of a personal finance newsletter, you might ask? Well, as a celebrity he gets paid mightily to sell us stuff. Corporations have banked on the notion that we admire Tiger, and, until now, the golfer has done a great job of selling us on his good-looking, squeaky-clean, model athlete image. But that may soon change. Woods was in a one-car accident just after 2:00am last Friday and rumors have surfaced that he has cheated on his wife. For example, one reader participating in a Post online chat yesterday pointed out that the tag line for consulting firm Accenture is "Go on. Be a Tiger." The chat centered on how the negative media attention and Woods' admission of "transgressions" would effect his endorsement deals. Jason Maloni, vice president and head of the Sports and Entertainment subpractice with Levick Strategic Communications, led the discussion. Maloni's response: "All smart advertising folks are able to change messages in minutes and pull or adjust ad buys as needed. I expect you'll see some modifications in the coming days if this matter remains in the news." So what might Accenture say now? "Go on. Be a Tiger. But only the one you see on the golf course." I don't think so. No, the companies will continue to pimp Tiger as is. The athlete himself is suggesting we should separate the Tiger at home from the Tiger on the golf course. He is outraged at the attention to his private life. In a statement, he said: "Although I am a well-known person and have made my career as a professional athlete, I have been dismayed to realize the full extent of what tabloid scrutiny really means." He's right that we don't have a right to pry into his or anyone's personal life. But celebrities willingly put themselves out there for our entertainment and their financial enrichment. The truth is, Tiger could have just played golf and would have still been a multi-millionaire off his tournament winnings alone. Instead, he chose to leverage his celebrity status for even more money. So, we talk about his situation because he put himself out there. I don't think we should pretend our interest is more highfaluting than that. It's not like we seriously assess Nike products based on Tiger's character. But more importantly, and the reason why I'm interested in this story, I think it goes to show that fame and fortune alone can't make you happy. Tiger's a reported billionaire, at the top of his game and he's got a host of problems to deal with now. We may not know exactly what Tiger did or with whom or how many times, but his own admitted "transgressions" show he wasn't happy with what he had. Let that be a lesson to those of you how think more money is the answer to your happiness. Send your replies to the question of the week to colorofmoney@washpost.com. Cashing In On Celebrity Now let's move on to the woman (and there could be more than one) who may have cashed in on her supposed relationship with Tiger. Jaimee Grubbs told Us Weekly about her alleged affair with the golfer. (And I say "alleged" because, at this point, we still have only her word and a very convincing and damaging voicemail message from someone who sounds just like Tiger). The Post's Howard Kurtz reported in his Media Notes column yesterday that Us denies reports that it paid Grubbs $150,000 for her story. Of course, the magazine didn't say it didn't pay her something. If Grubbs did take money for her story or photos or both, she joins the ranks of what has become a constant stream of lowlife people who kiss and tell and then profit. Plus, Kurtz reports today that sources say Mrs. Woods is making her husband pay up big time to stay with him. It's all about the Benjamins. Cash Issues for Crashers? Another financial lesson this week comes from the now infamous party crashers who are trying to crumored to be a part of Bravo's deliciously depraved reality series "Real Housewives." I'm talking, of course, about Tareq and Michaele Salahi, the couple who attended a White House state dinner without being invited. I became even more intrigued with their story upon learning of their questionable financial acumen. Documents and statements indicate the couple has some money issues, report Neely Tucker and Amy Argetsinger. For example, the bankruptcy papers for their winery describe the repossession of a 2004 Aston Martin valued at $150,000 and a Carver 350 Mariner boat valued at $90,000. Another Post story reports that a high-end hair stylist Michaele hired is still waiting to be paid on a $4,000 judgment. Apparently the wannabe celebrity needed to update her long blond hair extensions, no matter the cost. If Bravo continues with plans for the upcoming "Real Housewives of D.C.," they should cast the couple. They would fit in just fine with the show's many other housewives who pretend to be rich. Most of the housewives featured on the series serve as a lesson to us that all that glitters isn't gold. Maybe gold diggers, but not gold. Celebrity Trash-Talking Comes at a Price I like Serena Williams. But she should have behaved better when she last played the U.S. Open. Williams was fined a record $82,500 for her tirade against a lineswoman after a foot-fault call. The lesson here: Don't let your temper end up costing you on the job. Cashing In Gift Cards I end this celebrity cash edition of the e-letter with the mayor of my hometown, Baltimore's Sheila Dixon, who was found guilty of using about $500 in retail gift cards meant for the poor. Dixon was convicted of a misdemeanor for using Best Buy and Target gift cards on herself and her aides. One of the aides admitted on the witness stand that she and her husband earned more than $500,000 a year. The aide earned $90,000 a year working for the city, and yet she took advantage of a gift card meant for the needy. What a sad, sad week of news, much of which relates to our culture's obsession with celebrity and cash. I think one juror in the Dixon case summed it up best: "You can't just do what you want to do . . . no matter how famous you are." Let's Chat About Celebrity Cash Join me live today at noon ET to chat about the celebrity cash news. What are your thoughts on what people are doing to gain fame and fortune? Or you can ask me about your personal finances. Are you feeling stressed about spending for the holidays? If you can't join us live, you can submit questions early or read the transcript later. -By Michelle Singletary A subsidy for those most in need Here's a government gift that should keep on giving. Book can help you regift the right way Jodi Newbern has written a fantastic how-to guide that just may win over many opponents of regifting. No-stock portfolio yields a year of decent returns With distaste for stocks running high, we decided to assemble a stock-free portfolio that offered the potential of delivering stock-like results over time.
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Personal Finance: What's the price of happiness for Tiger Woods?
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