Actor Burt Reynolds is caught up in the economic turmoil as he is unfortunately facing foreclosure in his Florida home. You can check out the full article below but it seems to me that Burt has purchased his home wrong to begin with and even took out a second mortgage on the property. Not a wise financial move. I believe that most of the celebrities that have had financial troubles during this economic climate have them because they bought their home wrong in the face place. Robert Kiyosaki always stated to “buy your home right” in the first place. This means to me to not get an adjustable rate mortgage or if you do know what you’re getting into or make enough of a downpayment that you don’t end up owing more on the home than the home is worth, especially if the value drops.
I think this is what has happened to alot of celebrities in this predicament because most of the celebrities are just fine financially. They may be practicing a little more financial savvy. Financial literacy is definitely worth learning –