Filed under: Debt, Real Estate, Wealth, Recession

You’d think a guy pictured often with the likes of Paris Hilton would keep a hand on his wallet. But Scott Storch, a 34-year-old hip-hop music producer who helped launched the career of Christina Aguilera and Beyonce, and is seen around town with socialites like HIlton, is the latest entertainment name to fall into foreclosure.

Storch, who Palm Beach Post columnist Jose Lambiet estimates was worth $70 million as late as last year, is losing his $10 million Miami Beach home to SunTrust Bank. Besides owing a year’s back mortgage on the 10-bedroom, 16-bath mansion, Storch also owes the electric company and a security company. Storch also had his Ferrari Scaglietti and his prized motorcycle, a Bones Bike, repossessed. So much for the high life.

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Filed under: Debt, Saving, Wealth, Relationships

According a current article from Reuters, how couples handle money early in their marriage can have a profound impact on the rest of their lives. Now, I don’t disagree but couples superior not wait until after the honeymoon to talk about the BIG issue. Money is the number one problem that couples fight about and a major factor in most divorces. Yet surprisingly, many couples don’t discuss cash until there are problems. Some key issues that you must discuss before you walk down the aisle with anyone.

• How much money do you both have in savings, checking, IRS’s, 401K’s and other assets?
• What liabilities do you or your partner have? Include mortgages, automobile payments, school loans, personal loans, and credit cards?
• What’s the current status for you and your partner with the IRS? Beware of marrying anyone who owes the IRS money. It can cause havoc for both of you.
• How do you both feel about money? For some money represents control, others view it simply for fun. Some folks are savers. Identify what your attitude is about money.

Continue reading Money is the #1 Issue to Discuss Before Saying “I do”

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