Saturday, June 2, 2012

Eddie George is in Need of Some Basic Math Skills

ProFootballTalk is reporting that Eddie George, a former running back (RB) with the Tennessee Titans is surprised that his home in Tennessee is in foreclosure. His accountant argues that Eddie has been trying to modify his mortgage and also argued that the process to modify mortgages in this country is difficult.

Autographed Eddie George Photo - 8x10
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I don't know if I'm more critical of George's accountant or George. George is definitely in need of some basic math skills and basic personal finance. Someone should take this moron aside and tell him that in this country, if you don't pay your bills, your creditors can begin proceedings to collect on your debts.

CPAs in this country need to take George's accountant aside and tell him that the best advice he could have given the idiotic George is to pay his bills. It comes down to basic math and common sense. It comes down to knowing that you need to pay your bills.

It comes down to understanding that when you enter in to a debtor/creditor relationship, it doesn't matter if economic circumstances change. While Mr. George's home might have lost value, George negotiated his mortgage. That means that for the life of his loan and until that debt is paid off, he would would still owe his creditor.

Mr. George shouldn't have been surprised. He should know which bills he's paying and which ones he is choosing to neglect. It's becoming all to common for former players who've overextended themselves to be in financial trouble.

The only surprise that George should have had is realizing that he is such a moron. It should have come to no surprise to George should that he couldn't afford that debt anymore. It should have come to no surprise to George that his money doesn't last forever if he blows through it.

The surprise to me is that his accountant doesn't seem to realize that when your liabilities outweigh your assets and you are not liquid, you are in hot financial water. It's surprising that George's accountant hasn't figured out that his client has an a obligation to pay his creditors.

In the end, both Eddie George and his accountant need to take basic math and personal finance classes. They need to learn what it means to pay your creditors in this country. They need to learn that if you enter into a relationship with a creditor in this country, you better pay back that debt.

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