From Homescape

written by Amy Le on Monday, May 12, 9:50AM

Amy Le

The 43-year-old Canseco retired from the major leagues in 2001, but in recent years has been at the forefront of a media frenzy with his tell-all-book on steroid abuse in the league. On Thursday, Canseco landed himself in the headlines again with another startling admission. The Associated Press reported that Canseco told the celebrity TV show, Inside Edition, “It didn’t make financial sense for me to keep paying a mortgage on a home that was basically owned by someone else.” Foreclosure documents show Canseco owed a bank more than $2.5 million on the 7,300-square-foot-home located in the Los Angeles suburb of Encino.

The poor house
While the former MVP may not be in the same financial mess as other working-class families currently facing foreclosure, Canseco says his dwindling finances are the cause behind his recent misfortune. He told Inside Edition, “You know my life, this financial thing, is a very complicated issue. Obviously, when you make all that money, people think, ‘OK, let’s assume it is $35 million.’ People have to understand that $35 million, you’re paying the government 41 percent. That leaves you with about $17 or $18 million, not even. Then you’re taking care of your whole family.”

With gas and food costs up, it sure must be tough raising a family off of a meager $17 million. Dining out at five-star restaurants and pumping fuel into a suped-up SUV will drive you to the poor house alone. No way Jose, no sympathy from this baseball fan. While there are a good number of hard-working families who have fallen on hard times and have lost their homes — in many cases, not by their own making — a part of me looks at Canseco’s attitude as symptomatic of the real causes behind the housing bust. People borrowed money they knew they couldn’t pay back, used the equity in their home like an ATM machine and bought property they really couldn’t afford.

Living the American Dream
Before I get accused of being an elitist, it’s important to note I spent most of my life with a plastic spoon in my mouth. While I may not have had to walk 14 miles up a hill to get to school, my parents did come to this country with $10 in their pocket. Our family of four lived in a tiny 1-bedroom apartment until I was 8 years old. My parents worked minimum-wage jobs as a janitor and waitress, but they saved every dime they earned, and eventually bought their own home and started their own business. We all want to live the American Dream, and I truly believe anyone can achieve it in this country. But before that dream can be lived, it has to be earned.

I’m not going to pretend that I’m the poster child for fiscal responsibility, but it blows my mind when I see people live a lifestyle way beyond their means. I have friends who have $15,000 in credit card debt, but still go out and by a $3,000 flat-screen television. And I’m sure I’m not the only person who knows people like this. We may not be able to predict the future, but we can sure try to prepare for it the best we can.

Got hot local housing tips or a story you want to share? Contact Amy Le at openingdoorsblog@homescape.com.

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