Tuesday, October 02, 2007
Most people use home equity loans to make repairs on their homes, or do a little construction. Other's take the money and blow it on a vacation which they pay back for the next fifteen years. Ronnie Wood of the Rolling Stones did a little of each. Back in the 1970's he got a home equity loan for $70,000 and did in fact paint his kitchen green and but some blacktop on his driveway. With the remaining $60,000 he had a wild six week one man party where he blew the entire amount on coke.
It got so bad at one point right after this one man party that "I would be on my hands and knees looking for crumbs that might have fallen out of the pipe. I even banned my children eating meringues in the house after I ended up smoking sugar, believing it to be cocaine."
Well at least Ronnie didn't smoke his dad's ashes like Keith Richards. Yes, I know Keith said it was a joke, but he only said it was a joke after the whole world gasped. If you don't think he wasn't capable of it, you didn't read the story above very closely.