You’ll only end up with a stinking $2.5M!

By her own admissions, Ruth Madoff had no knowledge of the extensive scam her high school sweetheart was orchestrating. A plan that had hm sitting in jail for the next 150 years. Her money, was hers and hers alone and now she genuinely feels that she has suffer enough and should suffer no more.

Ask a number of wealthy residents what their biggest fear is and they will likely tell you that it’s being poor again. (The word ‘poor’ being used as anything that’s not uber wealthy). From exquisite cuisine and lavish vacations to a budget and frozen accounts, Mrs Madoff once again wonders how she will survive (especially in this economy, girlfriend! *snap *snap)

Now before you go off feeling too sorry for the woman (“I can relate!”) realize that her “poorhouse” is the equivalent of most peoples dream home in the Hills (“I love Speidi!”). She’ downsizing from a net worth of $80M to a mediocre $2.5M, give or take a couple $100,000’s.

But all facetious comments aside, Ruth was ignorant of her finances and is paying the price. Lavish spending, criminal behavior, deceit and a lack of true financial security don’t mix to make cherry pie. She has been called The Loneliest Woman in NYC.

It’s hard to plan a financially secure future if all of your investments are swindled dollars and tied up in a massive web of lies (*insert dramatic effects here). This was Mistake #1. “Now Miss New Money”, you say, “what if she truly is innocent and had no idea of the true source(s) that were funding her lavishly lovely lifestyle”. You further continue with, “She’s a victim”.

I was with you up until the V-Bomb dropped. Victim. There are no Victims & Money only Women & Money. You can choose which you’d like to be but if our reading this blog you probably want to be in the Women & Money category (hint, hint). A woman must never co-mingle without the proper protection (and no, I’m not talking about Sex, Baby). She must be able to take care of herself at all times and in any circumstance.

My mother would always tell me to never leave the house with Cash (or bus fare to get home). “You never know what can happen”, she would say. Think worst case scenario, if a woman has no cash, well then what’s she got left to barter with. And yes, I am talking about Sex Baby.

Crass aside, the ability to provide for self is one of the most empowering triumphs for women and their understanding of financial education. By all means, let the man play the role of household ‘provider’, for he may need that for ego purposes and to feel like a Man but DO NOT let him build a safety net for you that is dependent on his energy.

In some instances, the creation of such dependency in a relationship could be seen as abuse. Regardless, the end result is the same and you only end up with a stinking $2.5M.

Tragic. Just tragic.


Livin’ for the Lifestyle

Is it the same as living for the money? As a kid, you usually dream about how you want your life to look when you get older. Fancy cars, fancy home, luxurious everything. At least I did. I was gonna be the black Malibu Barbie. At the time I had no idea where Malibu was but Barbie and Skipper made it look like THE place to be. I got older, watched more tv, read more books and magazines and saw how others where living. I still think that after grad school, I’ll be able to move back to NYC and be Carrie B.

Almost two weeks after college graduation and unfortunately I am no where near a flat in the City. I’m moving to a boulevard (a Boulevard?!?!) far away from the gum laden sidewalks of my hometown. And I’m taking on a live in mate, my boyfriend, to share in some of these dreaded expenses.

On my journey to spiritual wholeness (see what you missed!?) I picked up Joel Osteen’s Live Your Best Life Now (instant gratification).  In it he writes that a person should not be afraid to be a champion in life and move out of poverty, that the Lord doesn’t mind it.  In fact, that is what the Lord wants for you: to be better than those ancestors before you and to grow your wealth. I guess the Lord figures more for him right??? (Is that blasphemous?)

Anywho, the point I’m making is that I am conflicted. In a previous post I spoke on the finance-centric movement that is making its way across musical genres and down the streets of Wall Street. “I’m gettin’ money” is a classic reverence of many, both the rich and broke (a paradox in itself). From what I understand, it’s all about obtaining the more and more (greed) so you can buy nice things and live, what looks to be, a fabulous life.

Well I’d like to get some money.

And yes, it’s so I can buy stuff. But it is also so that I can live a financially free life. However, the two ideals do not follow the same paths.

But I shouldn’t feel guilty for wanting things and to want to live a better life. To steal a line from Bob Fosse and the cast of Chicago, “[I] can like the life [I’m] living [or I] can live the life [i’d] like”.  It’s kind of an “either/or” deal, isn’t it? Bummer…..

Cease and Desist

While I would like to say that I filled my absence researching and scouring the Internet for the latest applicable solutions, but instead, loyal Finanshionistas,  I spent it studying, working and graduating with my Masters. For that I cannot apologize. However, also in my time outside of the blogosphere ™, I started a new business, created a great professional blog site for my youth internship (, made an expensive business investment without comprehensive research, watched that purchase go on sale and the revealing of a new model the very next day (hint, hint) and was scammed (oh, they were good)! But worst of all I made a not so smart financial decision during my time outside the country.

Needless to say, I made some unwise and un-fashionable financial choices that I must apologize for. One day soon, I’ll muster up the courage to reveal my ultimate mistake but for the time being, would you help me get back on track?

First things first, I organized all of my debt, for those balances simply fell by the waste side. What is it with vacations that make people feel they have to buy new stuff? Whatever it is, my urge to splurge completely took over and I am still working to turn off the spicket. I brought my balances back down to zero and removed my “so-not for emergency” credit card from my wallet. I also will be returning purchases this weekend; taking the dreaded walk to the “Returns” counter.

I also have put things into perspective now. I’m back to work full time, but I’m also looking for an apartment that my BF and I can comfortably but cheaply move into; I’m getting a new biz off the ground; student loans are gonna start to come knocking; and I want to buy a triplex that can generate some money (more on everything to come).

For now, though, I wanted to reconnect with my readers. There’s a lot coming my way. It’s promised to be a great transitional period, so stay tapped in and fabulous. Miss New Money is now a daily blog-site!

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