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.

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