Teresa Giudice’s Financial Woes Continue, Yakezie Round Up, Uncommon Money News
|August 24, 2010||Posted by Roshawn Watson under Uncategorized|
By: Roshawn Watson
In The Phony Rich, we discussed how it is almost impossible to build significant wealth while maintaining a high consumption lifestyle. The relatively few that can typically have a net worth of at least $20,000,000 million and an annual income of $2,000,000. Of course, this leaves the vast majority of people out. However, there are plenty of us who want to “appear rich” well before we get to this level. I used Teresa Giudice as a case study in The Phony Rich. She is of Real Housewives of New Jersey fame and recently filed bankruptcy for being in over $11,000,000 debt and having only an income of $79,000. Well, a number of things have transpired since I last wrote that makes her story, the gift that keeps on giving.
Teresa Giudice Blames Fame for Her Current Financial Woes
Auction for Teresa Giudice belongings has been moved until Oct 3 (previously Aug 22)
Teresa Giudice Claims She “Lives Within Her Means,” and Blames her Husband for her Ignorance of their Financial Status
Bankruptcy doesn’t stop Teresa Giudice from going on a $60,000 shopping spree for luxury goods just days after filing
Fellow castmate, Kim G, deals a Teresa a fatal wound by planning to buy up all of Teresa’s toys at the auction and reselling it.
Kim tells RadarOnline: “I’m going to buy everything and re-sell it on eBay.” The proceeds shall be donated to the Emmanuel Cancer charity.
To be honest, I have never watched the show, but Teresa and her husband certainly seem to exercise tremendously bad judgment. For example, just because money that you earn after a bankruptcy is technically yours to spend as you deem fit doesn’t mean that you should go on a $60,000 shopping spree days after filing bankruptcy. Additionally, it is sad that she admits to no accountability. It would be significantly more palatable for her to issue a no comment than for her to blame fame for her humiliation over her financial woes. She chose to go on a reality show and to spend like she had money despite evidence to the contrary. It is so completely disingenuous to expect privacy afterwards.
Unlike her onscreen nemesis, I don’t mention her troubles out of schadenfreude. I derive no pleasure from her failure. However, if she is the face of “fabulosity,” then you deserve to read the whole story. Don’t be a financial nimrod and expect for things to magically work out for you. The odds are infinitesimally small that such a highly leveraged plan would ever lead to anything but pain and embarrassment.
Thought Question: Have you ever watched a train wreck (financial or otherwise) that you just couldn’t look away from?
Now, it’s time to do the weekly Uncommon Money News and Yakezie Round Up.
Uncommon Money News and Yakezie Round Up
In preparing to write my posts, I often come across noteworthy and sometimes bizarre financial and business news. Below are links to some of these sites. Enjoy!
This week I participated in 1 carnival: Carnival of Financial Planning – Edition #154 hosted by My Traders Journal.
Included posts: Economists Blame ME for the Slow Economic Recovery and Why Is Debt Really Decreasing?
Thanks so much for including my posts!
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Personal Finance (Yakezie and other PF blogger friends)
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Two Quotes to Remember as Investors (DIY Investor)
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Copyright 2012, Roshawn Watson, Pharm.D., Ph.D. All Rights Reserved.