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?
Also, brand new post Is Extreme Frugality For You? was included in Len Penzo’s hilarious Black Coffee weekly roundup.
Thanks so much for including my posts!
To my readers: I am so honored by your support. Thank you for reading, subscribing, and for voting for articles from this site on social bookmarketing sites such as stumbleupon, reddit, delicious, digg, propeller, twitter, and yahoo buzz. Together, we are telling thousands of the importance of financial literacy. I absolutely could not do it without you. You are vital this this site, and I appreciate your! Thanks.
Posts Of The Week
Did Leo Really Make $50 Million-Plus for Inception?
Five Priceless Nuggets of Financial Wisdom From the Thomas Crown Affair
Business News
Clearance Sale: Barnes and Noble Didn’t Evolve Enough
American Airlines Adds Ridiculous “Special Coach Seats” Fee
Facebook Partnership Is Proven by $3,000 Check, Lawyer Says
Credit card interest rates climb, hitting a nine-year high, amid new rules and high delinquencies
Economy
The Layoff Kings: The 25 Companies Responsible for 700,000 Lost Jobs
The Great Disconnect (The Bullish Case for Stocks Part 2)
Entertainment Money News
Did Leo Really Make $50 Million-Plus for Inception? (POW)
Vampires Suck Jennifer Aniston’s Movie Dry…Er, Right?
Offbeat Money News
Personal Finance (Yakezie and other PF blogger friends)
Five Priceless Nuggets of Financial Wisdom From the Thomas Crown Affair (Len Penzo) Check out my guest post
How Much Should You Tip For Bad Service
Why the Economy Most Certainly IS Relevant to Investing (Balance Junkie)
Chelsea’s Wedding Good for Economy? (Joe Taxpayer)
Two Quotes to Remember as Investors (DIY Investor)
Why I Invest In Mutual Funds (Hope To Prosper)
6 Steps to a Satisfied Retirement (Money Funk)
Thanks, as always for the wrap!
Leo making $50 I wouldn't doubt it. Mel Gibson made like $500 mil from The Passion of Christ as a producer!
My recent post The 300 Million Dollar “A” Yacht Owned By A Russian Billionaire
Shawn, All I have to say is this: Tell me you don't really watch the "Real Housewives"! Although I am a secret tv trash lover, the lowest I've gone is Kathy Griffin and the Millionaire Matchmaker! I think you have me beat!
My recent post The Best of BarbaraFriedbergPersonalFinance 6 Month Anniversary Edition
Thank goodness I don't watch any of the real housewives shows. But Teresa Giudice sounds like the poster child for irresponsibility.
My recent post Walter E Williams- His PBS Show Good Intentions from the 1980s
Ok, I admit that I watch the real housewives shows and to make it worse I have watched every city. I even have my husband hooked. I find the show so interesting. These women really think America is so jealous of them and don't realize that most of us are really laughing at them. It's not that I want to watch people fall, but I am so flabbergasted by their stupidity.
When the series first started several years ago in CA, I was hoping the series would follow successful women and show us how they manage it all: family, business, kids. But apparently that's not what gets good ratings.
My recent post Cantaloupe Salsa
I also think it is interesting that these women believe America is jealous of them. I guess most people who would be on such a reality show are more than a little narcissistic anyway. With regards to catering to ratings, I believe the networks will work whatever angle they can to get those eyeballs on their programming. It is so desperate, but also a guilty pleasure. (I can't speak for the Real Housewives, but I have watched other shows that played this game. The Apprentice is the perfect example. It started out about solid business principles; however, there is also a lot of backstabbing, ruthlessness, and other nastiness that goes on too.)
My recent post Is Extreme Frugality For You