Tips for Ruth Madoff: How to live in the middle class
Filed under: Real Estate, Retire, Wealth, Recession
Dear Mrs. Madoff:I understand that with your husband in jail for the rest of his life and you losing claim to millions of dollars worth of real estate and other assets in the bargain, you are being left with only $2.5 million to your name. That gives you an income of about $125,000 a year.
Keep this in mind: 90% of Americans don't make anywhere near this. But for two-income professional couples on either coast, this represents a middle class income.
So allow me to give you some general tips on how to live like the middle class, although, as the character in Casablanca says, I don't know why because it can not possibly benefit me.
First thing's first, I'd find your AARP card and join up. Lots of discounts for you there. And you're gonna need them, lady.
Housing: You might have trouble finding affordable housing. This is sure to surprise you, having up until recently enjoyed lavish homes in half a dozen locations without a thought over how they were paid for. But, and I'm sorry to tell you this, your yearly nut won't qualify you for any home anywhere you'd be interested in living. The average cost of a home in Beverly Hills is $1.9 million. While in Manhattan the average cost is $1.4 million. It's looking like nobody in town is going to rent you anything there, anyway.
There are a few options to consider in your new financial circumstances: You could become somebody's roomate (use your maiden name, though). And a lot of larger homes in the suburbs have "granny flats," to let. They're a safe choice for older ladies of modest means, and it allows you to enjoy the comforts of wealth, if not the actual financial bits.
Actually, Ruth, if I were you, I'd just get the hell out of Dodge. You can rent a lot more apartment for your money in the Southern states. And I'm told you can rent a lot of house in Alabama for less than $1,000 a month. A new beginning in a state known for its high bible sales could be just the thing for you.
Auto: Now that it's not about status anymore, I recommend you swallow your pride and get a set of good, reliable wheels. Used, of course. Toyota makes good cars. What about a Corolla? They get great gas mileage and with regular maintenance you can get a good 15 years out of it. Plus they're cute. I know, not as cute as a Mercedes E-class, but you'll get used to life without seat warmers, I promise. Here's the link for Autotrader.com. Check it out.
Retirement planning - Well, Ruth, to tell you the truth I think this is your biggest challenge. Mostly because I can't fathom you finding a financial planner that you can A.) trust and B.) would take you on as a client after the whopper your DH pulled. The Wall Street Journal has a few suggestions, but again, I'd be very cautious entrusting your precious nest egg to anyone. Surely you, of all people, have learned this lesson.
To close, I'd like to leave you with a list of vocabulary words to familiarize yourself with. Listen and repeat these words every day, and soon you'll be saying them like a real middle class lady!
Target.
Wal-Mart.
Payless Shoes
Olive Garden
Rent Check
Library
McDonald's.
Jersey Shore
Savings Account
Co-Pay
Good luck!
Julie Tilsner
Reader Comments (Page 1 of 2)
6-29-2009 @ 7:05PM
CHARYLENE said...
I WONDER HOW SHE'S EVER GOING TO MAKE IT..HE MAY NEED SOME $$ FOR JAIL STUFF AN PAY FOR HIS BUNK
LOL LOL HEY MADOFF'S WELCOME TO OUR WORLD ...
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6-29-2009 @ 8:02PM
mage0213 said...
2.5 million is NOT middle class. middle class probably doesn't even have half that much in savings.. upper middle maybe but DEFIBATELU upper class.. she still was allowed to keep too much of her ill gotten wealth
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6-29-2009 @ 10:03PM
yaker said...
I sure would like a middle class job that nets $125,000.00 a year.
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6-29-2009 @ 11:37PM
Mikedudical said...
forget autotrader.com. Ruth needs to visit ww.RepoFinder.com so that she can buy all her cars back for half price.
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6-30-2009 @ 12:37AM
Robert said...
The rich Preacher that I cant sem to post a blog on so here I am posting this Another Preacher who lives with Millions of dollars . While 47 million Americans go without health care. PT BARNUM once said there is a sucker born every day. He's a phoney a charlatan
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7-03-2009 @ 1:07AM
Norene Rootare said...
Julie Tilsner is a snide, grappling, afectacious writer. Her comments may appear clever but they are nothing but a rambling account of jealousy, critcism, and sarcasm.
Ruth Madoff was not charged with a crime. Her social security number nor her signature appears nowhere on any of the documents siezed when Bernard Madoff was arrested.
The only link she has to the accused is the Income Tax Returns in which the filing status, " Married Filing Jointly", were signed by her also. The prosecution wanted the money returned to the investors, so Ruth was stripped of her money, less the $2.5 million which was left in her name only. This was a fair settlement for a spouse who did not earn, distribute, nor hoard any of the lost monies her husband scammed out of the investors.
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7-03-2009 @ 9:13AM
C said...
Norene! WHO ARE YOU KIDDING??
Seriously Darling, is Ruthie a close friend with some benefits for you ?
Face the real facts here! Thieves who finally have to be honest or try to become a honest person.
Poor, poor Ruth . Try living a honest life honey.
It feels good really.
7-06-2009 @ 6:16PM
sugarpea said...
Are you for real??? Do you remember the quote from Bernie himself that "nothing gets by Ruth"??
7-03-2009 @ 1:20PM
rickahight said...
Just like our permissive society has become. She clearly was up to her eyeballs in spending illegal money and gets $2.5 million? Another idiot judge.
What a joke! Why are we concerned about the entire family when they all lived lavish lifestyles off other trusting American's money.
Make her look for a job in this economy just like the rest of us. I am a conservative, unemployed and still believe in capitalism. Crooks and cheats need to be punished regardless of what political affiliation.
The Madoff's still have money are are not cooperating with the feds as to where it all went. I say incarcerate all until they start talking. If one dollar is in another bank then they should all do time.
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7-03-2009 @ 11:40AM
Elton said...
Stealing someone elses hard earned money isn't a good living, look at your husband he's in jail for the rest of his life and you deserve none of that money. I'm sure there are other fools out there thinks that someone owes them something, they are mistaken and it's going to be hard to trust to many people in todays world.
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7-03-2009 @ 1:02PM
tana green said...
Aw, leave the lady alone. Even with her paltry 2.5 million she's got a peck of trouble for the rest of her days.
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7-03-2009 @ 1:51PM
David said...
Sarcastic and tacky to write such an article about a person who may or may not have done anything wrong -- certainly not proven in a court of law. It would seem that her children, who run the "legitimate" side of the business, will ensure that she is financially supported for whatever lifestyle she choses to live.
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7-03-2009 @ 10:46PM
THEENTIREFAMILYHASTHEMONEY said...
Do you really think that lady MADOFF will read this site , I doubt it .
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DO YOU KNOW WHO WILL RECIEVE THERE MONEY AND NOT OTHERS.....MOSTLY THOSE WHO LOST MILLIONS OF DOLLARS WILL RECIEVE MONEY AND THE OTHERS WHO DIDNT GIVE OUT AS MUCH , WILL NOT RECIEVE ONE DIME .
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I HOPE MADOFF FAMILIES , ALL HAVE GULIT WRITTEN ON THERE FACE , THEY STOLED FROM EVERYONE . THERE SONS AND DAUGHTERS , IN LAWS , TOOK MONEY TOO , DON'T LET ANYONE FOOL YOU , SAYING THEY DIDN'T STEAL ( ENTIRE FAMILY DID ) . THEY'RE SUPPORTING THERE MAMA , THEY ARENT GOING TO LET HER DO WITHOUT ......OR SHE HAS MONEY HIDDEN SOMEWHERE OR SOMEONE HAS IT . THIS FAMILY CAN CARELESS ABOUT ANYONE WHO WAS RIPPEDOFF .
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7-03-2009 @ 3:33PM
Aware said...
Prehaps Israel will send some $$$ back to her, since her husband has been so generous to them. Don't worry, there is hidden funds, they just haven't been tracked yet, most likely because of where they will be found.
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7-03-2009 @ 3:38PM
Aware said...
Thank you Julie Tilsner. Ruth Madoff is no innocent victim, nor is the rest of his family, and they should all be locked up. He took the sentence to try to protect his family. If the Attorney General is really doing his job, he will indict the rest of the crew.
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7-03-2009 @ 6:55PM
RIPOFF said...
She lived with him for over 20 years and we know that she's not dumb, he ripped off over 4,800 people and she must have known that he wasn't doing anything but buying all those big toys to think he's better than everyone else. Now look he's in a jail hole and she should be homeless if she has any pride and all those tears are not real ones. You do the crime and your part of it you should get questioned and all the fools that faked the figures should be sitting in jail with Madoff saying that trick never works.
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7-03-2009 @ 9:05PM
cyndi said...
Now THAT'S funny. Thanks for the laugh,Ms.Tilsner. And for people that can't read, it was said that $125 k a year represents TWO INCOME PROFESSIONAL COUPLES on either coast. Not one income, not two people that work at WalMart...professional. Divide 125 by 2= 62.5 a year. That is middle class in some areas. I'd be happy to earn that, since i'm making 12 an hour supporting a family of 5. And we're surviving. I don't feel at all sorry for people living lavishly, then forced to downsize. My family and I could live forever on what one Manhattan apartment costs, let alone the second and third homes, the cars, the jewelry...etc. etc.
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7-03-2009 @ 10:08PM
Liz said...
Sorry Noreen, while she was living high on hog in houses all over the place, people who entrusted her scum bag hubby lost everything and has nothing to retire on. ALL of her worldly goods came from the sweat off of other people's backs. Am i sorry they have been taken from her NO WAY. If you think for two minutes she would have given you the time of day two years ago think again. My sympathies lie with the people they hurt.
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7-03-2009 @ 10:23PM
Keglera said...
Noreen, so true. I know what it feels like to be an innocent spouse. There are so many jealous women out there who would make their day to see a woman fall. Karma gets these witches.
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7-07-2009 @ 6:29PM
Sharyn said...
She could always ask Obama for a BAILOUT! LOL
Here's my tips...
Clip coupons.
Buy cheap cuts of meat and learn to use a crock pot.
Shop at GoodWill
Check the newpapers for which stores have sales...usually Wednesdays.
Cancel cable.
Bake your own bread
Bring your lunch
Get a JOB!
Collect aluminum cans for recycling money
Have a car wash
Pawn some of your jewelry
Have a yard sale
Go garbage-picking and sell the good stuff on eBay
Learn a craft and open a booth at the flea market
Turn off the A/C and enjoy fresh air; put a fan in the window
Make soup from leftovers
Brew your own coffee
Enjoy free movies from your local library
Grow a vegetable garden
Have a clothing swap with your friends
Go to Freecycle and see what free stuff you can get in your area
Carpool
Go to the park and enjoy the fresh air and sunshine
Read a book or 2
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