People it is called diversifying your investments, look it up.
And it doesn’t look like she had unrealistic financial goals for this money. She was making 5.5% on her money, which is more than a CD but hardly too good to be true.
Should have spread that money around.
I can’t muster any sympathy for the rich, except that it’s a shame she didn’t spend that wealth she had before she lost it to help those less fortunate.
She didn’t make good financial decisions about where to keep the nest egg, but within a week she had a job. I admire this woman.
If you’re cleaned out, I guess you DO become cleaner.
With the struggle that we’re in, are we to fill sorry for some former wealthy beyond dreams woman that lived high and mighty and is now on the same level that we average people are? Nah, don’t have any sympathy left.
He should be made to trade places with that woman.
raised some cash by selling off jewellery and a painting and returned thousands of dollars worth of items recently bought on credit cards.
A high maintenance women at the end of the tunnel, where she found no light.
I feel sorry for her. She got lousy investment advice, not something everyone is an expert on. She’s also a widow now. But she’s dusting herself off and found a job. I hope she has other family in the area that can help her out.
This whole story smells REAL BAD...like I care...? stupid says as stupid does...
“Made-Off” should be tarred and feathered and rode out of town on a rail...nobody has the guts to do it tho...
If a guy making 50,000 bucks a year gets bilked... they can usually pick themselves up and get it back...
Will this “rich chick” be homeless? She was a fool with “her” money...
The biggest problem I had with the story was the complete idiocy of having 7 million in investments while making mortgage payments on two places. I just cannot fathom owing anyone anything if I had enough money not to. It’s utter foolishness not to have your primary residence paid off and all yours if you can, in my opinion.
Now that's what I call taking a bath.
Reading this thread I see that there are sooo many hear at FR who are grappling with envy.
My ex-mother-in-law (was then the current) inherited well over a million dollars when her husband (suicide and he definitely did it) and mother died (emphysema) in the same year. She was off her rocker mentally at that point and had her mother’s financial advisor handle all of her money. We had long been distrustful of this woman, but she convinced MIL to move out of state where she had moved just months after her mother died, despite our warnings. Between bad investments, suspected embezzlement, and bad decisions on spending (including buying a house where she is now upside down) on MILs part, she has not a penny left of that money, and in-fact owes the IRS because the advisor improperly moved funds around. She will be 59 this year, and it’s sad, but it’s not newsworthy (although we suspect that advisor has mismanaged a lot of money- we have no proof.)
Wow. From all the “class warfare, eat-the-rich” replies I’d think I was on democraticunderground.
Lady and her husband had good jobs, paid a lot of taxes and made investments based on a personal recommendation from someone she trusted. Turns out she isn’t as smart about personal finance as all the posters here so the spite-fest begins.
So I can assume everyone here is a subject matter expert in every aspect of their lives?
...so we’re going to what? Bail her out? Why are they bothering to publish this?
sad. but eggs & baskets come to mind.
“In less than a week following Madoff’s arrest, Mrs Ebel found a job”
This tells alot about this woman’s character. She got knocked down but she got back up. She is NOT on welfare or unemployment.
She and her husband worked hard , paid taxes and saved for retirement. She made a bad decision by putting all her investments with one company. However, it sounds like she is adjusting to reality. She will be fine.
However, the fact that Madoff is not in jail pisses me off. I can not imagine how she must feel about it. Who is Madoff paying off to keep himself out of jail.