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Bethenny Says Costars Can’t Afford It

[Time] BG Note: In an interview with Time, Real Housewives of New York star Bethenny Frankel talks about money management… and takes a swipe at some of her RHONY cast mates.

Looking back on a career that saw her parlay an appearance on The Apprentice into a starring role on Housewives and now a coveted guest-investor gig on Shark Tank, Bethenny Frankel laid out for MONEY the most important steps to financial independence.

She’s still hustling—and she wants others to learn to do the same.

“Until my late thirties, everything was just an anxiety and a struggle,” she says. “It’s like the way people feel when they eat something and they don’t feel good about it.”

There were awkward dates where she didn’t want to pay any part of the bill. She felt shame while shopping, with pangs of guilt coursing through her every time she bought a new item, even if it was on sale. All told, she says, she had $20,000 in credit card debt and was no stranger to bouncing checks. “I’d be on the phone begging to get the [fees] reduced,” she recalls.

Now that she has more money than she could ever have imagined, Frankel still hears that “money noise,” as she likes to call it—it’s just not that loud.

Her biggest advice, to herself and to others, is to stay out of the red whenever possible. And when you do take on debt, you should have a large enough safety net to be able to pay those bills—whether a monthly mortgage or credit card balances—at a moment’s notice.

“You can’t put yourself in a position where, if the s–t hit the fan, you couldn’t pay all of your bills at one time,” she says. “If the world came to an end, I would be able to pay for everything. I might not be left with much, but I can afford what I have.”

As for many of her Housewives costars? Frankel isn’t optimistic. “They can’t afford the lives they’re living,” she says. “And if the music stops, they’re going to get in some trouble.”

Similar: She Is Going Broke Being On TV

RHONY Costar/s who can’t afford their lives:

[Optional] What is the best financial advice you could give someone who is having trouble managing their money?

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Comments

  1. Xanadu says

    Most people are drowning in debt – they’re no different. People on higher incomes just spend more on credit cards and they can’t fathom that the money, work, or good health gravy train might end suddenly.

    The peer pressure on that show must be huge and now every man, woman, child and their dog’s been brainwashed to live out their Kardashian/Jenner lifestyle, even though it’s a facade.

  2. Baileygirl says

    No idea on the Housewives, but the best advice I ever got was to put a certain amount of your paycheck right into savings in order to cover expenses for at least three months-mortgage or rent being the big bills that need to be covered. Always be prepared for an unexpected expense, losing your job, or major illness.

  6. Tequila Mama says

    Sonja and Luanne.
    I had an ex who was always trying to impress everyone and was living way above his means ($100,000 in debt). He didn’t care that his credit score was in the 400 cause he was still able to buy stuff. What he failed to realize is that he was paying way more then he should with his bad credit. Myself who had excellent credit knew that we would never get married or have joint accounts. As much as I loved him I wasn’t willing to take that on. He ended up do a short sell on his…

  11. PriveNom says

    Sonja for 1- she’s already declared bankrupsy once and 2) Luann is in financial straits
    ramona is worth 18 mil
    Tinsley has family money
    Dorinda Has millions from selling her fashion house in London

  12. bec215d says

    Spend some of your money on a good therapist who will help you figure out why you are destroying your sanity and your finances to impress strangers with an illusion, then set goals for saving. After you’ve set aside a portion of your income for retirement, learn to live off cash: i.e., unless it’s a repair, healthcare (no, plastic surgery doesn’t count), or education, if you can’t afford it *without deferring part of the payment* (i.e., using credit), don’t buy it / live in it / drive it.

  14. BlueHerons says

    LuAnne, her ex and kids are suing her and Sonja Morgan who has had money troubles for over ten years.

  17. southern74 says

    I think this applies to probably 80% of the housewives across all of the franchise. Most are not independently wealthy, hence it all falls apart when they divorce. I think on RHONY Bethenny and Ramona are probably the only financially secure of the cast.

  19. spaceship says

    Many celebs are faking it, pretending to live fabulous lives through Twitter, Facebook, Instagram, etc, when they really don’t, and it’s a shame that they put out that false image to the gullible and young, that believe it and try to imitate it, only to realize that it’s not as fabulous as they pretend it to be. I hate that they fool the public this way, and I hate that some are stupid enough to fall for it.