Even crooks need an inventory

One reason to have an inventory is in case of theft so you can prove what you own to the insurance company, but also to be able to give the list to the police. Well, here's a twist - the crook is the one who needs an inventory!

In a recent Wall Street Journal article, it was reported that a federal judge denied a prosecutors' request to jail Bernard Madoff, a money manager, for allegedly violating a court order. It seems he mailed more than $1 million worth of valuables - diamond watches and necklaces - to friends and family to hide his valuables.

He is accused of running a Ponzi scheme (a fraudulent investment scheme commonly known as "robbing Peter to pay Paul"). "Peter" and "Paul" were his clients! He is allowed, for now, to remain free. However, he is required to provide the government with an inventory of all of the belongings! Yes, a court-ordered inventory!

We have a long list of all the reasons you need to have an inventory. Well, thanks to Mr. Madoff, our list just got longer.