Fame & Fortune: Peggy 'Mod Squad' Lipton Lifetime of wealth didn't dislodge her values
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Bankrate: As you raised your family, you also continued on a personal spiritual journey. Did you have any interest or involvement in family finances? Did you learn how to manage your money? Did you acquire and pass along money values to your daughters?

Lipton: My journey has been remarkable and the spiritual side of it is my foundation. I studied with a meditation master for many years and traveled to India to live in an ashram. I took my children. I learned to manage my finances from my father. I remember him spending his Sundays at the dining room table balancing his check book. My mother, who was raised in Scotland, knew the value of a dollar but she had very expensive tastes. We were never broke, but there were some tight times. I started earning on my own at 15 and really took over my own finances at 18. I was very independent in that way and didn't want to burden my parents with supporting me. My daughters also started working at a young age. They had an abundant life growing up but I didn't do any material overload on them. So their values are intact. I do wish we all had taken a course of money management, though. I think they should teach it in school the minute the young mind opens and understands mathematics.

Bankrate: Divorce is often a time when women, in particular, feel overwhelmed with the sudden financial burden of setting out alone. Were you prepared to handle your money as a single mom?

Lipton: No. It would be so different now with all I've learned in the last 20 years. I had to buy a new home and pay for my children's education. I continued to do some work but relied on my settlement and people I knew who could help me manage it. Now there are actually courses you can take to help you figure it all out. I encourage all women who go through divorce to do it. It's empowering to know what to do with your money.

Bankrate: How do you invest your money -- stocks, bonds, real estate, mattress padding? Are you a risk taker or do you consider yourself a conservative investor?

Lipton: I invest my money conservatively, but if it was totally up to me, I'm afraid I am a gambler and do like risk taking. In the end, I don't think that pays off for me. I always win the first 10 minutes at the roulette table but usually leave a loser.

Bankrate: What have been the greatest lessons you've learned about money and happiness, and from whom did you learn them?

Lipton: How I help my friends and family is a source of happiness for me. As is setting boundaries. It has been noted that at times I am too generous.

Bankrate: If you could live it all over again, knowing what you know now, what would you do differently?

Lipton: I'd become a very wealthy woman. And have lots of activity that I could control in my finances. Without a fear of messing up and losing it, that would be fun!