Hollywood's Financial Literacy Lessons for Women

Hollywood's Financial Literacy Lessons for Women

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2016-08-03

Films with financial lessons you can take to the bank    

Watching films can be a pastime usually considered pure fun or even escapism. The advent of streaming and internet platforms like Netflix and Hulu provide even more films to watch. Netflix has more than 40 million subscribers in the U.S. alone, and although Hulu’s numbers are small by comparison, (9 million) their growth rate is impressive. 

Some films are more pertinent than others, especially when it comes to learning life lessons. Learning from other people’s mistakes, even if they are fictional characters, could be beneficial for your future.

“The Best Exotic Marigold Hotel” is a good example. One of the stars, Judi Dench, plays a recently widowed woman whose husband had taken care of her for her entire adult life. She deferred to him on all financial matters and trusted him implicitly. 

Unfortunately, her husband had run up debts, and she was completely in the dark about their finances. When her son informs her that she has to sell her apartment and move in with him, she is shocked. Once again she is thrust into a position of a male telling her what to do and that she will have no say in either her day-to-day finances or her future. 

According to a recent study, this situation is not at all uncommon. Eight in ten women avoid financial conversations because they are “too personal” or “uncomfortable.” Women are more likely to talk with their significant others about health issues (78%) and sex (74%) than salary (66%) or investment ideas (65%). 

Sometimes “taking care” of someone can either backfire or put the very person who was supposed to be cared for in a precarious position. Dench’s character in the film decides to take control of her own financial future and moves to India, where she hopes her meager retirement money will go further. She finds that even in India, she has to take a job to support herself after not working for the better part of 40 years. 

As a woman, trusting your partner is one thing, but it’s wise to take an active role in your finances. Becoming financially literate or being financially educated is not just a good idea, it’s essential.

Expect the best, plan for the worst

Perhaps you may have heard this before. Making sure you are aware of all your investments and retirement options is something all women should do. Have an open and honest talk with your spouse. Cover all angles and possibilities, so that in the unlikely event you are left alone after being married for many years, you can take charge of your finances and your future. Make sure that you are safe and secure and do not have to move to India and get a job teaching English in a call center.

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities. 

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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516.829.8374 X 232
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