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Financial Planning
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4 min read
“You must prepare for life, and whatever it will throw at you.” – Moira Rose
When the Rose family lost their wealth and grand estate, they were turned out into the cruel world of the working class with nothing but the designer clothes on their backs. From living an extravagant (if disconnected) life of dazzling couture to sharing two rooms in a roadside motel, their journey is littered with lessons about achieving financial responsibility.
The Roses’ hilarious and heartwarming efforts to gain financial security may sound like the stuff of TV drama, but it’s a struggle many of us can relate to.
The stress of feeling like you don’t have direct control over your finances can be overwhelming. For more than half of Americans, achieving financial stability is about gaining the sense of security that comes with knowing an unexpected expense won’t completely destroy financial plans. In fact, a recent survey found that less than half (41%) of American adults have enough savings to pay for a $1,000 emergency room trip or car repair. Another 37% of respondents said they would need to borrow money to cover the cost.
As the cast of Schitt’s Creek can attest, becoming financially savvy is a life skill acquired through hard-won experience—we live and learn how to turn an income into financial stability, and grow financial stability into wealth.
To help you along the way, here are some tips on gaining financial responsibility from Television’s Moira Rose and equal-opportunity wine connoisseur, David Rose.
Moira Rose on Valuing Yourself
Sassy, sophisticated, and prone to soliloquy, Moira Rosa is a jewel of a daytime TV diva—and she doesn’t let anyone forget it. As the final season draws to a close, Moira has to negotiate her way onto the cast of the Sunrise Bay reboot. Bolstered by an (almost) unwavering sense of self-confidence and entitlement to the fruits of her talents, Moira demands that she be paid appropriately for her presence:
Moira: So I leaned in and I said, "Tippy, I'll take the job for a hundred grand more than Clifton, and a diamond tennis bracelet."
Twyla: What was the bracelet for?
Moira: Dramatic effect. Symbolism.
Five episodes later, Moira receives a package in the mail, “Dear Moira, you win. Welcome back to the Bay.” Inside is the diamond tennis bracelet, as requested.
What does your ideal financial future look like?
The first step toward gaining financial responsibility is goal-setting—you’ll need to determine what you want your financial future to look like. If you are in a relationship, you should include your spouse or significant other in the conversation. Paint a mental picture of the things you see yourself doing, the lifestyle you want to live, and any significant financial milestones you want to achieve. Ask yourself general questions to help you determine what you value and what you hope to accomplish financially.
Once you've determined what your ideal financial future looks like, your next step is figuring out what your vision and goals will realistically cost. The price tag associated with your financial future will vary depending on your unique goals and estimating the future cost of your ideal situation is not an exact science. But no matter what the "sticker price" is—even if it’s a diamond tennis bracelet— the sooner you start saving, the more time you will have to achieve your goals.
David Rose on Becoming an Entrepreneur and Asking for Help
Somewhat surprisingly, David Rose is the first in the family to really start thinking like an entrepreneur after arriving in Schitt’s Creek. He’s the first to get a part-time job and ultimately leaves the role with the family’s first substantial check. While Alexis and Moira are brainstorming elaborate ways to celebrate, David manages to choke out his intentions to save the money:
Moira: Okay, stop. This is good. This is the first real money we've seen in a year.
Alexis: 'Kay, I think we definitely need to celebrate. Nothing big, just a little treat. Like a trip.
David: Okay. I can't believe that I'm the one to say this, but, um, shouldn't we be s- Shouldn't we be s-s- s... Should we be- Trying to sa- save this? Isn't- Shouldn't we be saving- Putting this in a bank? Isn't that what people do?
Later, David puts the check to good use by investing in a new business, Rose Apothecary. He’s a nervous wreck when he goes to apply for a business license but manages to find some help when he meets Patrick, who helps him define his business model, fill out the paperwork, and get his business license. Later, Patrick decides to invest in the business itself and the two become life and business partners.
While David is very much in charge of the aesthetic direction of their store, Patrick handles the more mundane tasks of making sure they have commercial insurance, applying for business grants, and going to tax seminars.
Don’t be afraid to ask for help.
Navigating the details of successful money management and financial planning is not easy. There may be fine print that you don't understand, confusing tax laws to consider, or you may not know how much you need to save in order to meet your future financial goals. Quite frankly, setting and meeting those goals can be overwhelming.
It's okay to reach out to a professional and ask for help. This is your financial future we're talking about; you can't afford to let pride or fear keep you from asking for help if you need it. A trained financial advisor can help you create a budget, pay down debt, and set savings goals that can help meet your current and future needs.
Whatever your financial goals are, you’ll need to be well informed to achieve them. Subscribe to our blog today for tips, trends, and expert advice!
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