By Katie Brooks
Financial education can be found in unlikely places. While personal finance may not be your first thought while watching The Bachelorette, there are some good lessons from Becca’s last season:
- Don’t Trust an Overzealous Racecar Driver
If someone is trying to sell you too hard, run. In case you are not a fan, Becca’s story is the first of its kind in Bachelorette history. After winning her season by becoming engaged to the last Bachelor Arie Lundeyk Jr., Arie broke off their engagement for the runner-up. She immediately fell for Arie’s charm without really getting to know him which led to her broken heart. This goes for financial advising as well; using a charming financial advisor that you do not actually know very well can lead to similar heartbreak.
- Keep Your Options Open
It’s important to diversify your portfolio. Becca quickly learned that she should not overinvest in any relationships because it would only lead to disappointment. Similarly in advising, you want to make sure your portfolio is not too heavily invested in just one area, because that area can begin to disappoint you just like many of Becca’s suitors did.
- Make a Mutual Commitment
You always want to be sure you’re on the same page. With Becca, several of the men quickly scared her off simply because they were not the same page. Some of the guys, like Jean Blanc, told Becca he loved her, saw that it scared her, and tried to fix it by backtracking the entire statement. This only made matters worse and ended with her feeling like she was being lied to. With a financial advisor, the same concept applies, you need to have an honest, mutual commitment. Before trusting someone with your assets, make sure you both know exactly what you need from each other.
- Don’t Overanalyze the Little Things
Keep an open mind and open eyes. During Becca’s seasons, many of the men had a tendency to overanalyze her relationships with other guys instead of focusing on their own relationship. Similarly, with financial advising, overanalyzing things you cannot change isn’t going to help. If Facebook drops one point, you are not going to go bankrupt (see number 2 if you’re really worried). Don’t analyze every small change in the stock market unless you want more white hairs.
- Remain in For the Long Haul
With any relationship, you have to be ready for an eventual long-term commitment. Becca’s goal is to get engaged at the end of this season. With that level of commitment, she has to be comfortable in her relationships, knowing that they could last forever. With financial advising, staying invested through evidence-based investing is much better for your return on investment than dropping out of an investment every time it goes down.
Hopefully, Becca and Garett will keep some of these lessons in mind as start their new life together.