[Estimated reading time: 3 minutes, 24 seconds - read when you can't sleep at 3am]
Last night, my 6-year old son and I were discussing what he wants to be when he grows up.
Interestingly, he didn’t say: “I want to be a financial adviser!”
His career ideas largely centred around being a cape-wearing-super-hero…
I asked him why he didn’t want to do what I do, and he said:
“There’s nothing fun about money…”
Which got me thinking…
There’s a universal perception that financial advice is boring.
Couple that fact with the evidence that most of us are worse at money management than we think…
…and that’s a perfect recipe for making devastating financial mistakes…
So, just for today, I thought I’d take a different approach to a little bit of financial advice giving…humour!
Laughing leads to learning
The American Psychological Association has evidence that humour produces psychological and physiological benefits that helps us learn.
Therefore, here are 5 very funny videos - each containing critically important financial learning…
I hope you enjoy them as much as I did.
Feel free to let me know email@example.com, and share your own favourites via the comments section below or on our social media channels.
#1 Rick Mercer Report: Relationship Counselling:
The lesson = the truth about tied financial advisers – and how they put their interests ahead of yours.
The video = it centres around Mandy and Norman who are talking to a counsellor about their toxic relationship.
It turns out Mandy has trust issues with Norman…who’s her financial adviser!
When Norman is invited to try being honest with Mandy - just for once…see what happens next!
#2 Southpark: …aaaaand, it’s gone!
The lesson = don’t trust bankers to invest your money!
The video = Stan Marsh gives $100 to a banker who invests it in money market mutual funds and FX accounts until…it’s all gone!
Almost too true to be funny…
#3 CitiBank: Ladies plan your finances well:
The lesson = all couples argue about money…financial professionals can help.
(Caveat : whilst I’m definitely not advocating you trust a bank – any bank – to give you independent financial advice, this advert from Citibank is a classic!)
The video: Maria is in labour, Tony is her penny pinching husband – he tries to convince her ibuprofen is better than an epidural, that there’s no need for a ratio of two nurses to one baby, and that perhaps he can step in and take over from the doctor…
When Maria finally has enough of her husband, watch the pain she justifiably inflicts on him!
#4 John Oliver: Retirement Plans:
The lesson = saving for retirement means navigating a potential minefield of high fees and bad advice.
The video = this is a long one…
It begins with Oliver stating:
“Money, you know - the thing everyone likes to think they’re good with despite the evidence…!”
It takes you on a truly enlightening, frightening journey of the risks relating to retirement planning.
With excellent comedy sketches interspersed with shocking facts, John Oliver manages to make one of the most critical, yet arguably boring topics, absolutely accessible.
Watch out for the teacup pigs and the crushing ending!
#5 Stockspot: Fat cat fund awards:
The lesson = honouring outstanding achievement in underachievement! Fund managers unapologetically skim billions of pounds, dollars and euros from our savings every year…this is all about bringing transparency to the industry.
The video = the 3 Australian companies that skimmed the most money from client savings are presented with their special fat cat fund awards – funnily enough they aren’t too happy about being called out for their appalling behaviour…
Security guard: “
You’re not allowed to film inside the building”
Fat cat fund award giver: “
…no no they’ll wanna be filmed, cos these guys are shameless, they’ll be very proud of all the fees they’ve been charging…”
This is possibly my favourite of all five – I hope it makes your day!
Just for one day and one blog, I hope you found the videos in this post amusing…
However, rest assured, as fiduciaries we always take your financial wellbeing more seriously than anything else.
Therefore, if there are any financial challenges you’re struggling to get to grips with, or any elements of your wealth’s plan that you would like our help with, please reach out today…