Why Comedians make bad Financial Advisors…
You may have seen a short YouTube clip recently popping up on your social media feeds of an interview with Louis C.K. on the Jay Leno show back in 2010. It’s titled something to the effect of ‘Louis C.K. on saving money’.
I’ve seen it a few times now, and it grinds my gears probably more than it should.
With comedians, we should likely – and I sincerely hope in this case – chalk most of what he says up to ‘material’ and being said to generate a reaction or laugh.
Mission accomplished, Louis.
Look at this..
The clip WATCH HERE is about 2 and a half minutes long, cut from a roughly 13 minute spot on the Jay Leno show. After Louis gives awful suggestions on saving money he goes on to talk about racism and lays down some questionable jokes. I digress on that, I’m no social justice warrior.
The clip begins with Louis explaining how he saves none of the money he makes. Instantly confused, I continue to watch as he goes on to talk about how he isn’t saving for his children’s future and that he has no back up stash whatsoever.
Louis, you’re speaking on a platform to roughly 5.5 million viewers. And you’re suggesting saving money and preparing for your family’s future is arrogant?
You see a lot of dumb shit on the internet these days – too many links to even begin referencing – but this hits the bulls-eye for me.
If this isn’t your first piece of mine you’ve read then you’ll know that living fiscally responsible – saving, investing, rinse, repeat – is one of my identifying characteristics. Sure, I might be a little bias here. No doubt that’s why this idiotic video has hit so far home with me. But you cannot argue that spending all your money and not saving any is a bad idea.
Further, regardless if you’re some special breed of nihilist, full-on-traveling gypsy or seasoned business owner who is, and will be producing capital for the foreseeable future can you argue that not saving and/or investing ANY money when you have a family to support.. Is a good idea. Especially when you’re in a position to do so.
He wasn’t a complete goof..
Despite how utterly ridiculous his premise is overall, Louis goes on to make a smidgen of sense. He suggests that raising your children spoiled rotten is a bad idea. That these children of the 1% shouldn’t just be handed over what their parents have built. He references this idea with previous generations – and Game of Thrones, I have to assume. His idea is that when the king dies his son, however old and inexperienced takes over the kingdom/country.
Yes that’s a bad idea and yes, however you define spoiling your children, it usually has a negative effect.
Spoiling your children doesn’t do them any favors in the long run. Giving your children extra means to succeed because you have the resources.. I don’t view that as horrible idea. As long as they are earning the fruits of their labor, I see nothing wrong with your bloodline benefiting from your successes to a certain extent.
Louis C.K., nothing but a clown.
And that’s why Comedians make bad financial advisors
Until next time,