A New Era For Your Money: Financial Lessons From Taylor Swift

Taylor Swift on stage singing in a blue dress during the Eras Tour.
Taylor Swift The Eras Tour 1989 Era Set

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Get ready because class is in session. We’ll be looking at some financial lessons from Taylor Swift.

For reference, our podcast episode was recorded a week after Taylor Swift released 1989 (Taylor’s Version). The reimagined album has already secured the title of Taylor’s biggest sales week ever, topping the original release of 1989. It’s also the sixth-largest sales week ever by any artist. 

With the success of the 1989 re-release and recent news that Tay Tay is now a billionaire, it seems like the perfect time to dive into the album to see if there’s anything we can learn and apply to our finances. 

What in the world does Taylor Swift have to do with family finances? Well, probably not much. But that’s not going to stop us from trying. We’re going to look at her life and career and her recent album release to see if we can glean any useful lessons to help us manage our money better. 

1. Past Money Mistakes Don’t Have To Define You. Shake Them Off. 

Regardless of where you’re at on your financial journey or whether the mistakes you’ve made have led you there or at least prevented you from getting further along, it’s not too late to change your story

I’ve made countless mistakes with my money over my lifetime. Part of why Family Money Adventure exists is because we weren’t doing a great job of tracking or managing our money. We didn’t like the direction we were headed, so we decided to shake it off and change the narrative. 

You can choose to let poor choices or even just a lack of action continue to define you, or you can flip the script, face the situation head-on, and change your trajectory. 

This isn’t to say that poor choices are the reason for someone’s financial position. I don’t believe that. And this isn’t a “pull yourself up by your bootstraps” thing. There’s no shame in getting help with fixing your finances. Sometimes, it’s almost necessary to make it happen. 

But it starts with you.

2. Saving Never Goes Out Of Style

This was true in 1989, and it’s true now. 

We save money for short and medium-term goals, such as building an emergency fund, saving for our kids’ college education, or creating a travel budget

In my 20s and in the early days of our marriage, we didn’t save very well. We had money in the bank, but no plan, no concrete financial goals, and no tracking of our spending. What we did do a lot of was hope that we had money to pay for everything. 

Over the years, we’ve learned to be better savers. But there were still times when we tapped into our savings for things we didn’t need or kept us from reaching any of our goals. 

Now, we regularly set life goals and financial goals and have created a system of saving that works well for us. And the good news is that the benefits of a good savings strategy come back every time. 

We save using a high-yield savings account to maximize our savings efforts. Ironically, like Taylor Swift, we love Capital One and use 360 Performance Savings accounts to help us save toward our family goals. 

If you are comfortable banking online, you can take advantage of much higher interest rates on savings accounts than you can find at your local bank. Online banks don’t have physical branches to operate, keeping their expenses leaner. That’s why they’re able to offer super competitive rates. 

3. All You Have To Do Is Stay To Reach Your Longterm Financial Goals

Savings is one important piece of the financial puzzle. Investing is another. We invest for long-term goals like retirement and building wealth. 

One of the best ways to ensure you reach long-term financial goals is to invest your money and then leave it alone to grow. Commit to consistently investing money into your investment accounts, let it stay there and allow compound interest to do its thing. There’s power in consistency and staying the course.

We love index funds. They’re super boring but offer a simple path to wealth. 

If you’re not familiar with Julien and Kiersten Saunders from Rich & Regular, they’re fabulous financial content creators. They have a video series called Money On The Table. It’s incredible, high-level content. Season One, Episode Five includes, among many topics, an insightful conversation on investing and the role of index funds.

Are index funds the only way to invest? Nope. 

Are there other options that can provide a good return on your investment? Yep. 

Are there other paths to wealth besides investment accounts? Yep. 

Am I an expert on investing? Nope.

Our investing strategy starts with passive investing through index funds. That’s not the end of our investing, and it shouldn’t be for you, either. This is a super high-level conversation. There are a lot of nuances to deal with for you and me based on our situations and time horizons. Tax implications. Diversification. Financial goals. This is not investing advice. This is just where we’ve chosen to start and focus our efforts. 

We’ve made a conscious decision to keep it simple. The lights are so bright with other options, but we don’t let them blind us from staying the course.

4. It’s OK To Pivot If You’ve Got Bad Blood

As we learn how to manage our money better, our needs will change. Your priorities will change. We grow and mature. What used to work for us may stop being effective or no longer align with our current path. 

That mad money love may eventually turn into bad blood. The truth is that it’s okay to let go if something no longer works. 

For you, that bad blood could be:

  • Your mindset or view of money
  • A specific way of budgeting or managing your finances
  • Where you bank or invest
  • Your financial goals
  • Debt
  • Your job or career

Holding onto past ideals or strategies that are no longer effective is like putting a bandaid on a bullet hole. 

Give yourself permission to let go and move on to bigger and better things.

5. The Financial Future You Want Exists In The Real World, Not Just Your Wildest Dreams

Picture this. You’re backstage at a Taylor Swift concert. Only it’s not the Eras Tour. It’s the Fearless Tour. And you are standing face-to-face with 19-year-old Taylor Swift. 

Imagine you start to tell her about the future. That one day, she would play shows for 72,000+ people each night. That the Eras tour would generate over $2 billion in ticket sales in North America. That she would release a movie version of the tour, which would become the highest-grossing concert film of all time. And at 33 years of age, Taylor would become a billionaire. 

Even with all of her talent and success, do you think she could have ever imagined reaching that kind of future?

Now, I’m not saying that you or I have it in us to be billionaires (or that becoming a billionaire should be a goal). But I know one thing. We are infinitely more capable of reaching our financial goals and dreams than we give ourselves credit for. 

Yes, it takes hard work, sacrifice, and, if we’re being honest, a lot of luck and privilege. 

But if you dream of a bigger future, it’s more than possible. With your money, you can reach a new era. 

I hope you have enjoyed the light-hearted Taylor Swift-themed jokes sprinkled throughout this episode. I am sure there are other lessons we can learn not only from 1989 Taylor’s version but also from Taylor Swift, the entertainer and businessperson. 

Whether you’re a Swiftie or not, creating a system to track, manage and grow your money is a great place to start. What actions do you need to take this week to make that happen? 

Resources Mentioned

Money Resources

Travel Resources

Connect With Us

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Twitter: @TheFMadventure

Instagram: @familymoneyadventure

YouTube: @familymoneyadventure

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A New Era For Your Money: Financial Lessons From Taylor Swift

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