I’m sure most of us by now have binge watched Tiger King on Netflix or at least seen a Tiger King summary. Judging by all the memes I’ve seen, I’m not alone in enjoying becoming an armchair detective.
But what does debating whether Carole Baskin killed her husband or not have to do with personal finance? You’ll be forgiven for thinking very little. But, in this post I’m going to argue there are some key lessons we can learn about our finances from the documentary.
Before I dive straight into the financial lessons, here’s a quick Tiger King summary to jog your memory.
Beware there’s spoilers ahead
Tiger King follows the story of Joe Exotic, a zoo owner, and his dramatic and bitter rivalry with Carole Baskin. She wants his zoo shut down. This all escalates to the point where Joe is now actually in prison for trying to have Carole killed.
The subplot, which grabbed the audience’s attention, looks into the disappearance of Carole’s second husband, Don Lewis. He hasn’t been seen for over 20 years. Joe has very publicly accused Carole of murdering him for his money, which she strongly denies.
The Sheriff investigating Don Lewis’ disappearance has openly said his Will is “100 percent a forgery.” Chad Chronister claims two experts deemed it to be 100 percent a forgery. However, due to the length of time passed they are not able to take legal action over the Will. But, Chad was very clear that the investigation into the disappearance is very much still open.
There is also an issue with his children and ex-wife, who claim they were cut out of the Will in favour of Carole Baskin. While ex-spouses are regularly removed from Wills, it is much less common to cut out children.
And this isn’t the only new development. A judge ruled Joe Exotic’s zoo should be handed over to Carole Baskin as part of a ruling in a $1 million (roughly £800,000) trademark dispute.
This is interesting but how does it relate to my personal finances?
I can’t blame you for thinking this. But, disputes and problems occur over even the smallest sums. What may appear to have little value to a stranger, a favourite necklace or a treasured picture, can have great significance to those close to you.
It probably won’t get as heated as this particular case and is realistically unlikely to attract the attention of Netflix. However, this doesn’t stop it becoming painful for all involved.
Here are three lessons we can all learn to avoiding falling into the Tiger King traps.
Keep it clear and ordered
Where possible try and keep all your affairs clear and organised. Avoid over-complicating things for the sake of it. There are many different ways of doing this. Some like to have a locked filing cabinet where all their important documents are kept. However, as so much is online now this may start to become a thing of the past.
This raises the question of how you can store online documents clearly and accessibly, but also secure from hackers and cyber threats.
Some law firms and financial advisers now offer a ‘portal service’ where you can safely store all your passwords, digital assets and documents. These can be helpful because all your information is kept securely in one place that you or your beneficiaries can access.
Everyone should be taking steps to do this. But, it is particularly important if you are the one in the household that takes the lead on financial matters. Your family may find it harder to handle these without you.
Write a Will and keep it updated
So many people neglect their Wills, but they are the only way to ensure your assets are distributed how you wish. This case also highlights the need to take proper legal advice and execute it properly.
Make sure you, your lawyer and your executors have a copy of your Will, which is kept in a safe but accessible location. This should help avoid any doubts about its accuracy and prevent forgery attempts. Don’t be too scared about forgery though as this is very uncommon!
You must also update your Will regularly, definitely after any major life event (think marriage, divorce, having children). Some lawyers recommend reviewing it annually. This should prevent children or new partners being cut out accidentally.
If you want to know more about Wills check out this post
Talk about money and your plans
Money is a bigger taboo than sex, religion or politics in the UK, according to YouGov research commissioned by Lloyds Bank. Half of UK adults believe that talking about personal money matters is taboo in everyday conversation; higher than sex (42 percent), religion (26 percent) or politics (14 percent).
Speaking openly about money can avoid a lot of arguments and confusion. Professor Tanya Byron, consultant clinical psychologist and Relate Patron, explained: “talking openly about money can help us take shared responsibility, strengthen our relationships, and protect our mental wellbeing.”
I think we should all speak more about money in general, but it is particularly important to discuss your plans and wishes with those closest to you. If you are open about what you hope to spend your money on and who you intend to leave it to when you’re gone, you and your loved ones are much less likely to encounter any nasty surprises down the line.
If you found this post interesting, please like it and share across social media or send it to your friends. What do you think about the Tiger King summary? Would you take financial lessons from a TV show? I’d also love to hear your thoughts and experiences, especially about what you consider the most important financial lessons to be, so please do leave a comment!