Beyonce Coachella should be epic. Are you going? Who can actually afford to attend this huge music festival every year?  Many people are spending thousands if not tens of thousands to attend.

Ponder this. Will the single lifestyle paired with not having kids SINK (Single Income No Kids) your finances? If you said no, think again. Consider all of those single folks who will be flocking, once again, to Coachella and shelling out thousands of dollars to see headliners like Beyoncé. It’s time to wake up single folks! Even if your kids aren’t in your foreseeable future, you still need to prepare and plan for other major life events.

Update: Beyonce has just released a live album of her Coachella Performance, which will go with the Netflix Documentary “Homecoming” which was previously announced.   via the New York Times.

This year Beyoncé “Queen B” will be returning to Coachella, one of the most popular and expensive musical festivals in the US, where tickets sell out even before headliners are announced. I’ve often wondered how all these kids can afford to travel to Palm Springs, buy tickets and booze (or whatever people partake in at Coachella) and pay for appropriate Coachella fashion.   I said kids, oh golly gee I’m getting old.

Beyonce at Coachella can easily be a $20,000 Weekend?

I recently read a story in the NY POST about a few Moms who spent $20,000 getting ready for Coachella. I’m all for spending money on experiences rather than things, but $20,000 for a weekend concert is a bit extreme, in my opinion. One of the ladies, let’s call her “Charity”, got BOTOX®, liposuction and some regurgitated threads for the experience. These expenses plus a VIP pass for the weekend, which sell out quickly every year for ONLY $899.  Looking good is important to me, but I have a phobia of pain.

While preparing for Coachella was in no way good for her bank account, at least her decision to give up alcohol and go vegan to drop a few pounds for the weekend of fun was a healthy decision for her physical health. Nothing tastes as good as skinny feels, right?  Oh, I remember those days of dieting.

Who run the world? Girls – Beyonce

Boys Spend Money Like Crazy for Beyonce at Coachella Too

There are plenty of men following the same patterns.  I spoke with a well-dressed guy who wanted to remain anonymous.  If you asked me how much spend on his full outfit I was going to guess a few hundred dollars.  Oh, was I wrong?  The total for all the clothing he was wearing came in at over $2000.  Hat for $200, Sunnies $400, Tank Top $300, Short $300, Shoes $800. Yes, shoes apparently can cost $800 for men. Not to mention a designer watch and several thousand in decorative jewelry.  Fair to assume he had some BOTOX and perhaps other work like the girls above. To be fair his bod looks like a million bucks.  So, I will only take issue with the $300 tank top, which we all know he won’t be wearing for long.  (Hopefully)

The guy above turns out to be straight.  I know some of my gay counterparts could go all RuPaul’s Drag Race / Project Runway and turn some 99 cent store items into a gorgeous outfit. Others may be dripping labels.  I literally just saw a group of gays post a picture sporting designer fanny packs. What would you call a Luxury Branded Fanny Packs?

With 200,000 plus people expected to attend the 2018 Coachella festival, I’ve been told many put a ton of “planning” into their weekend away but how many of them put 1/10 of that time into planning their finances? My guess is not many.  Will your gay friends leave your broke?  Maybe.

Wake up single folks! You Need Financial Planning, too.

Singles typically don’t experience the same triggers that propel others to think about their finances. Triggers can include things like children, marriage, divorce or even a home purchase. This results in fewer individuals getting on a path to financial independence. Will that $200 T-shirt really make the music sound better? You will probably get a ton of likes and comments on Instagram so what do I know.

You only live once right? If there is room on the credit card, your inner voice is probably telling you to go ahead and splurge. You deserve it.  Just be warned there will be a long and terrible financial hangover from all this fun and free-spirited living.

Motivation to get Serious about Financial Futures- Beyond Beyonce Coachella

It’s not always the case, but many single folks never get the big kick in the butt it takes to get serious about planning for their financial futures.  Like is good, why change.  No one can force you to have an emergency fund or save for retirement. The IRS can force you to pay taxes, but you can’t have it all.

The women in the NY post story mentioned above were married with children. So, coupling up or settling down won’t automatically solve anyone financial issues.  There are plenty of couples who are terrible with money, and many singles who are money maximizers.

Others get motivated by a wedding or pregnancy. When you are alone it may be easier to justify spending $20,000 on a Coachella weekend, like Charity and many other people did. But ask yourself, “Can I really afford this crazy weekend if the bill will accrue significant interest charges on my credit card?”

Don’t be fooled. I’m not against spending. In fact, my stance is actually quite the opposite. If Charity had spent that $20,000 on a dream trip around the world, or a once-in-a-lifetime adventure with friends, I’d be all for it. That is assuming she could actually afford it. If my Instagram feed last year was any indication, almost every single person I know will be at Coachella again this year, and I’m confident the amount of fun they will have won’t be, in any way, tied to how much they spend. More likely just the opposite would be true.

Pay my bills. Pay my telephones bills- Destiny’s Child

Beyond Beyonce Coachella

From a financial perspective, the good news is that the average Beyoncé fan is about seven years older than the typical Coachella attendee, according to the Wall Street Journal. We 30-and-40-year-olds can likely afford to spend a bit more on flights, accommodations, tickets, outfits and, of course, BOTOX®. The bad news is many people are likely traveling further, which can drive up costs. A coach seat from the East Coast to Palm Springs Airport can easily set you back $900- $1,000.

Until next time and, as always, Be Fiscally Fabulous, your money matters. Being single is not a great reason to ignore your financial future. Don’t let your finances SINK you. Get on track for financial independence NOW.

If you see the Beyonce Coachella Performance please comment below and let us know what you are wearing.

Live for Today. Plan for Tomorrow and maybe, just maybe, you can go to Beyonce Coachella as an actual VIP one day.

DAVID RAE, CFP®, AIF® is a Los Angeles-based retirement planner with DRM Wealth Management, a regular contributor to the Advocate Magazine, Huffington Post and regular guest on TV. David Rae is a Fiduciary financial adviser proudly serving friends of the LGBT community for over a decade. Named by Investopedia as one of the “100 Most Influential Financial Advisors” for 2017and again in 2018. For more information visit his website www.Davidraefp.com

For a little extra fun here is Briyonce dancing to Beyonce at Coachella. Enjoy.

I may not be going to the Formation tour… so I might as well dance like I'm ON IT! 😂💯💜 pic.twitter.com/amxb3ZHmNY

— BRIVON. (@imbrivon) May 6, 2016

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