Last month, I came across an article a friend shared on Facebook from the Baltimore Sun. You can read the full article here.
The article was outlining how, just two weeks before shows were set to start, tickets to the show Hamilton were selling at a significantly slower rate than expected. As many people who live close to New York City, and Broadway, are aware, it is almost IMPOSSIBLE to get tickets to Hamilton. The Tony-award winning show sells out in minutes at its New York City venue, and ticket prices are in the range of hundreds of dollars consistently.
Many of the tickets that sold at this venue in Baltimore were selling for roughly $80-$100, and the tickets left available were close to $300-$400 per ticket.
As one associate professor from Loyola University Maryland put it:
“If you’re talking about a night out for two people to cost almost $700, I just don’t know if that is sustainable,” she said. “I know that New York can command those prices, but it clearly looks like Baltimore cannot.”
The comments, before they were disabled from the website, were confirming this suspicion. Many folks were expressing their dissatisfaction with ticket prices, and the unrealistic expectation to pay New York City prices in Baltimore. It was not sitting well with their potential customers.
This brings me to my point.
The folks selling tickets in Baltimore really need to read the room. What works in New York City, is clearly not working in Baltimore.
Ticket sales are not a one-size fits all type of endeavor. Neither is financial planning.
I’ve often heard peers make comments along the lines of “well I can just find all of the answers I need online” or “that’s what Google is for. If I don’t understand something, I can just look it up”.
My response is always the same. “Yes. That is true, but what you read online may have worked for someone else and might not necessarily work for YOU”.
That’s why they call it PERSONAL finance. Every situation is different. What works for someone in Baltimore might not work for someone in New York City. Living expenses are different. Transportation costs are different. Rent is different. Mortgages are different. Food costs are different. EVERYTHING is different.
While I’m not saying that everybody needs to work with a financial planner, I am saying that everyone needs to at least understand that they can’t simply copy exactly what everyone else is doing and expect to be financially set.
Take what you learn and apply it to your own situation. Not everything you read on the internet will directly apply to you or make sense for your financial situation.
If in the off chance you don’t have time to do all of this research yourself and think this all sounds overwhelming, then I WOULD say to work with a financial planner. That’s what we’re here for.
Making personalized financial plans that are specific to that person’s needs is what we do every single day. What works for one client might not work for the rest, and that’s okay!