On Saturday 14 December, the remaining four couples in Strictly Come Dancing battled it out to be crowned the winners of the 2024 contest and lift the coveted glitterball trophy. Chris & Diane were victorious and there wasn't a dry eye in the house!
This much-loved show offers a weekly dose of glitz, glamour, and uplifting entertainment.
Yet, you might be surprised to learn that hidden behind the celebrity contestants’ journeys from novices to masterful performers (in some cases!) lie “fab-u-lous” financial lessons.
Read on to discover what fleckles and Foxtrots could teach you about managing your money with finesse.
1. Set meaningful goals and focus on your own journey
Every Strictly contestant comes to the dancefloor with different skills, abilities, and ambitions. Some may already have experience as performers; others might be starting completely from scratch. All of them has their own personal goals for their time on the show.
Before the series launched in September, the BBC interviewed the contestants. Sports presenter Nick Knowles said that, as a rugby player, he was “curious to see if I can move this frame around the dance floor elegantly”. While comedian Chris McCausland was eager to take part in a more collaborative process than stand-up comedy.
Chris also said that he would be “competing with myself each week” rather than focusing on how his competitors are performing.
Just as every celeb follows a different Strictly journey, you could benefit from setting your own path when it comes to planning your finances.
While it might be tempting to compare your income to that of your friends, or rush to invest in a new trend that your “financially savvy” colleague recommends, this could lead you to make financial decisions that don’t serve you.
That’s because your circumstances, needs, and aspirations are unique to you. You need to follow your own financial journey based on the long-term goals you want to achieve.
2. Build resilience and take “losses” in your stride
After a shaky week seven, in which she ended up in the dance-off, Montell Douglas wowed the judges with a powerful Paso Doble in week eight.
Undeterred by the public’s vote putting her in the bottom two, Montell dusted off her dancing shoes, focused on her long-term goal of taking the 2024 title, and delivered one of her best performances.
If you’re an investor, you’ll know that markets can – and often do – move up and down. You might experience dips in the value of your investments one quarter, only to see them bounce back even stronger in the next.
In this scenario, had you let “loss aversion” – a tendency to feel losses more keenly than gains – take hold, you might have rushed to sell your shares, turning a potential loss into a real loss.
Instead, adopting a long-term view, just as Montell did, could help you ride out any periods of market volatility, keep calm, and continue progressing towards your goals.
3. Diversifying might make you feel dizzy, but it could reap rewards
The Strictly contestants must master a variety of dances, from ballroom classics, such as the Waltz and Foxtrot, to Latin favourites, including the Samba and Cha-cha-cha.
Each dance has its own techniques, tempo, and style, which the dancers-in-training must master to impress the judges.
With less than a week to prepare each routine, this is a head-spinning schedule for the celebrity contestants. No doubt, some dances feel more within their comfort zone than others. Yet, repeating the same dance over and over again would no doubt fail to impress judges Craig, Motsi, Anton, and Shirley!
This is a truly fab-u-lous lesson in how to spread investment risk. While you may feel comfortable and confident investing in one industry, geographic region, or asset type, putting all your eggs in one basket could expose you to a higher level of risk.
On the other hand, diversifying your portfolio could help ensure that if you make losses in one area, these could be counterbalanced by gains elsewhere.
4. Make the most of professional support to help you achieve your goals
You’ve probably lost count of the number of times a breathless celeb tells Claudia Winkleman or Tess Daly that they “couldn’t have done it without my partner”, after delivering a first-class routine.
On Strictly, the professional dancers are tasked with choreographing every routine and teaching their novice partners how to perform them at the highest possible standard.
Not to mention the emotional support and coaching they no doubt provide as the celebs battle through 12-hour training days, personal challenges, injuries, and periods of self-doubt.
There are times when we all need expert help and choosing the right professional partner could make all the difference.
As experienced financial professionals, we can help you at all stages of your life, whatever your circumstances and ambitions are. Through empathetic and expert support, we can guide you on your journey towards your own “glitterball” goals, whatever they may be.
Get in touch
If you’re feeling inspired by these Strictly Come Financial Planning lessons, we can help you put theory into practice by creating a bespoke financial plan for achieving your long-term goals.
Please email info@doddwealthcare.co.uk or call 01228 530913 / 01768 864466.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
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