Maria Bamford's Radical Transparency
Welcome to Saving Money with Andrew!
I was simply blown away by Maria Bamford’s recent interview on NPR’s Planet Money. In it, she speaks frankly about her money struggles, involvement with Debtors Anonymous, and her current much improved finances.
Spoiler alert—after starring in a Netflix series and tens of acting and voiceover gigs over the past 25 years, plus nonstop standup comedy work, she’s currently worth $3.5 million. But the path from debt to stability was a difficult one, and she shares two keys to her financial success.
Have A (Formal or Informal) Support Group
Bamford sought help from her local chapter of Debtors Anonymous, and had three mentors who helped her make good decisions and steer her away from bad ones. For example, when she rented a Los Angeles apartment far above her budget, they helped her realize it was the main source of her money issues, and gave her advice about how to find much more affordable housing.
I have no personal experience with the organization (and am not endorsing it), but I love the idea of having responsible, non-judgmental friends or family members that you can reach out to for advice if you’re making an important financial or spending decision.
Be Willing To Negotiate
Bamford emphasizes the importance of being a good negotiator. Negotiating is a hugely underrated skill (see part 1 and part 2 of my negotiation guide), and you’re shortchanging yourself if you fail to negotiate.
The most dramatic part of Bamford’s interview is when she chronicles her negotiation with the University of Minnesota, which (initially) asked her to deliver a commencement speech for free:
In 2017, The University of Minnesota asked comedian Maria Bamford to give their commencement speech. But the University may not have known what it was in for. In her speech, Bamford told the crowd of graduates how much the university offered to pay her (nothing), her counteroffer ($20,000), and the amount they settled on ($10,000), which (after taxes and fees, etc.) she gave away to students in the audience to pay down their student loans.
All in all, I highly recommend this short (27 minute) and fascinating interview.
And now, Andrew’s pick(s) of the week:
Somehow, I missed Victoria (on Amazon Prime or PBS’s Masterpiece service) when it came out in 2017, but it’s great. If you liked The Crown, you’ll almost certainly enjoy this.
Also:
Home Insurance Is So High in This Florida Town, Residents Are Leaving
Inflation Raging at 130% Is Pushing Argentina Down a Radical Path
I hope this has been helpful. If you liked it, please share it on social media! Also, please send me your feedback, requests, and success stories.