In the post, we will look at serious money mistakes from the hit comedy “Arrested Development,” but first our disclosure:
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“Arrested Development” And the Dysfunctional Bluths
I’ve been binge-watching “Arrested Development” on Netflix. I can’t get enough of it. The show is about the dysfunctional Bluth family, who own a real estate development firm. When the family’s patriarch, George Sr., gets arrested for defrauding investors and misusing company funds, absolute mayhem breaks out.
George Sr.’s arrest pulls back the curtain on the family’s complete dysfunction. While his son Michael and the grandkids try to pull their weight, the rest of the bunch is just looking for handouts and not lifting a finger to help out. They spent far too much time mooching off the family business to understand how to make it out on their own as independent adults.
You have a son who aspires to be a magician and a son-in-law who wants to join the Blue Man Group. Then there’s their materialistic daughter, Lindsay, who supports various charities, the biggest being herself. Finally, there’s Buster, a grown adult who still depends on his mother like a toddler, while his mother is more than happy to oblige. All of this makes for a hilarious sitcom.
While “Arrested Development” is a top-notch comedy (at least in the earlier seasons), it also serves up some serious money wisdom. Despite being fictional, the Bluths’ financial fiascos offer valuable lessons. We can all take a page from this dysfunctional family’s book of money mishaps.
Below, I’ve rounded up the most outrageous money mistakes from the show. Let’s have a good laugh as we dissect them and uncover some helpful money lessons along the way.
The Bluth’s Money Mistakes
#1: Following Your Passion Without Earning Money
Tobias (portrayed by actor David Cross) is one of my favorite characters in “Arrested Development.” He is the son-in-law of the Bluths and a psychiatrist who lost his license to practice medicine because he performed CPR on a person who did not have a medical emergency.
His character is great because he is a walking, talking paradox—a psychoanalyst without any self-awareness. Without his medical license, Tobias could still use his medical degree to pursue a lucrative career, but instead, he turns all his attention to his passion: acting.
When Tobias decides to pursue acting, he rejects the idea of finding other work to support himself. Instead, he struggles financially, steadfast in his belief that he is an actor. He goes to extremes by painting himself blue every day, hoping for a chance to join the Blue Man Group, but the call never comes.
Avoiding Money Mistakes: What To Do Instead
It’s fine for someone to follow their passions. Many people stay in careers they resent because they give up on their dreams. However, life is never so straightforward; there’s a lot of middle ground.
We can’t all be famous actors, but we can seek jobs that allow us to explore our creativity while earning a decent living. What’s more, nothing is stopping us from pursuing our passions in our free time. In Tobias’ case, he could have joined a community theater or found a job that allowed him to work from home painted in blue while waiting for the Blue Man Group to call.
Key Takeaway: It’s great to pursue your passions, and if you can make a career out of it, then more power to you, but don’t quit your day job until you can.
#2: Refusing To Fly And Leave The Nest
Next up is Buster Bluth, played by Tony Hale, who perfectly embodies the mama’s boy, Buster. He is the youngest of the Bluth children and, despite being in his thirties, still lives at home with his manipulating mother, Lucille. Due to his mother’s coddling and manipulation, he never works and behaves more like a 6-year-old than a 30-year-old.
The issue isn’t so much that Buster still lives at home but that he never grows up. He continues to rely on his mother for emotional and financial support, leading to an anxious existence without the ability to make his own decisions. When he finally gets a girlfriend, he seeks out another mother figure in the form of his mother’s elderly friend, who also happens to be named Lucille. That is comedy gold!
Avoiding Money Mistakes: What To Do Instead
Life has become very expensive. If you are starting out or recovering from a tough situation, moving back home can be a great opportunity to build a solid financial foundation before embarking on your own. The problem comes when someone has no exit strategy and squanders the opportunity.
A goal might be to live at home for two years, pay off credit card debt, and build a fully funded emergency fund. It might be to save a 20% down payment on a home. Whatever it may be, create a plan with time-bound goals.
On the other hand, if someone lives at home, barely works, and spends all the money they earn, they can find themselves stuck, still dependent on their parents like Buster.
Key Takeaway: Don’t be like Buster. Set goals, devise a time-bound plan, and strive for independence.
#3: Not Knowing Your Limitations
Gob and Michael are brothers. Although they are polar opposites, they suffer from the same affliction: not knowing their limitations.
Gob (Will Arnett) is a self-absorbed wannabe magician convinced of his greatness. He refuses to accept that his magic career will never take off. Instead, Gob convinces himself that he is always one performance away from striking it big, only to bomb time after time.
Michael (Jason Bateman) is the responsible child trying to hold the family and business together after his father’s arrest. The rest of the Bluth family depend on Michael to solve their family’s problems and navigate through the mess their father left them.
Michael believes he is the only one who can save his family, so he struggles with asking for help. As the show goes on, it becomes evident that he thinks he is better than his family, and his ego and lack of trust hold him back from seeking competent guidance.
Avoiding Money Mistakes: What To Do Instead
Maybe someone picked a winning stock once or twice, but that does not make them the next Warren Buffet. They may know how to use a computer, but that doesn’t mean they should try to create an estate plan online.
It’s important to recognize your limitations and seek professional advice when necessary. Professional advice will cost you money, but it can be money well spent if it saves you from making a costly mistake. Just be sure you are paying a fair price for the service.
When seeking financial advice, I strongly recommend using a fiduciary. A fiduciary financial planner is legally obligated to act in their client’s best interests when providing financial advice. They must prioritize their clients’ interests above their own and disclose any potential conflicts. I also recommend using a fee-based service whenever possible.
Think twice before hiring a financial planner who is not a fiduciary and charges a percentage of assets under management. Not only are they taking a percentage of your assets, but they are also under no obligation to do what is best for their clients. So, nothing is stopping them from steering their clients towards expensive investment products that make them hefty commissions.
Key Takeaway: As Clint Eastwood said in Magnum Force, “A man’s got to know his limitations.” This is true in the movie, and when it comes to money.
#4: Surrounding Yourself With The Wrong People
As we saw with the man-child Buster, his mother, Lucille, is a big reason why he never matured. She is manipulative, controlling, and does everything she can to ensure Buster never leaves the nest. When Lucille does push her son to join the Army, it is for selfish reasons and not in Buster’s best interest.
Michael is the opposite of Buster but suffers from the same issue: toxic relationships. Throughout the series, Michael dreams of escaping his family in California and moving with his son to Phoenix. However, no matter how hard he tries, Michael keeps getting pulled back in and dragged down with the rest of the family.
Avoiding Money Mistakes: What To Do Instead
I’m not saying you should cut off your entire family, but it’s important to set boundaries around people who don’t have your best interests at heart. If some of your friends are bringing you down, you can choose to distance yourself from them.
There are also times when someone’s mental health is more important than their financial well-being.
Earlier in this post, I mentioned that moving back in with parents can be a good financial decision for some people. It can provide an opportunity to establish a strong financial base before venturing out on their own. However, there’s an exception to that rule. If the home environment is toxic, it might be better to pay for rent elsewhere. It may result in higher short-term costs but can lead to better mental and financial health in the long run.
Key Takeaway: It is true that you can choose your friends but not your family, but both can be toxic. That toxicity can extend from your mind to your wallet. Set boundaries, and remember no one gets a vote unless you let them.
#5: Not Adapting Spending To Fit The Situation
Almost the entire Bluth family is guilty of this mistake. After George Sr’s arrest, they are unable to adapt their spending to their new and worsening financial situation. Lindsay is the poster child for this mistake.
Lindsay Bluth, the middle child, spends extravagantly on fancy clothes and other things even though the family no longer has the means to do so.
Even though they are broke, Lindsay can’t stop spending money she does not have. In almost every episode of the first season of ‘Arrested Development,’ Lindsay returns home with countless shopping bags. This shopping occurs even though she and most of the Bluths are living in one of their crappy model homes.
Avoiding Money Mistakes: What To Do Instead
Life is expensive, but that should not stop many people from living within their means. After listening to many episodes of Financial Audit with Caleb Hammer, I know that many people spend a lot of money on unnecessary items. Some people waste thousands of dollars each month on fast food, while others overextend themselves on a car they cannot afford. The simple answer to this problem is a 50/30/20 budget.
The 50/30/20 budget allocates 50% of someone’s income to necessities, 30% to discretionary spending, and 20% to savings/investing and debt repayment. It prioritizes spending and saving while allowing 30% of the money to go toward fun.
You review your spending and savings monthly or quarterly, placing them into the three buckets. Then, you adjust your spending and savings until they realign with the 50/30/20 budget. (It’s okay to put more toward savings/investing and less toward the other buckets!)
For instance, imagine that your budget is more like 50/50/0 after one month. In other words, 50% of your income goes to necessities, 50% to fun, and 0% to saving and investing. To get things back into a 50/30/20 alignment, you must reduce your fun spending by 20% and reallocate that amount to investing and saving.
If the word “budget” makes you cringe, then I strongly encourage you to check out popular YouTuber Ramit Sethi’s “Conscious Spending Plan.” Ramit Sethi’s conscious spending plan is similar to a 50/30/20 budget with a little more flexibility. It’s a clever way to encourage people to manage their money without using the word “budget.”
Key Takeaway: Whether you use the “Conscious Spending Plan” or a 50/30/20 budget, the beauty lies in their simplicity. Either choice will help you gain power over your finances without the need to track your spending down to the penny.
What We Learned From The Bluth’s Money Mistakes
“Arrested Development” provides endless entertainment with its dysfunctional Bluth family and offers valuable money lessons through their outrageous money mistakes. Examining the show’s characters can teach important lessons about following our passions while maintaining our finances, establishing independence, and understanding our limitations.
While the Bluths may be fictional, the money mistakes they experience serve as a lesson for us all. So, let’s take a cue from the Bluths and strive to make smarter financial decisions in our own lives. After all, who knew a sitcom about a dysfunctional family could also be a crash course in personal finance?
