Planner: Celebrity budget session

Here are some ideas for an event to help connect the planning dots about budgeting with clients and prospects.

When you plan a budget session for younger investors, especially if you’ll need to emphasize the need to start saving, make sure you mix education, networking and fun.

Members of Generation Y (born between 1982 and 2004) seek insights on ways to fund their lifestyles, increase incomes and get value for money – including investments. Millenials on average make their first investments at age 20.

Before the event

• Choose a fun theme. We’ve suggested an Oscar Celebrity motif, but you can substitute your favourite awards event:
  • Tell invitees they’ll be asked to impersonate a celebrity, and to think about what that person would spend his or her money on. The lavish nature of the celebrity lifestyle is meant to provide contrast to the real life budget lessons to be discussed with these young people.
• Make a list of potential invitees:
  • Consider a “plus one” invite strategy to mesh with the theme and broaden your network.
  • Goal 12 attendees.
• Send an email or virtual invitation (see example).

• Set an agenda with timing for the session:
  • 10 minutes for Celebrity introductions.
  • 10 minutes to review goals of the session and how guests can earn Celebrity Dollars through participation (Best celebrity impersonation; Most outrageous “extravagance” line item; Best real-life budgeting story; Best spending solution).
  • 45 minutes to walk through real-life budget line items with pointers and questions.
  • 15 minutes to review Celebrity Extravagances and then look back at real life.
  • 15 minutes for an Awards Presentation.
  • 40 minutes for a Silent Auction with event dollars to create networking opportunities for your guests.

What the session should achieve

• Increase awareness of the need to balance income and lifestyle.
• Help attendees:
  • Develop a process for managing their discretionary spending.
  • Share ideas on how to fund, defer or eliminate expenses.
  • Develop a realistic expense forecast and stick to a monthly budget without feeling restricted.
  • Make a wish-list for savings and investments, and develop a process to review and prioritize this list on a regular basis.
• Complete a framework budget for attendees to take home and apply to real life.

After the event

• Send a thank you email:
  • Sum up funny lessons from a few celebrity personas (Justin Bieber’s recent behaviour suggests it’s important to save for when you become a has-been).
  • Pictures of the award winners.
  • Ask for participant’s feedback; “What did you learn?”
  • Request a follow-up meeting.