CBS' No. 1 hit show, "The Big Bang Theory," has reached a stratosphere of popularity not many shows achieve.
What originally began as a show about three California Institute of Technology physicists (and one engineer, Howard, who has his master's from the Massachusetts Institute of Technology) and a quirky "actress" neighbor, has progressed into a full cast surrounding a love of science and odd friendship. While the show has evolved, one thing is still a constant: None of the characters are very smart about their money.
Personal finance experts Ellie Kay and Steve Repak, who love the show and watch it regularly, agree. "These guys have grand plans and goals for their work, but they never have a money plan," says Kay, family finance expert and author of "The 60-Minute Money Workout." Repak, a professional speaker and author of "Dollars and Uncommon Sense" agrees, saying, "It doesn't take a Ph.D. to figure out that you'll have more money if you earn interest on it."
Our experts say the show would still be funny if the characters used their mathematical genius on their money, too. Here they weigh in on various scenes where the characters make less-than-brilliant money moves and what they should have done.
1. Sheldon uses 46% of the income. Where's the rest?
Sheldon: I don't see any large upcoming expenditures unless they develop an affordable technology to fuse my skeleton with adamantium like Wolverine.
Whatever the ratio of living expenses to income, most experts agree that a worthy savings goal should represent 10 percent of income. But Sheldon only has a "small savings account."
Kay: Because Sheldon shares the rent with Leonard and lives well below his means, without a car and its related expenses, he should save much more. His money should, at least, be in a bank (money market account) savings account or tied up in a (certificate of deposit) ladder to take advantage of any future rate changes. What if the guys invested their extra money in property and owned condos across the hall from each other or all pitched in together to buy a house instead of throwing away money on rent?
Repak: The guys never mention giving or sharing their wealth with anyone. I also advise allocating another 10 percent of income for giving because you help others and learn to spend less at the same time.
2. Does Penny need debt counseling?
Penny: You know, sometimes when I'm feeling all stressed out about something, I go out and buy a cute top or a fun skirt, and I have a whole new outlook on life.
Sheldon: Don't you eventually realize you're just the same stressed-out person in a cute top or a fun skirt?
Penny: Yep, that's when I buy shoes.
According to The Shulman Center for Compulsive Theft, Spending and Hoarding, shopaholics buy to relieve anxiety, but over time the buying creates an increasingly dysfunctional lifestyle.
Kay: Penny should cut up her credit cards and go to her local National Foundation for Credit Counseling office (NFCC.org) to see a nonprofit consumer credit counselor to help get her finances on track and get on a repayment plan she can afford. The way she lives is so dangerous because she has zero emergency fund. (Remember when she couldn't pay her rent because her car broke down and she was hiding from the landlord, so she borrowed the money from Sheldon?)
Repak: Penny needs to get her priorities straight, which are paying her rent, electric bill and food before shoes and clothes. Period.
3. Let Bernadette be bossy with the bank account?
Howard: Yes, but we're married now. That means when you get sick, I take care of you, and when you make a bunch of money, I get to buy stuff. Sorry if you don't like it, but that's how love works.
Bernadette: No, here's how love works. You're gonna return the machine, or you can print out a working set of lady parts and sleep with those.
A recent study titled "The Role of Money Arguments in Marriage," published in the Journal of Family and Economic Issues, found that money arguments are an important indicator of relationship satisfaction -- but not divorce! -- and can be used to strengthen the relationship with financial or marriage counseling.
Kay: Bernadette was rightly frustrated, but it's condescending to get "punished" for spending by your spouse. I recommend meeting with a third party (such as a financial counselor) to teach them how to handle the joint checking account.
Repak: Just because one partner makes more money doesn't mean he or she gets to make all the rules. Howard needs a separate spending account that they budget for together or with a financial counselor. But then Bernadette can't be judgmental on his spending from that account.
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