Riches to Rags: Lessons from The Queen of Versailles

Notes

It’s not often that you hear a riches to rags story, but the tale of mogul David Siegel, his wife Jackie, and their quest to build the largest home in America is just that.

In 2007, the Siegels welcomed cameras into their home to film construction of their 90,000 square foot mega-mansion. But the fairytale quickly soured when the markets crashed in 2008. Siegel, once a billionaire, was forced to put the home on the market.

The documentary The Queen of Versailles, follows the tale of Siegel’s quickly changing lifestyle.

In the spirit of Valentine’s Day, here are three valuable lessons about love, money, and marriage that you can learn from this cautionary tale of rags to riches and to rags again.

1. Be Choosy When Picking a Mate

In a particularly honest and poignant moment during the film, David Siegel is asked by an interviewer if he gets strength from his marriage in these difficult times. He pauses for a few moments, stares directly into the camera, and replies with a simple ‘no’.

This answer is proof of how incredibly important it is to choose a partner that you can rely on in times of financial difficulty.

It is easy and fun to be in love in the good times, in the moments when life is going exactly as planned. The real test of a relationship is the ability to get through the hard times. Life (and the finances that go with it) doesn’t always go according to plan. A strong relationship is one where the partners come together in times of crisis, providing each other with support and encouragement.

Financial difficulties happen to the best of us, having a partner who will ride the waves of stress with you, instead of contributing to your frustration, is essential.

2. Don’t be an Ostrich

In the trailer, Jackie Siegel candidly admits to not knowing much about the state of her family’s finances. “We don’t talk about financial problems” she says, “I guess I’ll have to watch the movie to find out what’s going on in my life”.

Experts agree, the secret weapon to surviving financial hardships for couples is open, honest communication. Keeping the lines of communication open in the good times is one of the best ways to make sure your relationship can weather the lean times. Financial guru Jean Chatzky suggests committing to weekly financial dates with your honey. “Sit down and talk about whatever is going on in your financial life”, she suggests.

Knowing where you stand as individuals and as a couple promotes feelings of trust, security, and confidence - all of which are essential for dealing with bumps in your financial journey together.

3. Invest in Romance

Financial troubles aren’t sexy. They’re downright unpleasant. They can bring out the very worst of us: resentment, jealousy, infidelity.

There are several cringe-worthy moments in the movie that show the ever-growing distance between Mr. and Mrs. Siegel. These heartbreaking scenes illustrate the importance of investing in your relationship in the ‘good times’, so that you will have a strong foundation to turn to in the lean times.

Building up your ‘romance account’ gives you and your partner a well of love to draw-down on when things get hard. By investing in your mutual happiness now, you are strengthening your bond and giving yourself the best possible odds to survive a financial rough patch.

Romance can be as simple as breakfast in bed, or as elaborate as a surprise weekend getaway. No matter how you choose to do it, investing in your relationship is always a sure bet.

Tell us: How are you investing in romance this Valentine’s Day? Share your plans below!

Photo Source: The Arts Desk