We read all the personal finance news for you. Then we tell you what you need to know.

Broadway Is Burning

I’m a big Broadway fan, so I’ve been sadden by all the recent shows closing. Left and right, shows are faltering as the economy crumbles.

One of the most recent casualties is Mel Brooks’ Young Frankenstein. This closing in particular reinforces an essential personal finance lesson…living within or below your means today is the safest and best way to be living a wealthier life tomorrow (or like, 20 years from today).

Mel was ambitious with his second musical, given the success of The Producers. Orchestra seats were priced close to $400 with no discounts in sight. A grand production, the show itself cost around $600,000 a week to put on, which may have been another reason for the sky-high tickets. At the time of the opening, off-Broadway’s Frankenstein would jokingly advertise their show as the better one, and for less than a quarter of the Broadway price.

Young Frankenstein ruffled a lot of theater-goers feathers with their big ticket prices, as well as many other offenses detailed in this New York Times story. And unlike the story line of The Producers, having to close your show and not recouping your investments is an undesirable outcome.

Maybe Mel should have found a way to produce the show at a lower cost? He probably should have known not to start out with the highest ticket prices – good word of mouth promotion comes of those who can afford to attend a show. More investors are looking to hold on to their cash until next year, so new Broadway productions better watch their own pricing plans if they hope to succeed.

-Susie Bafico

Illustration Credit