Once-in-a-lifetime events might make dreams come true. But they can also wipe out savings accounts. Are singular experiences like the Super Bowl, the Met Gala, or Taylor Swift’s Eras Tour worth the expense? Let’s look into the rising prices of marquee events and the pros and cons of shelling out the cash.

First of all, while the price of tickets can be affordable for some, it’s incredibly difficult to snag admission at retail prices. High-interest commodities like concert tickets are prime targets for scalpers, individuals who intentionally purchase items in bulk and flip them for an exponential profit — effectively pricing people out who aren’t willing to pay such an extreme markup. In the case of Swift’s tour, many people ended up paying more than $10,000 for their tickets, or skipping the event entirely.

But even without scalpers preying on the average consumer, tickets to such high-profile events can still be quite pricey. For example, the average price for a single ticket to Super Bowl LVII was $10,000. That price didn’t include accommodations, air travel, or meals. Basically, it covered the use of a chair in Arizona for about six hours in February.

Now that the world is out from under the pandemic cloud, big public events are back. Swift’s Eras Tour is arguably the biggest pop cultural happening of the year (at least tied with Barbie). The NFL has mastered the art of the spectacle and remains the hottest sport in the country. But these aren’t the only entities charging sky-high prices for tickets:

• Tickets to Elton John’s farewell tour, which just ended, cost an average of $1,000, with VIP tickets topping out at $4,000.
• Tickets to the last NBA Finals between Denver and Miami averaged around $1,000. Resale tickets were available for as much as $50,000.
• Last May’s Met Gala charged a whopping $50,000 per ticket — a cost so high even some celebrities backed out of attending.
• Four-day tickets to the Masters golf tournament in Georgia cost between $6,000 and $7,300, depending on the seats.
• First-time attendees of the last TED conference paid $5,000 for their tickets. Veteran attendees shelled out six figures for admission.
• If Elon Musk and Mark Zuckerberg ever settle on a date for their long-awaited potential cage match, chances are they’d set it at a pricey Las Vegas venue and charge some kind of admission for being able to watch it in person. That means you could expect it to set you back tens of thousands of dollars probably. Hopefully, at that price, it’d come with a free meal.

Dreaming about once-in-a-lifetime events is just human nature. Every Taylor Swift superfan — and there are many — had their eyes on the Eras Tour from the second it was announced. Pro football is the biggest sport in the country, and the Super Bowl has been elevated to a nearly religious event.

Are you thinking about paying five-digit sums for an experience of just a few hours? That would wipe out the savings accounts of most hardworking people. Is the event truly worth it? And once it’s over, will your finances recover?

“Attending a once in a lifetime event definitely has its benefits and is well worth saving for,” says Adriel Tam, CEO of AdvisorCheck. “You get to experience something that will stay with you for your entire lifetime – experiential moments have proven to provide tremendous emotional value. However, spending $10,000 on an experience every year or every other year could potentially lead to financial ruin if not properly planned for. We recommend meeting with a financial advisor to discuss your dreams and goals, and having them help you build a plan around achieving them,” Adriel continued.

“Everything is relative,” says Cyril Mouaikel, a financial advisor at RBC Wealth Management. “While $5,000 or $10,000 for some can be a very small amount of money, for others, it can be their annual savings goal for their family. Depending on one’s overall financial situation and how much one values these experiences, it is not necessarily foolish to spend that kind of money if you have been saving for years, and this will not jeopardize your financial plan and goals. We all hear the argument that you only live once, and that is true. Nevertheless, life is about tradeoffs and priorities. Each choice should be made in the context of the overall situation. No blanket statements can answer this question.” 

With that said, let's get into the pros and cons of experiencing a once in a lifetime event, so you can make the determination of whether or not an experience like this is worth it to you.

Pros of Doing a Once-in-a-Lifetime Event

Some of the best benefits of a once-in-a-lifetime event include:

An Unforgettable Experience

Big events don’t just leave an impression on you; they also impact society. The entire world watched Live Aid in 1985. The Super Bowl takes over one city every year, where all eyes are focused for a week. Stadium tours by stars like Paul McCartney and Beyoncé are designed to be remembered forever. You’ll know that you were in the middle of a historic happening for the rest of your life.

For Paula P., her experience seeing Taylor Swift was definitely unforgettable.

“I feel fortunate that I was able to afford tickets for myself and my daughters to see Taylor Swift. I wish everyone could feel the love of Taylor and her fans at least once in their lives. It was a truly priceless experience. Watching thousands of smiling fans with outfits representing their favorite Taylor album was truly magical. Even though I am not a fan of crowds, I never felt crowded when I was surrounded by other Taylor fans. There was no pushing, swearing, egos or complaining. Instead, there was patience, kindness, peace and pure joy. It gave me hope that there are truly good people in our world who do not judge others for how they look or how they live their lives. Hearing tens of thousands of fans singing about kindness and acceptance (and boyfriend issues too!) is something that I will never forget!”

Her daughter Ellie's sentiment is similar:

"I loved that everyone in the stadium knew every word to every song! There was so much going on in the background of every set and it made it so fun to watch. My sister Mia and I have listened to Taylor since we were young so it was cool to hear all the eras!"

Fulfilling a Dream

Don’t underestimate the power of a bucket list. People keep them as faithfully as they list their accomplishments. Doing everything it takes just to achieve one item from that list can feel empowering. It proves that through hard work and a little sacrifice, you can bring the bucket list to reality.

“We only live once, but we can live more meaningfully when we prepare first,” says Sarah B. Walker, CRPC®, a financial advisor at Ameriprise Financial Services, who carries 18 years of experience as a financial advisor. “Making sure that you are planning for your goal of buying the tickets or taking the trip will make the experience more meaningful. We live in an age where friends are constantly sharing their adventures and it is tough to not have your own special moments to share, so I always suggest to my clients during our financial planning meetings that we discuss what I like to call dream work. What are the client’s dreams, and how can we help them achieve those beyond covering for day to day expenses? I talk to clients about delaying smaller, less meaningful purchases, knowing that they are saving up for the BIG purchase. The mentality of delaying satisfaction in the current moment tends to help put the big-ticket item in perspective,” Sarah continued. 

Creating and Keeping Lifelong Bonds

Attending a big event with family or friends creates a shared experience and forges a deeper connection. And beyond your immediate circle, it makes you part of a global community. Swifties say there’s never been a love quite like the love they share with all the other Swifties, although fans of many other musical acts might disagree.

Expanding Your Horizons

Big events tend to attract cross-sections of people from diverse cultures. Attendees get the chance to encounter ideas, traditions, and viewpoints they may have never heard before. If one can’t travel the world to gain an appreciation for humanity, a once-in-a-lifetime event might be the next best thing.

Sometimes, opportunities do arise. For Paula S., she missed out on the first set of tickets that were released, but luckily another set opened up when Taylor opened up one more show.

"We weren't able to snag tickets for the original tour, and the resale prices were absolutely ridiculous. But when Taylor added one more show to her tour, we were able to get amazing seats with a merch package for a little over $500 a piece. 

When my daughter Audrey opened the gift, she cried. The Eras Tour is so much more than just a concert, it’s a whole experience. We have been planning outfits, accessories, nail polish, makeup looks, etc. and all of it is sooooo much fun! We’ve been singing Taylor Swift songs in the car nonstop in preparation. I was lucky to go to the show with my other mom friends in March, so I knew what to expect. But watching my children, Donovan watch Audrey loving the show, was the best.

We had a few friendship bracelets, and trading them is a big thing! People just walk up to you and offer you bracelets or see if you want to trade. The vibe is amazing!! I was so happy and uplifting, and to share that moment with 70,000 other people at the same time is pretty cool. We also bumped into our beloved former principal right when we walked into the stadium, so that was awesome!!

For those wondering what it is like at the event, the lanyard lights up during the show. Everyone is given a bracelet that also lights up. The colors are coordinated and flash specific colors during specific songs or intros. Like the whole audience looks like a slithering red snake during her reputation era."

Getting Tickets to a Concert Like Taylor Swift Early Could Turn into an Investment that Pays for Itself

If you attend a high demand concert and are able to get your tickets early in the queue, you could actually turn that situation into a profitable experience (and still get to enjoy the show).

While we may all be too familiar with the $10,000 tickets that many people have purchased for the Eras tour, some people were able to score tickets early. Then as the demand increased for the show, those tickets turned into investments.

Keren D. shares her experience of both getting ground floor seats and profiting from the Eras tour:

"Seeing Taylor Swift was totally worth it. Not only does she put on a great performance, it was so popular it almost felt like we were part of a cultural moment to get there.  

I have been a huge Taylor Swift fan since she came on the scene, so for someone like me who knows all her songs and can enjoy every moment, it's easy to feel like we really got our value from the concert. 

I took a unique approach to how I paid for the concert. I bought a verified fan ticket in the nosebleeds, as they were the only tickets available when I finally got through the queue. Two days later, I bought resale floor seats at $2,000 per seat, but was able to resell my verified fan seats for $2,500 more than I paid. 

That made the floor seat investment turn into a bit of a positive return on my investment. After talking to a friend, they spent $1,600 per seat in the nosebleed section, so it made my $2,000 per seat purchase feel even better."

Keren D. only had one downside when it came to the Taylor Swift concert: 

"The only downsides of the floor seats were that my kids couldn’t see as well as if they were in the inclined seats, and because she came on around 8:20pm and played until almost midnight, both my 7 and 10 year olds took a kid-concert snooze (about 15 minutes)."

Cons of Doing a Once-in-a-Lifetime Event

Consider the drawbacks carefully before you decide to save for that once-in-a-lifetime event:

High Price

Artists and sports leagues know that superfans will pay dearly for their products, so they feel free to charge astronomical prices. Most of the time, those ticket charges don’t cover travel, meals, lodging, or other expenses that go along with the show.

But even if celebrities don’t charge such high prices, they can’t do anything about resellers and scalpers, who are more than happy to rake in an easy profit by reselling their tickets. So if you’re not fast enough to purchase a ticket at a lower price, you could end up paying much more than it might truly be worth. Even if it’s a night to remember, you can trust that your wallet will also remember.

Temporary Experience

Taylor Swift is extremely generous with her time, with some shows on her Eras tour clocking in at over three hours. But that’s still only 12.5% of an entire day. The memories may last forever, but the experience is over before you know it. That can feel unfulfilling for some people.

Furthermore, you should consider that an enthralling experience may cause an emotional high, impeding your ability to fully remember specific moments and leaving you with fuzzy memories — which may not be worth such a high price tag.

Missing Out on Other Opportunities

It takes a lot of work to afford a $10,000 event. When you’re saving up for it, you might have to take other financial goals off the table for a while. Will skipping out on other opportunities for a one-night extravaganza be worth it in the end?

Limited Availability

Tickets for big events are usually limited. Fans get seriously competitive trying to secure them, even to the point that online ticket sites crash. The longer one waits, the more prices are inflated. 

Emotional Thinking

One could want to attend a major event so badly that it affects their decision-making and priority-setting. When you lead with your heart, a $10,000 price tag doesn’t feel like a big deal. Emotional thinking is the enemy of thoughtful planning, especially in financial matters. 

Making a Once-in-a-Lifetime Event Possible

It’s not our intention to prevent you from attending a once-in-a-lifetime event — far from it. If you’ve decided to chase your goal, you can! But it will take trade-offs and sacrifices. Here are a few steps you can take to make your dream come true.

Get Full Intel on the Event

Once you’ve decided what event to attend, do as much due diligence as you can in advance. How much are tickets (including service fees)? Will you have to pay for travel to get there? Will you need accommodations? How much will parking cost? Take notes on any minute details that could affect your budget and experience.

Break Down Your Financial Situation

Look without fear at your current checking, savings, and credit accounts to know how much you’re working with. If you need more money (spoiler alert: you probably will), stake out a reasonable, believable timeline for saving as much as you need.

Rearrange Your Budget

Take a look at your regular and upcoming expenses and find opportunities to cut back. It also helps to break down your savings contributions into chunks so that you can spread the cost into lower, more achievable milestones.

What you shouldn’t do is put such an expense on a credit card. While the experience might be a blissful three hours, it could take three years to pay off the expense and any interest that accrued since.

Consider Alternative Savings Mechanisms

A high interest savings account could help you stockpile cash more quickly than a regular account. Make sure you’re absolutely clear on the terms and limitations of the account, and set up automated deposits. 

More Strategies to Boost Savings for Once-in-a-Lifetime Events

Take on an extra freelance job or side gig. Even just an occasional part-time hustle can add meaningful amounts of cash to your account.

Gain control over nonessential spending. You’ll have to sacrifice at least a few luxuries to work toward your goal. And who knows — you may find that you’re happy with cutting those expenses for good.

Keep saving after the event. Maybe the best added benefit of saving up for big events is learning good financial habits. You might find it easier to continue with your savings plan so you’ll have funds for future experiences.

Finally, pat yourself on the back. When you achieve your goal, you deserve a little boost of self-esteem. Celebrate the moment. Submit to the thrill of anticipation. And when the event happens, enjoy it to the hilt (but responsibly).

There’s nothing wrong with dreaming about seeing Taylor Swift or the Super Bowl in person. And if you successfully save up enough money to attend, you’ll also have a positive new financial strategy. It might turn out that your once-in-a-lifetime experience has generated some long-term benefits.

Get Help Saving for Unforgettable Experiences

You don’t have to get there alone. AdvisorCheck can guide you to your goal with expert financial assistance. We’ll help you maximize your money strategy so you can afford big-ticket items — like one-in-a-lifetime tickets. 

About the only thing AdvisorCheck can’t do is get you into Taylor’s entourage or the Super Bowl VIP room. But we can start you on your financial journey, and from there, who knows where you’ll wind up?

To get started, use our Advisor Search tool to find an AdvisorCheck professional today.

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Written by John Boitnott, Motley Fool, Entrepreneur and Due.com contributor

Fact checked by Billy Quirk

Reviewed by KJ Kim

Disclosure

The information provided in this article was written by the research and analysis team at AdvisorCheck.com to help all consumers in their financial journeys, by providing the resources and the insights to help improve one’s financial health, make it through recessionary and inflationary periods of time, and save their earnings to use them towards building a secure financial future. 

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