Even the Princess Wants Financial Independence
"I've never wanted to be a lady who lunches; I've always wanted to be a woman who works."
Financial independence is about living life on your own terms. Money is a tool, it’s neither good or bad. Sometimes though, money can make people feel trapped, especially if it’s money that is not your own. If you are up on your royal family news, the Duke and Duchess of Sussex, aka Prince Harry and Meghan Markle, announced that they are “charting a new course” with how to find the balance of being part of the royal family while also leading separate, independent lives. This appeared to be an unprecedented move from “senior” royal family member, basically denouncing a part of their royal responsibilities. What struck me about their decision and goal was the additional phrase that they needed “to become financially independent.”
So I decided to look into that that means for the Duke and Duchess. Prior to being a duchess and princess, Meghan Markle was an entrepreneur, an actress, an activist - a woman making her own money and doing her own thing. (I loved her in Suits by the way, one of the few shows my husband and I religiously watched for a few years.) Her net worth prior to joining the family was estimated to be $5 million. This is important to note here. When she joined the royal family as wife to Prince Harry, she had to leave a lot of her life behind including the ability to earn money for herself and her family. As a member of the royal family, a part of their lives are funded by public funds through the Sovereign Grant. The Grant is described as “the annual funding mechanism of the monarchy that covers the work of the Royal Family in support of HM The Queen including expenses to maintain official residences and workspaces.” The Grant has covered five percent of the cost of The Duke and Duchess’ official office expenses since 2019. That five percent isn’t chump change. According to estimates, that 5% amounted to be $3 million dollars in 2019. In addition, the Duke of Sussex receives a $2 million allowance through the Duchy of Cornwall, an estate managed by Prince Charles. Currently, the couple is not allowed to earn personal income as it may pose conflicts of interest as part of the royal family.
Money and Family
The fact that the Duke and Duchess have no ability to earn their own professional income poses a bit of a challenge. Since their lifestyle is funded by Prince Harry’s father and taxpayers, it means that their lives aren’t necessarily their own. They must bow to those that fund their lifestyle including the family and the public.
The public has their own expectations of the couple. If the public are paying for their lavish lifestyle, then doesn’t the public have a right to see and be part of it? This is especially important in the golden age of self-broadcast. There’s expectation and a bit of precedent that the royal family be open about their lives. There’s also a discussion here about the very nature of privacy and the price we have to pay for it, more specifically the experience of Prince Harry losing his mother, Princess Diana to paparazzi.
What This Means For All of Us
While many of us cannot fully understand the responsibilities and pressures of being a royal, I think we can sympathize with the couples need to want to become financially independent. Financial independence buys freedom. Freedom from what exactly will depend on the individual. Financial independence isn’t just a phrase for 2020, but an intention and a desire to live life on your own terms. Financial independence may mean leaving your current job for one that is more in line with your values. Financial independence may mean leaving a relationship that no longer serves your heart. Financial independence may mean buying yourself time to raise children without guilt. Financial independence may mean taking on the next chapter without fear. Or financial independence may mean leaving the royal spotlight so that you can raise a family quietly on your own terms.
It’s also important for us to look at how money gets to us because we are beholden to those that provide it. Money coming from a family member, whether as a loan or a gift has its own expectations whether it is explicitly implied or not. Income from an employer means we must abide by the rules of the employer to ensure continued employment and income. Borrowed money from a lender means an obligation to pay. This is why it’s important that we eliminate debt so that we don’t wake up each day owing something to somebody. This is where financial independence comes in and why it’s important to make your money work for you.
There’s also a lesson here about being confident enough to chart your own course. The royal family has it’s own long and powerful history, but this decision and action by the Duke and Duchess means they will venture into a bit of unknown territory, much like how many of us will have to go out of our comfort zones, challenge the status quo and conventional thinking to reach financial independence.
Finally, there’s a lesson here that even marrying a Prince doesn’t always mean “happily ever after” right away. That even Princes and Princesses must have the money conversations. That even royals want to earn their own income. That even a Princess in the spotlight wants to pursue financial independence like the rest of us.
Even the Princess Wants Financial Independence
