The incredible franchise that is Star Wars has many valuable financial lessons to teach. Read on you must.
The incredible franchise that is Star Wars, packed with iconic heroes, ruthless villains, and all-round entertaining explosive action, has many valuable financial lessons to teach. Read on you must.
1. Be Cautious About Debt
Han Solo would be all too familiar with the trouble that being in debt could bring, thanks to his struggle to avoid the bounty hunters set on him because of the debt he owes to Jabba. Of course, not all creditors would be as brutish as Jabba. Nonetheless, don’t bite off more than you can chew and keep your debt under control. Paying only the minimum due on Credit Card bills, maxing out your credit limit, or taking on too many loans are all financial bad habits that could lead you to the Dark Side.
When you effectively manage your debt repayments – paying your Credit Card bills on time and in full and never missing EMI payments for loans – you will do wonders for your Credit Score. In addition, you’ll also see your savings grow and be able to channel more towards long-term investments that will help you grow your wealth.
Additional Reading: Check Out This Star Wars Gift Guide You Must
2. Don’t Put All Your Eggs in One Basket
Darth Vader created the ultimate weapon of mass destruction with the Death Star. To do this, he channelled all of the Imperial’s resources into building the ultimate weapon that could obliterate entire planets. He placed all his bets on the Death Star, thinking it was impenetrable and the rebels didn’t stand a chance. The rebels, on the other hand, sent out many X-Wings to tackle the Death Star. Ultimately, one succeeded and blew up Darth’s ultimate weapon.
Similarly, don’t place all your eggs in one basket financially. Diversify your investments. When you spread your risk, your investments will not be destroyed in one fell swoop unlike the Death Star. Darth did not diversify, while the rebels did and hit pay dirt when Darth’s amazing ‘portfolio’ blew up. Review your portfolio regularly so that no weak spots are detected and do not get overconfident just because you taste some success early on.
3. Do or Do Not; There is No Try
We can’t get enough of Yoda’s wise sayings. This is just one that makes perfect sense. His words were good for his young Padawan, and they hold good for financial management too.
Often, we put off building our savings or investing for another day. Stop saying “Maybe tomorrow.” The sooner you begin, the better. Just small amounts over a period of time can help you reap bountiful returns due to the magic of compounding. So, start today you must, Padawan.
4. Be Guided You Must
Nobody is born a financial expert. Everyone learns and everyone needs a little help sometimes – just like Yoda guided Luke Skywalker to reach his full potential. You may have the tools to wealth generation and disparate pieces of knowledge to manage your money, but a little help from a good financial advisor will help you realise your financial goals.
You should be careful when selecting a financial advisor. Not every financial guide would be a Yoda – they could just as well be Sith Palpatine. So, choose someone qualified, who has your best interests in mind and understands your financial aspirations and constraints. They can provide the right guidance, tailormade just for you. You must feel the force around you, yrssss.
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Good luck with your epic financial journey and may the force be with you!