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Financial Advice From Six Classic Movies

Financial Advice From Six Classic Movies

What I learned about finances from The Godfather is you give The Godfather the money he wants and you get to keep your knee caps. That seems like a fair trade. Joy Mali, of The Washington Times and Dumb Little Man, shares more financial and credit advice from The Godfather and other classic movies:

There are three main reasons many of us watch movies:

  • We watch movies to be entertained.
  • We also watch movies to become aware of social and economic issues.
  • We watch movies to be informed and educated.

Films are subjective-what you like, what you don’t like,” says director Christopher Nolan. “But the thing for me that is absolutely unifying is the idea that every time I go to the cinema and pay my money and sit down and watch a film go up on-screen, I want to feel that the people who made that film think it’s the best movie in the world, that they poured everything into it and they really love it. Whether or not I agree with what they’ve done, I want that effort there-I want that sincerity. And when you don’t feel it, that’s the only time I feel like I’m wasting my time at the movies.

Movies can help educate us on how to manage our finances and credit health. Here are six movies that not only provide lessons about money, but may also give you tips to improve your credit rating:

wallstreet

    Wall Street (1987): “The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit. 

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    Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA. Thank you very much.” – Gordon Gekko

    This quote by actor Michael Douglas, playing the infamous Gordon Gekko, speaks boldly about how greed drives our country. This impassioned speech gives a nod to how important it is that we want more and more, to the point of greed. Because we want to have the ability to purchase more, we open up credit accounts that allow us to buy what we want now and pay for the items later.

    These payments are tracked on our credit histories. Even the United States government goes into debt to pay for the things the country needs today and makes payments on these credit accounts.

    shawshank redemption

      Shawshank Redemption (1994): “Get busy living or get busy dying.” – Andy Dufresne

      This award-winning film about a wrongly imprisoned New England banker sends the message that viewers might want to plan for the future, especially in these current times of economic crisis.

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      Maintaining stable employment, working to pay off debts, building an emergency savings fund, and checking credit history to make sure everything is in order are four things every consumer can do to help plan for the uncertain future.

      This character understands if you are not living, then you are dying. In financial terms, we could view this statement as: if you are not saving then you are wasting.

      the god father

        The Godfather (1972): “I’m going to make him an offer he can’t refuse.” – Vito Corleone

        This timeless trilogy provides a viewpoint on money that indicates how everything has a price to be paid. Corleone is not speaking directly about monetary value when he states the above, but the statement is applicable to finances.

        Every financial action we make comes with a price. If we cannot refuse the offer to open up certain credit accounts, we must also take the responsibility for paying off the debts we incur.

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        jerry-maguire-1996-03-g

          Jerry Maguire (1996): “Show me the money!” – Rod Tidwell

          Athlete, Tidwell, makes this statement to his sports agent, Maguire, to motivate him to make more lucrative endorsement deals and contract agreements for him. Tidwell knows his worth, and he will not settle for less pay than his expertise and celebrity can command.

          To take a page from Tidwell’s book, you can ask for the salary you deserve and show confidence that you will get it.

          1083_019971.jpg

            Field of Dreams (1989): “If you build it, he will come.” – Shoeless Joe Jackson

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            When you make sound financial decisions and monitor your credit, you can build a positive financial standing that can result in creditors offering to extend you credit.

            Lenders tend to reward consumers with positive credit standings with even more credit lines. These are the consumers who can write their own loans, with favorable terms.

            boiler room

              Boiler Room (2000): “And there is no such thing as a no sale call. A sale is made on every call you make. Either you sell the client some stock or he sells you a reason he can’t. Either way a sale is made, the only question is who is gonna close? You or him? Now be relentless, that’s it, I’m done.” – Jim Young

              There are winners and losers in every aspect of life. In the world of money, the employee who enters the boss’ office with a well prepared request for a raise may come out the winner. This employee may know his or her worth and is willing to negotiate for a higher salary.

              If the employee is less prepared, or full of self doubt, the discussion could very easily turn into a declination of the raise request. Those who climb the financial ladder to increased salaries are relentless in their pursuit of higher pay.

              Joy Mali is a staff writer on The Washington Times and Examiner. Her work is also published on Lifehack, Yahoo and other mainstream sites. She likes to share interesting tips to help people manage their personal finances & credit.

              Greed Is Good! How Financial Advice From Gordon Gekko and Vito Corleone Can Teach You About Credit Management | Dumb Little Man

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              Last Updated on January 2, 2019

              How Personal Finance Software Helps You Get More Out of Your Money

              How Personal Finance Software Helps You Get More Out of Your Money

              Do you know what mental health experts point to as the biggest cause of stress in the United States today? If you said “money,” then ding, ding, we have a winner!

              Three out of four adults today report feeling stressed out about money at least part of the time. People are either worried about not having enough money or whether they’re putting the money they do have to use in the best possible way.

              Your money is either in charge of you or you’re in charge of it, there’s no middle ground. Using some type of personal finance software can help alleviate some of that money stress and better allow you to manage your money effectively. Without it, you may just be setting yourself up for constant financial worry. Life is already tough enough and there’s no need to make it more difficult by simply hoping your money issues will all work out in your favor. Hint: they won’t.

              This guide will help you to understand how personal finance software can better assist with both accomplishing long term financial goals and managing day-to-day aspects of life.

              Whether it’s tracking the savings plan for your child’s college fund or making sure you won’t be in the red with the month’s grocery budget, personal finance software keeps all this information in one convenient place.

              What Exactly is Personal Finance Software?

              Think of it like the dashboard in your car. You have a speedometer to tell you how fast you’re going, an odometer to tell you how far you’ve traveled, and then other gauges to tell you things like how much gas is in the tank and your engine temperature. Personal finance software is essentially the same thing for your money.

              When you install this software on your computer, tablet, or smartphone, it helps to track your money — how much is going in, how much is going out, and its growth. Most personal finance software programs will display your budget, spending, investments, bills, savings accounts, and even retirement plans, levels of debt, and credit score.

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              How It Leads to Financial Improvement

              It shouldn’t come as a surprise, but people who regularly monitor their finances end up wealthier than those who don’t. When you were a kid, keeping track of all of your money in a porcelain piggy bank was pretty easy. As we get older, though, our money becomes spread out across things like car payments, mortgages, retirement funds, taxes, and other investments and debts. All of these things make keeping track of our money a lot more complicated.

              Some types of personal finance software can help make things a little less complicated, setting you up to meet financial goals and taking away some of the stress associated with money.

              Even if you already have a Certified Financial Planner (CFP) some type of personal finance software can be of great benefit. Whereas CFPs focus on the big picture of your money, they don’t handle the day-to-day aspects that determine your overall financial health.

              It’s also not nearly as complicated as you might think and can take out a lot of the tedium that comes with doing everything on an Excel spreadsheet or with a pad and pencil.

              Types of Personal Finance Software

              When it comes to personal finance software, it generally fits into two categories: tax preparation and money management.

              Tax preparation software such as Turbo Tax and H&R Block’s software can help with everything from filing income taxes to IRS rules and regulations and even estate plans. Plus, there’s the benefit of filing online and getting your refund check a lot faster than if you were to mail off your forms after waiting in line at the post office.

              For the purpose of this article, however, will be focusing more on the personal finance software that aids with money management.

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              Money management personal finance software will help you to see the health of your cash flow, pay down debt, forecast for expenses and savings, track investments, pay bills, and do a host of other things that 30 years ago would have practically required a team of accountants.

              When to Use Personal Finance Software

              So far we’ve gone over what exactly personal finance software is and how it can be a benefit to your money. The next logical step in this whole equation is determining when it should be used and how is the best way to go about getting started using it.

              Below are four of the most common and practical ways to use personal finance software. If all or any of these apply to you and your money, then downloading some type of personal finance software is going to be a smart move.

              1. You Have Multiple Accounts

              There’s a good chance that when it comes to your money, it’s in more than one place. Sure, you probably have a checking account, but you may also have a savings account, money market account, and retirement accounts such as an IRA or 401k.

              If you’re like the average American, you probably have two to three credit cards as well. Fifty percent of Americans also don’t have loyalty to just one bank and spread their money across multiple banks.

              Rather than spending hours typing in every detail of every account you have into a spreadsheet, many programs allow you to easily import your account information. This will help to eliminate any mistakes and give you a bird’s eye view of everything at once.

              2. You Want to Automate Some or All of Your Payments

              Please don’t say that you’re still writing out paper checks and dropping each bill in the mailbox. While it’s noble that you’re doing your part to keep postal workers employed, we’re 18 years into the 21st century and you can literally pay every bill online now.

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              There’s no need to log into every account you have and type in your routing number either.

              With personal finance software you can schedule automatic payments and transfers between all of your imported accounts. Automatic transfers will help to make sure you have the necessary funds in the right account to ensure all bills are paid on the appropriate date. Late fees are annoying and do nothing but cost you money. It’s time that you said goodbye to them once and for all.

              3. You Need to Streamline Your Budget

              Perhaps the best feature of personal finance software is that it allows you track everything going in and out of your virtual wallet.

              Nearly every brand of personal finance software out there has easy-to-read graphs and charts that allow you track every cent you spend or earn, should you choose. You might be pretty amazed when you see just how much you spent on eating out last month or if you splurged a little more than you should have on Christmas gifts last year.

              Every successful business on the planet has a budget and using personal finance software can help you trim the fat on your spending in ways that affect your everyday life.

              4. You Have Specific Goals to Meet

              Maybe it’s paying off debt or saving for up something like a European vacation. Whatever your financial goal is, whether it’s long-term or short-term, personal finance software programs are one of the savviest ways to go about reaching those goals.

              You can do everything from set spending alerts to notify you when you’re over budget to automating what percentage of your paycheck goes to things like retirement investments. The personal finance software that you choose should show you exactly how close you are to hitting those goals at any given time.

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              How to Get Started

              From AceMoney to Mint and Quicken, there ’s no shortage of personal finance software apps out there. Many of these programs are free to download and will allow you to pay bills, invest, monitor your net worth and credit profile, and even get a loan with the swipe of a finger.

              Other programs may only offer you limited services and will require a one-time fee or subscription to unlock all that they offer. These fees can often vary from as little as two dollars to 50 bucks a month.

              It’s best to start off with the free version and then gauge whether you’re able to accomplish everything you’d like or if it’s worth exploring one of the paid options. Often times the subscription programs come with assistance from financial planning and investment experts — so that can be a real benefit.

              When deciding which personal finance software program to use, it’s also important to look at how many accounts you wish to monitor. Certain programs limit the number of accounts you can add. Be sure that if you have checking, credit card, and investment accounts to monitor, that you choose a service that can monitor them all.

              Finally, when looking around for the right personal finance software that meets your needs, make sure that you’re comfortable with the program’s interface. It shouldn’t be expected that you recognize every single feature instantly, but if the features don’t seem readable and manageable to you, then you’re not as likely to use it and get the full benefits.

              Final Thoughts

              Personal finance software can go a long way in helping you to take control of your money and meeting your financial goals. It’s important to note, however, that some focus more on budgeting and expense tracking while others prioritize investing portfolios and income taxes. Explore several different programs and read reviews to find the one that’s right for you.

              In this day and age, managing one’s personal finances in a secure manner that allows the user to have a real-time visual representation of their money is easier than ever before. With the numerous applications that are out there — both free and subscription-based — there’s no reason that every person can’t take control of their money and ensure they’re making smart money moves.

              Featured photo credit: rawpixel via unsplash.com

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