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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 June 26, 2020

              25 Easy Tips on How to Save Money Fast

              25 Easy Tips on How to Save Money Fast

              “How to save money fast?” This is the question asked by all of us not in the top 1% of rich people.

              If you are looking for ways to drastically reduce your expenses immediately, first look at what you need to spend money on every week. And I mean really need.

              You don’t really need to order in food. You don’t really need to buy expensive perfume.

              Building from that, you can work out how your regular expenses can be reduced.

              As for irregular expenses, they can also be deceptively costly in the long run. Once-off buys can also be tackled with some prudent planning and a little extra research.

              And remember: a budgeted lifestyle does not mean a bad or boring one!

              But first, understand what budget you can cut down on daily:

              • Regular expenses for the average adult (can be trimmed but not eliminated):
                • food
                • rent/mortgage
                • cell phone
                • insurance
                • socializing/entertainment
                • transportation
                • hygiene products
                • household bills
              • Irregular expenses for the average adult (can be eliminated or cut down a lot):
                • travel
                • clothing
                • medication (*depends)
                • grooming (hair, nails etc.)
                • gifts

              Now, let’s dive right into the 25 ways to save money fast:

              Save Money on Food

              1. Bring a stock of food to the office/work

              Instead of popping out for an overpriced salad and a smoothie, leave a set of basic utensils at the office as well as a stock of non-perishable goods such as tinned fruit, tuna, rice crackers and so on (try to avoid the junk food and this can turn into a pretty great diet!).

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              Stocking up means you won’t forget or say “I didn’t have the time” when you rushed out to work in the morning.

              2. Buy the store-brand version

              Many basic foods, such as bread and milk, will taste exactly the same as their branded alternatives. Go for stuff with minimal additives and preservatives. Meat in a tube is probably insanely unhealthy!

              3. Eat cheaper cuts of meat

              Learn how to tenderize and flavour cheaper meat and fish, and save on the (typically) most expensive item on your grocery bill.

              4. Have group dinners

              If 10 friends put $5 each in the kitty, it’s pretty easy to make a giant lasagne and get refreshments, as well as hang out with your favourite people.

              Save Money in Transport

              5. Get a bicycle

              Save on gas money and bus/metro fares with this underrated mode of transport.

              6. Use public transport and/or don’t get taxis

              Some places can only be reached by car. But as a good practise, check your public transport website and see if any routes pass nearby where you need to get to. Walk as much as you can.

              7. Find the cheapest gas

              Regularly check out where the cheapest gas can be bought.

              Save Money in General Shopping

              8. Shop online

              Not only will you save on the gas or transport fares from going to the shopping mall but you will also find better deals

              9. Sell your old stuff

              Get your unwanted belongings up on eBay ASAP and earn a few dollars.

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              Here’re more ideas for you: 25 Things to Sell to Make a Lot of Money

              10. Bulk buying stores

              For regular non-perishable/slow perishable purchases such as toilet paper, cat food, pasta, washing powder and so on, do an epic stocking-up trip to a co-op or equivalent (my mum used to go to a place that restaurants buy from).

              Be wary of supermarket “deals”, as some have been found to be fraudulent after working out a simple calculation.

              11. Become a flea market/car boot sale/street market guru

              You can find original gifts and develop good negotiation skills at these places.

              12. Generic brand medication

              More often than not, the generic version of paracetamol and other basics work the same as the branded version.

              13. Choose deodorant, not perfume

              It blows my mind when someone drops $70 on a bottle of spray. Stick with a nice deodorant, and not only will you smell just fine but you’ll be sweat-free as well!

              Cut Down on Household Expenses

              14. Printing

              Ink is one of the most expensive substances in the office and coloured ink is doubly so. B

              e more efficient and choose black and white, and if your printer doesn’t have a print-both-sides options, just print odd pages first, re-insert the paper and print even pages.

              Expand the margins of what you are printing as often as you can to save on paper.

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              15. Minimize SMS and phone calls

              A combination of a free chat service such as WhatsApp and a free call service such as Skype can reduce your bill to nothing (so long as you have a decent Wifi connection).

              16. Shop around for insurance

              Most people don’t spend enough time searching for the best insurance deal.

              Keep a watchful eye out for deals and new competitors in the market.

              17. Try re-negotiating your rent/mortgage

              If you have built up a good credit history or a good rapport with your landlord, then chances are a frank chat about needing to tighten your spending could result in lowering your payments. You’ve nothing to lose from trying.

              18. Don’t get a TV

              Invest in a computer/laptop and an internet-only package. You can watch more (and often better) entertainment on the web, and skip the advertisements as well.

              19. Pool your internet bill with a neighbour

              My apartment building is basically a big old house split into three apartments. There are five of us in total. We pool the internet bill, making it crazy cheap.

              Save Money in Socializing, Entertainment And Travel

              20. Have house parties

              Instead of paying for overpriced drinks, set up a series of in-house get-togethers with your friends. Everyone takes a turn, so it’s not always your house that needs cleaning.

              For sound insulation, hang heavy drapes on the walls and windows. For music, invest in a good second-hand set of speakers which you can connect to your computer. Let Spotify or Grooveshark playlists do the rest.

              21. Open festivals, meetups and events

              It never fails to surprise me how much underground stuff goes on around me for free or for very cheap. Find out who runs the blogs and websites that list all the less well-known cultural activities.

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              22. Volunteer

              If you can’t pay for a ticket, volunteer and get to be there anyway.

              23. Housesit

              There are multiple housesitting websites offering you the possibility to avoid paying hotels and skip the discomfort of crummy hostels.

              Save Money on Hygiene and Beauty

              24. DIY beauty

              French manicures, pedicures, waxing, eyebrows… pretty much all of these can be achieved at home (and done well) with some practise. There are plenty excellent blogs and YouTube tutorials to help.

              25. Fewer haircuts/volunteer at a trainee hairdresser

              If you can’t bear the risk of a trainee touching your locks, learn more ways to manipulate your hair as it grows and get haircuts sparingly. Women’s haircuts are outrageously priced in many cities.

              Bonus: Effective Money-Saving Tips for Everything

              Here’s a summary of what you can generally do to save more money:

              • Share/pool resources. Organize a neighbourhood sharing scheme, common resources for your apartment block or with your friends. Not everybody needs an individual lawnmower.
              • Buy energy-saving everything. The easiest way to lower your bills – replace those lightbulbs!
              • Buy in bulk. Be sensible about it (i.e. make sure you have space!), and drastically reduce weekly expenditure.
              • DIY. Skill up using YouTube tutorials on plumbing and many other essential services so you never have to pay for simple problems again.
              • Research a lot before making a decision. Most money-wasting is the result of poor preparation and planning. Don’t shirk this part just because you don’t like it!
              • Use your network. Your network is full of resources that can ease the pain of budgeting. Ask for help.
              • Stop and think. Do I really need it?

              Unfortunately, there are some things that require plain ol’ giving up for the time being. This can include high-cost sports such as skiing, the latest versions of some technologies, the finest brands of food/drinks, premier seats at the opera and most other indulgences.

              What is important to remember during lean times is that when you look back on your life, it will be the experiences that stand out, not the extra comforts.

              Living on a budget can teach you a lot about how much you can really get out of your paycheck. We only live one life, so make the most of every penny you earn!

              More Tips for Personal Finance Management

              Featured photo credit: Unsplash via unsplash.com

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