Advertising
Advertising

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. 

    Advertising

    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.

      Advertising

      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.

        Advertising

        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

            Advertising

            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

              More by this author

              30 Brilliant Camping Hacks I Wish I Knew Earlier 20 Fascinating Webcams You Can Watch Online Right Now 8 Ways To Stop Emotional Manipulation 30 Of The World’s Most Breathtaking Hiking Trails You Must Visit How You Can Find Peace… On A Map!

              Trending in Money

              1 How to Answer the Tough Question: What are Your Salary Requirements? 2 How Personal Finance Software Helps You Get More Out of Your Money 3 The Definitive Guide to Get Out of Debt Fast (And Forever) 4 35 Real Ways to Actually Make Money Online 5 30 Fun Things To Do With Your Friends Without Spending Much

              Read Next

              Advertising
              Advertising

              Published on November 8, 2018

              How to Answer the Tough Question: What are Your Salary Requirements?

              How to Answer the Tough Question: What are Your Salary Requirements?

              After a few months of hard work and dozens of phone calls later, you finally land a job opportunity.

              But then, you’re asked about your salary requirements and your mind goes blank. So, you offer a lower salary believing this will increase your odds at getting hired.

              Unfortunately, this is the wrong approach.

              Your salary requirements can make or break your odds at getting hired. But only if you’re not prepared.

              Ask for a salary too high with no room for negotiation and your potential employer will not be able to afford you. Aim too low and employers will perceive as you offering low value. The trick is to aim as high as possible while keeping both parties feel happy.

              Of course, you can’t command a high price without bringing value.

              The good news is that learning how to be a high-value employee is possible. You have to work on the right tasks to grow in the right areas. Here are a few tactics to negotiate your salary requirements with confidence.

              1. Hack time to accomplish more than most

              Do you want to get paid well for your hard work? Of course you do. I hate to break it to you, but so do most people.

              With so much competition, this won’t be an easy task to achieve. That’s why you need to become a pro at time management.

              Advertising

              Do you know how much free time you have? Not the free time during your lunch break or after you’ve finished working at your day job. Rather, the free time when you’re looking at your phone or watching your favorite TV show.

              Data from 2017 shows that Americans spend roughly 3 hours watching TV. This is time poorly spent if you’re not happy with your current lifestyle. Instead, focus on working on your goals whenever you have free time.

              For example, if your commute to/from work is 1 hour, listen to an educational Podcast. If your lunch break is 30 minutes, read for 10 to 15 minutes. And if you have a busy life with only 30–60 minutes to spare after work, use this time to work on your personal goals.

              Create a morning routine that will set you up for success every day. Start waking up 1 to 2 hours earlier to have more time to work on your most important tasks. Use tools like ATracker to break down which activities you’re spending the most time in.

              It won’t be easy to analyze your entire day, so set boundaries. For example, if you have 4 hours of free time each day, spend at least 2 of these hours working on important tasks.

              2. Set your own boundaries

              Having a successful career isn’t always about the money. According to Gallup, about 70% of employees aren’t satisfied with their current jobs.[1]

              Earning more money isn’t a bad thing, but choosing a higher salary over the traits that are the most important to you is. For example, if you enjoy spending time with your family, reject job offers requiring a lot of travel.

              Here are some important traits to consider:

              • Work and life balance – The last thing you’d want is a job that forces you to work 60+ hours each week. Unless this is the type of environment you’d want. Understand how your potential employer emphasizes work/life balance.
              • Self-development opportunities – Having the option to grow within your company is important. Once you learn how to do your tasks well, you’ll start becoming less engaged. Choose a company that encourages employee growth.
              • Company culture – The stereotypical cubicle job where one feels miserable doesn’t have to be your fate. Not all companies are equal in culture. Take, for example, Google, who invests heavily in keeping their employees happy.[2]

              These are some of the most important traits to look for in a company, but there are others. Make it your mission to rank which traits are important to you. This way you’ll stop applying to the wrong companies and stay focused on what matters to you more.

              Advertising

              3. Continuously invest in yourself

              Investing in yourself is the best investment you can make. Cliche I know, but true nonetheless.

              You’ll grow as a person and gain confidence with the value you’ll be able to bring to others. Investing in yourself doesn’t have to be expensive. For example, you can read books to expand your knowledge in different fields.

              Don’t get stuck into the habit of reading without a purpose. Instead, choose books that will help you expand in a field you’re looking to grow. At the same time, don’t limit yourself to reading books in one subject–create a healthy balance.

              Podcasts are also a great medium to learn new subjects from experts in different fields. The best part is they’re free and you can consume them on your commute to/from work.

              Paid education makes sense if you have little to no debt. If you decide to go back to school, be sure to apply for scholarships and grants to have the least amount of debt. Regardless of which route you take to make it a habit to grow every day.

              It won’t be easy, but this will work to your advantage. Most people won’t spend most of their free time investing in themselves. This will allow you to grow faster than most, and stand out from your competition.

              4. Document the value you bring

              Resumes are a common way companies filter employees through the hiring process. Here’s the big secret: It’s not the only way you can showcase your skills.

              To request for a higher salary than most, you have to do what most are unwilling to do. Since you’re already investing in yourself, make it a habit to showcase your skills online.

              A great way to do this is to create your own website. Pick your first and last name as your domain name. If this domain is already taken, get creative and choose one that makes sense.

              Advertising

              Here are some ideas:

              • joesmith.com
              • joeasmith.com
              • joesmithprojects.com

              Nowadays, building a website is easy. Once you have your website setup, begin producing content. For example, if you a developer you can post the applications you’re building.

              During your interviews, you’ll have an online reference to showcase your accomplishments. You can use your accomplishments to justify your salary requirements. Since most people don’t do this, you’ll have a higher chance of employers accepting your offer

              5. Hide your salary requirements

              Avoid giving you salary requirements early in the interview process.

              But if you get asked early, deflect this question in a non-defensive manner. Explain to the employer that you’d like to understand your role better first. They’ll most likely agree with you; but if they don’t, give them a range.

              The truth is great employers are more concerned about your skills and the value you bring to the company. They understand that a great employee is an investment, able to earn them more than their salary.

              Remember that a job interview isn’t only for the employer, it’s also for you. If the employer is more interested in your salary requirements, this may not be a good sign. Use this question to gauge if the company you’re interviewing is worth working for.

              6. Do just enough research

              Research average salary compensation in your industry, then wing it.

              Use tools like Glassdoor to research the average salary compensation for your industry. Then leverage LinkedIn’s company data that’s provided with its Pro membership. You can view a company’s employee growth and the total number of job openings.

              Advertising

              Use this information to make informed decisions when deciding on your salary requirements. But don’t limit yourself to the average salary range. Companies will usually pay you more for the value you have.

              Big companies will often pay more than smaller ones.[3] Whatever your desired salary amount is, always ask for a higher amount. Employers will often reject your initial offer. In fact, offer a salary range that’ll give you and your employer enough room to negotiate.

              7. Get compensated by your value

              Asking for the salary you deserve is an art. On one end, you have to constantly invest in yourself to offer massive value. But this isn’t enough. You also have to become a great negotiator.

              Imagine requesting a high salary and because you bring a lot of value, employers are willing to pay you this. Wouldn’t this be amazing?

              Most settle for average because they’re not confident with what they have to offer. Most don’t invest in themselves because they’re not dedicated enough. But not you.

              You know you deserve to get paid well, and you’re willing to put in the work. Yet, you won’t sacrifice your most important values over a higher salary.

              The bottom line

              You’ve got what it takes to succeed in your career. Invest in yourself, learn how to negotiate, and do research. The next time you’re asked about your salary requirements, you won’t fumble.

              You’ll showcase your skills with confidence and get the salary you deserve. What’s holding you back now?

              Featured photo credit: LinkedIn Sales Navigator via unsplash.com

              Reference

              Read Next