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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 21, 2020

              How to Develop a Millionaire Mindset in 6 Simple Steps

              How to Develop a Millionaire Mindset in 6 Simple Steps

              We all like to dream about being financially wealthy. For most people though, it remains a dream and nothing more. Why is that?

              It’s because most people don’t set their mind to achieving that goal. They might not be happy in their current situation but they’re comfortable – and comfort is one of the biggest enemies of growth.

              How do you go about developing that millionaire mindset? By following these simple steps:

              1. Focus On What You Want – And Take It!

              So many people are too timid to admit they want something and go for it. When there is something that you want to accomplish don’t think “I could never actually do that”, think “I could do that and I WILL do that”.

              Millionaires play to win, not to avoid defeat.

              This doesn’t mean to have to become a selfish jerk. What it means is becoming more assertive and honest with yourself. You don’t have to grab off other people. There is a big pot of unclaimed gold in the middle of the table — why shouldn’t you be the one to claim it? You deserve it!

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              2. Become Goal-Orientated

              It’s almost impossible to achieve anything if you don’t set firm goals. Only lottery winners become millionaires overnight. By setting yourself attainable goals, you will get there eventually. Don’t try to get rich quickly — get rich slowly.

              Let’s take the idea of making your first million dollars and expand on what kind of goals you might set to get there. Let’s also say you’re starting at a break-even position – you’re making enough to get by with a few luxuries, but nothing more.

              Your goal for the first year can be having $10,000 in the bank within a year. It won’t be easy but it is doable. Next, you need to figure out the steps you need to take to achieve that goal.

              Always look at ways to make growth before cutbacks. With that in mind, you might want to see if you can negotiate a pay rise with your boss, or if there’s another job out there that will pay better. You might be comfortable in your old job but remember, comfort stunts growth.

              You may also have other skills outside of your workplace that you can monetize to boost your bank balance. Maybe you can design websites for people, at a fee of course, or make alterations to clothes.

              If this is still not enough to make the money you need to save $10,000 in a year, then it’s time to look at cutbacks. Do you have a bunch of old junk that someone else might love? Sell it! Do you really need to spend $10 on your lunch everyday when you could make your own for a fraction of the cost?

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              If you are to become a millionaire, you need to start accumulating money.

              Here’re some tips to help you: How to Become Goal Oriented and Achieve More in Life

              3. Don’t Spend Your Money – Invest It

              The reason you need to accumulate money is for step three. Millionaires tend to be frugal people, and that’s because they know the true value of money is in investing. Being your own boss goes hand-in-hand with becoming a millionaire. You’ll want to quit your regular job at some point.

              Stop working for your money and make your money work for you.

              Rather than buying yourself a new iPad, that $500 could be used to invest in the stock market. Find the right shares (more on that later), and that money could easily double within a year.

              There’s not just the stock market — there’s also property, and your own education.

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              4. Never Stop Learning

              The best thing you can invest in is yourself.

              Once most people leave the education system, they think their learning days are over. Well theirs might be, but yours shouldn’t be. Successful people continually learn and adapt.

              Billionaire Warren Buffet estimates that he read at least 100 books on investing before he turned twenty. Most people never read another book after they’ve left school. Who would you rather be?

              Learn everything you can about how economics works, how the stocks markets work, how they trend.

              Learn new skills. If you have an interest in it, learn everything you can about it. You’d be surprised at how often, seemingly useless skills, can become extremely useful in the right situation.

              Start developing the habit of learning continuously: How to Create a Habit of Continuous Learning for a Better You

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              5. Think Big

              While I advise to start off with small goals, you absolutely should have a big goal in mind. If you have a business idea, then that is your ultimate goal – to start that business and make a success of it. If you want to invest your way to millions of dollars and do little work other than research, then that is your big goal.

              There is no shame in not achieving a big goal. If you run a business and aim to make $1 million profit in a year and “only” make $200,000, then you’re still significantly ahead of most people.

              Aim for the stars, if you fail you’ll still be over the moon.

              6. Enjoy the Attention

              To be successful, you have to be willing to promote yourself and enjoy the attention to a certain extent. Now the attention doesn’t need to be on yourself, it could be on your brand, but attention definitely attracts money.

              Never be embarrassed to get your name out there. That means finding a spotlight and being brave enough to step right up underneath it.

              If you run a business, try contacting the local papers. You’d be surprised at how amenable they often are to running a story about you and your business, and it’s all free publicity.

              Above all, remember: You control your own destiny. Push hard enough for anything and you’ll get it.

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              Featured photo credit: Austin Distel via unsplash.com

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