Who can resist a compelling film, particularly when it imparts pertinent life wisdom? While many watch movies for escape and entertainment, they can also serve as excellent platforms to gain valuable insights into money management. Our understanding of financial wisdom can be broadened anywhere from cautionary tales of reckless spending to the value of saving for unforeseen circumstances, and even securing your family’s financial future.
Surprisingly enough, some monetary insights gleaned from movies are not necessarily intentional. Films not primarily focused on money matters can offer valuable nuggets of financial wisdom by providing cautionary examples through certain characters or situations.
Let’s delve into seven stellar films that have bestowed valuable financial insights upon us.
CONFESSIONS OF A SHOPAHOLIC
This engaging film unravels the story of a New York-based woman steeped in shopping addiction. With a whopping 12 credit cards and a $16,000 debt, she ironically lands a job at a finance magazine, doling out advice on everyday finances while neglecting to implement that advice herself.
Key Takeaway: The film underscores the importance of distinguishing between needs and wants, thereby aiding in curtailing impulsive purchases. Whenever you are tempted by an appealing item in a store, pop this question: “Do I genuinely need it?”
WALL STREET
This film narrates the story of a young stockbroker enamored by the ostentatious lifestyle of the wealthy. The protagonist, Fox, spends beyond his means, leading a luxurious life to maintain a facade of success. It underscores the lengths Wall Street traders might go to upkeep such an appearance.
Key Takeaway: Earning an honest income and managing your money wisely with a budget and conscious spending can help avoid the pitfalls of greed, deterring illegal means to support an extravagant lifestyle.
THE UNTOUCHABLES
Starring Robert De Niro, The Untouchables portrays the story of mob boss Al Capone, serving as a warning about the dangers of neglecting income tax filing.
Key Takeaway: Not filing income taxes could be deemed tax evasion by the IRS, landing you in trouble, whether intentional or not. Consequences could include a hit on your credit, fines, imprisonment, and even a criminal record.
THE SOCIAL NETWORK
In this critically acclaimed film, Mark Zuckerberg loses a significant chunk of money due to legal conflicts with brothers accusing him of idea-theft, mainly due to the absence of written agreements outlining intellectual property rights.
Key Takeaway: The film underlines the importance of comprehending the legal nuances of business ownership. Make sure to safeguard your entrepreneurial ideas with the appropriate legal contracts and documentation.
THE WOLF OF WALL STREET
The film chronicles the life of Jordan Belfort, a talented stockbroker portrayed by Leonardo DiCaprio, who can sell anything to anyone. However, Belfort’s deceitful strategies leave his clients with significant losses while making him one of Wall Street’s wealthiest brokers.
Key Takeaway: Opting for instant gratification can undermine sound financial decisions. Seek advice from trusted sources when investing in stocks or making significant financial decisions, particularly if your advisor operates on commission.
THE MONEY PIT
This film serves as a classic example of home buyers making hasty, emotionally charged decisions rather than rational investments. Despite enamored with the seller, the characters could have done more research about the property.
Key Takeaway: Before buying a new home, especially for first-time buyers, it’s crucial to do thorough research about the property and the home buying process. Formulate a realistic budget based on affordability.
THE GREAT GATSBY
In this iconic film, Jay Gatsby, a young millionaire, lives a luxurious life until the Wall Street crash of 1929 leaves him penniless. He then admits the harsh reality to his love interest, Daisy, whose rejection fuels his drive to regain wealth.
Key Takeaway: Prudent savings and building an emergency fund during prosperous times is a wise decision. Financial uncertainties can strike anytime, and being prepared is vital as money woes can even strain personal relationships.
IN CONCLUSION
This list is just a glimpse into the wealth of financial wisdom that movies offer. Numerous films and TV shows provide valuable lessons if we’re receptive to seeing them. Many films convey financial lessons that remain as applicable today as when they first premiered.
If there are other monetary-themed films that you adore, don’t hesitate to share them in the comments section below!
