By Chanelle Bessette | NerdWallet
Streaming service Netflix has recently released two financially focused offerings: the film “Get Smart With Money” and the series “How to Get Rich.” These productions feature influential finance experts who aim to educate and empower individuals in their approach to money. Here are four key takeaways that are applicable to anyone, regardless of their financial situation.
Takeaways From ‘Get Smart With Money’
The documentary “Get Smart With Money” showcases well-known financial writers, bloggers, and podcasters who share their expertise on improving money management skills. Here are a couple of lessons they teach:
1. Emotional intelligence is crucial for managing money effectively
In “Get Smart With Money,” some participants are shown dealing with significant debt or the challenges of living from paycheck to paycheck. The stress, fear, and frustration associated with financial matters can greatly impact one’s ability to manage money effectively.
Tiffany Aliche, also known as The Budgetnista, encourages individuals to face their fears and confront their financial situations head-on. She emphasizes that fear can hinder one’s ability to manage money effectively.
2. Money is a tool for creating the life you desire
Aliche advises one of the show participants to create a “dream fund,” a special savings account for pursuing goals beyond regular expenses and emergency savings. This takeaway serves as a powerful reminder that money should be used not only for daily necessities but also for activities that bring joy and fulfillment.
Takeaways From ‘How to Get Rich’
Ramit Sethi, author of the bestselling book “I Will Teach You to Be Rich,” hosts this Netflix series and helps participants define their goals and take action to achieve them. Here are some notable lessons and tips from the show:
3. Prioritize activities that bring happiness
Sethi emphasizes the concept of a “rich life,” which refers to the financial ability to engage in activities that bring joy. He highlights that a rich life can take various forms, such as having the freedom to take time off work, traveling in business class, or supporting a parent’s retirement.
Mindy Jensen, host of the financial podcast “BiggerPockets Money,” had an enlightening conversation with Sethi on his podcast. They realized that, despite their financial independence, there were opportunities to spend more on experiences that would enhance their lives.
Reflecting on her journey to financial independence, Jensen believes it’s possible to achieve financial goals without rushing. She says, “You can do it a little slower and enjoy your life.”
4. Rethink the notion of homeownership
While homeownership is often seen as a significant financial achievement, Sethi challenges this convention. He advises participants to consider the additional costs associated with owning a home compared to renting.
Homeownership entails taking on responsibilities in addition to mortgage payments, such as home insurance, homeowners association fees, and property taxes. Sethi suggests that renting may sometimes be a better option for increasing net worth, as it can free up funds for other investments.
Whether you’re just starting your financial journey or are well on your way, these shows can provide inspiration and valuable insights on maximizing your financial potential.
This article was written by NerdWallet and was originally published by The Associated Press.
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Chanelle Bessette writes for NerdWallet. Email: [email protected].
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