Financial Wisdom from Game of Thrones: Lessons for Success in Money Management
Creative financial hemlines and hawking of assets to ensure survival are just two of the many strategic lessons we can draw from the epic series, Game of Thrones. Applying these to our own lives can lead to significant improvements in our financial health. Let's explore these financial lessons from the world of Westeros and beyond.
1. A Lannister Always Pays Their Debts
A Lannister always pays their debts. This phrase, mentioned almost every episode, serves as a poignant reminder for managing credit card debt, which is at its highest ever in Australia, with an average balance of $4,200. If you're paying high interest, treating your credit card like a Lannister through 0% balance transfer deals can save you money. These offers can help you manage debt smarter and more efficiently.
2. Winter is Here
Winter is coming, and this phrase not only hints at upcoming challenges but also serves as a reminder to save energy during colder months. Often, increased gas and electric bills during winter can be detrimental to our finances. Instead, saving money and preparing for the colder season can be beneficial. This lesson extends to saving for unexpected expenses, ensuring you are prepared when the 'winter' of life's challenges arrives.
3. Know Your Possessions’ Worth
Just as Daenerys Targaryen was unaware of the true value of her possessions, many of us have assets lying around our homes. Things like old smartphones, laptops, and designer handbags can be sold for extra cash. Platforms like GumTree and eBay offer great opportunities to monetize these items. Ensure they are in top condition to attract bidders, and you might see a windfall.
4. Read the Fine Print
Samwell Tarly's oversight of Gilly's testimony serves as a reminder to always read the fine print in financial documents. This includes understanding the details of your credit cards, home insurance policies, or home loans. Hidden fees, annual exclusions, and unadvertised interest rates can cost you significantly over time. A thorough review of your current insurance policies and banking products is highly recommended.
5. Look to the Future
Like Bran the Three-Eyed Raven, having a vision for the future is crucial in financial planning. Whether saving for a holiday or contributing extra funds to your superannuation, it's essential to have a money plan. It might seem daunting, but envisioning your financial future can help you make informed decisions. Your future self will thank you!
6. Loyalty Could Be Your Downfall
Loyalty can sometimes be detrimental, as seen with Lord Tarley's fate. Your bank may not have your best interests at heart, and paying hidden fees can be costly. Conduct an annual audit of your accounts to stay informed and make the switch for a better deal if necessary.
7. Embrace the White Walker Pace
Patience is key, not only for the White Walkers but also in achieving your financial goals. Owning your own home or paying down debt can seem daunting, but like the Walkers, staying focused on the ultimate goal and maintaining patience can lead to success. This strategic approach can be applied to various financial objectives, leading to consistent progress toward your financial dreams.
Conclusion
Game of Thrones offers invaluable lessons for financial management, from managing debt to planning for the future. By applying these lessons, you can navigate the complexities of finance and secure your financial future. Remember to stay vigilant, plan ahead, and treat your finances like a shrewd Lannister!