Warning: spoiler alert! Game of Thrones offers an abundance of money management lessons for millennials.
While the Season 5 of "Game of Thrones" has ended, the lessons from it have not. The popular HBO series offers an abundance of money management, retirement planning and investment management lessons for young people, businesses and an individual investor in general.
The characters in the serial are all fighting for love, money and power. Money is something that drives us to do better for our tomorrow and to ensure a thick financial cushion for the golden period.
Here are some important lessons that businesses and individuals can easily pick from "Game of Thrones" and apply for a stronger financial future:
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Winter is Coming
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The famous motto from the House of Stark, represents a warning for everyone to prepare for change. It is a sign to get people on their toes so they can prepare for the worst but hope for the best. It is important to be alert of what is happening around you:
- Are you prepared for your financial winter?
- Is inflation rising?
- Are government taxes going up?
- What is your credit rating?
- Are you fully immersed in debt?
- Do you have enough money to help you live comfortably without changing your lifestyle in case you lose a job?
- Do you have an emergency fund for unfavorable circumstances?
Saving money and being financially prepared for such things can make troubles times less difficult.
A Wise King Continues to Listen to His Advisors
Many individuals today feel seeking professional help for investment or retirement planning is not crucial. You believe you’ve got enough reserves and you’re good to go on your own without creating multiple nest eggs to ensure controlled risk.
These wise words from Tywin Lannister tell us how it’s important to listen to the experts even if you’ve gained expertise of investment or any other field over time. A professional advisor will always guide you to the right direction as he or she is most updated with the changes in policies, plans and money matters.
What We Don't Know is What Usually Gets Us Killed
This famous line is from Lord Peter Baelish who is a very clever and vigilant character. His wise words brilliantly clarify what we should do in case of money matters. No matter what you’re planning to do in terms of investing in stocks, bonds, mutual funds, T-bills, retirement plans, etc.—you must know where your money will go.
It’s always recommended to find out details about your money:
- If you’re making a transaction or a deal, will there be any additional charges?
- Is there any extra cost attached that is not visible in bold?
Knowing the fine print and other details can save you from getting into a financial rut. Unexpected events can create chaos and damage your savings instead of helping you increase money. So make sure you know where you’re investing your each penny.
A Lannister Always Pays His Debts
This is one of the most quotable lines of the Lannister family. We’ve heard it plenty of times from different members of the Lannister family—from Cersei, Tyrion and Tywin too. When you’re under a lot of debt, thanks to the increasing number of loans like home loans, car loans, etc., make sure you have enough reserves to make regular payments without defaulting.
Remember this quote and you’ll save yourself from getting into a financial rut. Make sure to never default as it leaves a negative impact on your credit ratings and can hamper future dealings for loans with financial institutions if required.
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John Snow is Dead
Well, spoiler alert for those who haven’t watched Season 5. Whether the announcement is true or not (we’ll have to wait for Season 6 for that), such news can bring sudden changes in the entire financial planning strategy.
Unexpected events, and severe losses do occur as part of life. In John Snow’s case, he did not appoint a trustee, write a will or leave any worthwhile document that would give an idea about what he wants done with his property or belongings after his demise. You can’t predict death, but you can certainly appoint a trustee or two in your lifetime who will take care of your financial belongings, estate, investments, etc. This is also essential to ensure your spouse and children get their fair share of the inheritance.
Game of Thrones gives plenty of lessons on money management, financial planning, estate planning and how you should not put all your eggs in one basket. Being foresighted about your financial future can prevent unfavorable conditions from creating a chaos in your life. One of the best ways to secure your financial future is to seek professional help from financial advisor or investment consultants who are in the right position to guide you to a healthy retirement and investment account.