5 Hollywood Movies That Gave Us Important Money Lessons
Words by Lyle Solomon, Esq.
Movies aren’t just about glitz, glamor, fun, frolic, action, and power-packed performances. The good ones can impart invaluable knowledge about our own life, and the great ones have the power to alter our daily lives, including how we spend our money.
Here are five great Hollywood blockbusters and the money lessons they’ve taught us about the good ol’ dollar. There will be spoilers and excellent advice ahead!
The Great Gatsby
The central character, Jay Gatsby, is a millionaire in his early twenties. His life was beautiful and full of splendor until the Wall Street crash of 1929.
“The truth is I’m penniless,” Gatsby had earlier admitted to Daisy through a letter, and her rejection of him inspired the protagonist to win both money and the lady he adored.
Money Lesson: It’s better to save money and build an emergency fund when life is good. Disasters can strike anytime, and you should be prepared for it financially. When you are penniless, even the love of your life can leave you alone.
The Wolf of Wall Street
The chief protagonist of the film is Jordan Belfort. He is a stockbroker and a smooth talker who can sell anything.
Jordan Belfort is a fraudster, and he enticed his investors into buying bad stocks by fabricating new stories and exploiting their greed.
While his clients lost money, he got extremely wealthy.
You can see how fast pleasure can lead to you falling into a trap, just like his clients did.
Money Lesson: Whenever you’re making a financial decision, seek advice from reliable sources to avoid earning dollars through deception.
Furthermore, you’ll learn how important it is to handle your success responsibly through Jordan’s fall near the end of the story. You’ll be doomed if you let it spiral out of control, as Jordan did (via drug use, irrational purchases, and deception).
So, don’t aim for quick growth because it could ruin you financially. It’s not good to lie to make a lot of money and then spend it all on drugs. Jordan’s quest for money and wildlife by fraudulent means drove him straight to jail and divorce court.
The Money Pit
Directed by Stephen Speilberg, this movie was released in 1986.
The main characters (Tom Hanks and Shelly Long) are duped into buying a house that begins to break apart the moment they move in. The house has been termed a “money pit” due to the enormous amounts of money required to fix it.
Money Lesson: Don’t believe slick tales from desperate property sellers, and calculate your remodeling costs before signing any contracts. Con artists are always waiting to scam you. Beware!
Confessions of a Shopaholic
Rebecca Bloomwood, the super shopper, is a fashionista. But she has no idea what she’s doing with her money. The irony is that even her employment at a New York savings magazine can’t stop her from spending too much money, and she still manages to shop during her lunch breaks. She incurred a massive amount of debt, which put her job as well as her relationships with friends at stake.
Money Lesson: You can learn multiple money lessons from this movie.
- Understand the difference between a ‘need’ and a ‘desire.’ (As well as ‘price’ and ‘value.’)
When you’re at the mall, and you’re tempted to buy something, ask yourself one question: “Do I need this?” You’ll soon discover that you nearly never do. Nonetheless, if you find yourself grasping the item firmly and moving toward the cash register, ask yourself, “Is it a fair deal?” If your answer is negative to both of these questions, you should not buy it. But if you still can’t control yourself, seek professional help.
- Credit card statements and credit limits are not just numbers.
While credit cards may seem to be a magic wand when used, you must remember to repay them. Moreover, to avoid maxing up your credit card, minimize your impulsive purchases and try to stay within your credit limit. Remember, unpaid credit card debt can hurt your credit score.
- Keep a financial record
Maintain a financial journal to record your expenses and stop making unneeded purchases. Spendthrifts, in particular, should adhere to this strict rule for improved financial planning.
- Keep track of your bills and pay them on time
Your credit card bills are important and must be paid first and foremost. You can’t keep them in a box and act as if you never got them. Even if you do, you’ll have to pay them back later.
- If you are in debt, seek professional help
When you don’t pay your credit card minimum balance, the debt is turned over to a debt collection agency. Your debt will appear on your credit report, which will affect your credit score. Although being in debt may appear to be the worst thing in the world, there is always a way out. Eliminate your unnecessary expenses, spend less than you make, and enroll in a credit card consolidation program to pay off your debt. Blocking your debt collector’s calls and messages won’t help.
- Don’t get swayed by salespeople
Salespeople can be highly persuasive (possibly due to commission) – don’t listen to them; they’ll tell you anything to sell items.
The Social Network
In this movie, Mark Zuckerberg, the founder of Facebook, lost a significant amount of money due to legal fights with twin brothers who accused him of stealing their idea.
There was no written agreement between the brothers that could establish issues like intellectual property ownership or non-competition, according to the evidence.
Money Lesson: The movie emphasizes the significance of learning about the legal aspects of owning a business.
Zuckerburg’s character demonstrates how financial resources should not be mishandled in a business, especially in a nascent stage.
You should look for genuine friends and partners to protect your business and finances in the future.
Take precautions to protect yourself well in advance to be successful, both financially and otherwise.
About Lyle Solomon, Esq.:
Lyle Solomon has extensive legal experience as well as in-depth knowledge and experience in consumer finance and writing. He has been a member of the California State Bar since 2003. He graduated from the University of the Pacific’s McGeorge School of Law in Sacramento, California, in 1998, and currently works for the Oak View Law Group in California as a principal attorney.
Featured Image: Money – Photo by John Guccione www.advergroup.com from Pexels
TweetAbout the Author
Dr. Jerry Doby Editor-in-Chief of The Hype Magazine, Media and SEO Consultant, Journalist, Ph.D. and retired combat vet. 2023 recipient of The President's Lifetime Achievement Award. Partner at THM Media Group. Member of the U.S. Department of Arts and Culture, the United States Press Agency and ForbesBLK.
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