5 Money Lessons From New Netflix Documentary 'Get Smart With Money'

The recently-released Netflix documentary highlights the financial struggles faced by four바카라 웹사이트families, reflecting the common problems many people encounter when managing their finances.바카라 웹사이트These issues include inadequate savings, mounting debt, financial struggles before starting a바카라 웹사이트family, living paycheck-to-paycheck, and being clueless about savings required for a smooth and바카라 웹사이트timely retirement. Although the problems depicted in the documentary are characteristic of바카라 웹사이트young middle-class urban American households, they are also prevalent among their young바카라 웹사이트Indian counterparts living in big cities.

It is crucial to understand that financial planning is essential for a secure future. It is never too바카라 웹사이트early to start planning for your financial well-being. One of the most common issues people face바카라 웹사이트is not knowing what to do with their money. It is essential to set financial goals and plan바카라 웹사이트accordingly to achieve them.

Another issue the documentary highlights is the lack of financial knowledge and investment바카라 웹사이트training. To tackle this, one must invest time and effort in understanding the basics of personal바카라 웹사이트finance and investing. Numerous resources are available online and in the form of books, blogs,바카라 웹사이트and podcasts that can help gain financial knowledge.

The documentary also portrays the struggles of individuals with mounting student loans. With바카라 웹사이트the rising cost of education, many students end up with significant debt that can become a burden바카라 웹사이트in the future. Knowing the various financial aid options and scholarships available while바카라 웹사이트pursuing higher education is important. Additionally, planning for loan repayment and budgeting바카라 웹사이트can ease the financial burden.

Here are some wise money lessons advised in the documentary:바카라 웹사이트바카라 웹사이트

Cultivate A Frugal Lifestyle:바카라 웹사이트In the movie, a character suggests that a significant portion of our바카라 웹사이트earnings goes towards the "big three": food, housing, and transportation. We can save a바카라 웹사이트considerable amount of money by reducing our expenses in these areas, even by a small amount.바카라 웹사이트While there may be a limit to how much we can cut back, there is no limit to how much we can바카라 웹사이트save and ultimately make.

Be Prepared For All Eventualities:바카라 웹사이트Your situation may shift unexpectedly at any given바카라 웹사이트moment. Although it's not pleasant to contemplate the possibility of facing financial turmoil due바카라 웹사이트to a sudden job loss or a health crisis, it's an eventuality that we should all be ready for.바카라 웹사이트Establishing an emergency fund and acquiring disability insurance can go a long way in바카라 웹사이트stabilizing your financial situation in the face of adversity. However, it's important to remember바카라 웹사이트that just as circumstances can take a turn for the worse, they can also eventually improve.

Eliminating Debt Has The Power To Transform Your Future:바카라 웹사이트Debt, which involves paying a바카라 웹사이트fixed amount of money every month, can hold you back from progressing. However, getting rid of debt can also positively impact your future. The documentary introduces us to Ariana, an바카라 웹사이트emotional spender who harbours a fear of money.

Ariana's parents had instilled in her the belief that they deserved to indulge in spending, which바카라 웹사이트led to her spending more than she could afford. As a result, she is currently facing a large amount바카라 웹사이트of credit card and student loan debt. In the documentary, we witness Ariana's shame and guilt as바카라 웹사이트she strives to pay off her debt while caring for her two children. Her husband covers the bills,바카라 웹사이트and Ariana contributes $2,000 of her income towards monthly debt payments, working tirelessly바카라 웹사이트to manage her finances.

Ariana once took out a personal loan to pay off her credit cards, but she eventually returned to바카라 웹사이트the debt cycle once the limits were cleared. Tiffany Aliche, known as The Budgetnista, assists바카라 웹사이트Ariana in creating a plan to allocate her income and automate her budgeting.

Also, The Budgetnista provides Ariana with a set of criteria to help her control her spending:

Is it necessary?

Do I love it?

Do I like it?

Do I want it?

The focus should be on prioritizing "necessities" and "loved" items. Throughout the바카라 웹사이트documentary, we observe how Ariana is determined to improve her financial situation for her바카라 웹사이트family's sake. She dreams of reducing her work hours, decreasing her stress, and going on바카라 웹사이트vacation - aspirations she shared with Tiffany when discussing how she would like to spend her바카라 웹사이트money. It is evident that eliminating debt can potentially transform Ariana's future.

Consider Starting A Side Hustle:바카라 웹사이트It's possible to explore a supplementary business to generate바카라 웹사이트additional income. Side hustles can provide a steady stream of extra income that can be used to바카라 웹사이트pay off debt or invest in long-term financial goals. By diversifying your income streams, you can바카라 웹사이트reduce your reliance on a single source of income, making you more financially resilient.바카라 웹사이트Pursuing a side hustle can also help you develop new skills and experiences, which could바카라 웹사이트increase your value in the job market and lead to higher-paying opportunities. In the movie,바카라 웹사이트Lindsey was advised to create drawings of dogs and show them to their owners to promote her바카라 웹사이트secondary dog walking job.

Invest In Index Funds:바카라 웹사이트Investing in index funds is a highly beneficial option for beginners바카라 웹사이트looking to invest their money. These funds consist of a diverse range of stocks from various바카라 웹사이트industries, such as finance, retail, healthcare, technology, oil & gas, and airlines. This makes바카라 웹사이트them a smart and reliable way to earn money gradually. For example, in the movie, Teez Tabor,바카라 웹사이트an NFL cornerback, faces a sudden loss of income due to an injury. His financial advisor바카라 웹사이트suggests investing in index funds, which have historically shown an average annual increase of바카라 웹사이트around 10 per cent.바카라 웹사이트바카라 웹사이트