Netflix released two financial-focused offerings in the last year: “Get Smart With Money,” and “How to Get Rich,” both featuring powerful financial influencers that help educate people and empower them. No matter what your current financial status is, here are four key takeaways you can use in your life.
Takeaways from ‘Get Smart With Money HTML0’
In the “Get Smart With Money”, documentary, well-known bloggers, financial writers and podcasters share their knowledge on managing your money better. These are some of the lessons that they taught.
1. Money management requires emotional management
Some of the participants featured in “Get Smart With Money” were struggling with debt, or living paycheck-to-paycheck. Money can cause stress, anxiety and frustration.
Tiffany Aliche is a financial education specialist, also known as The Budgetnista. She talks about this fear, and encourages others to confront their finances to find out what they are owed and how they can save more. She says that if you are afraid of money, it will affect the way you handle your finances.
2. Money can help you achieve the life that you want
Aliche advises a show participant to set up a dream fund, a separate savings account that can be used for other goals than regular expenses and an emergency fund. The take-away here is that you should use money for the things that make you happy, in addition to your daily needs.
The Takeaways from ‘How to Get Rich HTML0’
Ramit Sethi is the host of this Netflix show. He helps viewers define goals and take action to reach them. The show offers some great tips and lessons.
3. What makes you feel happy?
Sethi stresses that a “rich life” is what you can achieve if you have the money to be able to enjoy the things in your life. Sethi emphasizes the fact that having a “rich life” can take many different forms. For example, you could be able to fly business class on long-distance trips, or help your parent retire.
Mindy Jensen is the host of “BiggerPockets Money” and she had a ‘aha! moment’ with Sethi while she was his guest. Sethi has a podcast that is different from his Netflix series, but it shares many of the same money principles. Sethi and Jensen, who were both financially independent (meaning they had enough money for their daily expenses) realized they didn’t spend enough to enjoy life, despite their high net worth. The couple, after the discussion, decided to spend money more on traveling with their teenage daughters.
Jensen, a NerdWallet spokesperson said: “We do not need more stuff but more experiences.”
Jensen realized, as she reflected on her financial journey that her and her husband had more they could have done earlier to begin their life of wealth.
She says, “You don’t need to rush to finish. You can take your time and enjoy life.” You can take it slower, and still enjoy life .”
4. Owning a home doesn’t need to be an expensive goal
Homeownership can seem like a big financial accomplishment. The myth of “white picket fencing” in America is often used to describe success. Sethi, on the other hand, has a different perspective than most people. Sethi advises readers in “How to Get Rich” to consider all the costs associated with homeownership, compared to what a landlord covers.
If you own a home, you are responsible for all costs, including your mortgage payment, insurance premiums, homeowners’ association dues, and taxes. Sethi suggests that if you can find a renter who leaves you with enough money to be able to make more investments, your long-term net worth will often benefit.
These shows are a great resource for people just starting out on their journey to financial success, as well as experienced investors. They can give you ideas and inspiration on how to get your money working harder for you.
The Associated Press originally published this article, written by NerdWallet.