Personal Finance Lessons from Woody Allen Movies
What do Woody Allen and personal finance have to do with each other, you ask? Maybe not a whole lot, but if we dissect his films closely, there are definitely lessons to be learned.
The over opinionated Woody Allen is constantly placing social criticisms, personal quips, and when examined closely, financial advice into his movies. By extracting these gems from across the span of his films and bringing them together, we can gain insight into some valuable tips on spending, saving and more.
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How These Woody Allen Quotes Teach Us About Personal Finance
1. Know what a service is worth.
If youre planning to hire a professional to help you with your finances, the first person you come across is not necessarily the best. Research and compare your options to be sure youre paying the appropriate rate for the assistance you receive. And remember, you don’t always have to pay for professional help.
2. Theres always an upsell.
Things in life are rarely free. Always examine freebies and giveaways for hidden costsyou may find you save the most money by avoiding them all together.
3. Sometimes the extra cost is worth it.
On the other hand, going the cheap route is not always the most beneficial. In fact, sacrificing quality for a bargain is rarely worth it. Spending more on the products and services that truly warrant it will save you money, or at least some frustration, in the long run.
4. Stay up to date on your estate planning.
Life can surprise you, or at the very least leave you in unexpected situations, so be sure to review your estate and retirement planning documents like your living trust or will from time to time to be sure they continue to reflect your current goals and values.
5. Have a solid savings plan.
Insurance fraud may get you the cash you need, but setting aside an account in advance to help save for large expenses and regularly contributing to it will accomplish the same without the risk of prison time.
6. Avoid conflicts of interest.
Knowing how a professional gets paid for their services is very important in choosing who you will work with. For example, a financial advisor who receives commissions may provide you with skewed investment recommendations. Seek out an unbiased opinion whenever possible.
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