by Kaitlyn Ranze
We’re going to do our best to share the money lessons from Squid Game without spoiling anything.
1) Treat financial windfalls like you would traditional income
Ok, let’s back up. First, don’t gamble, especially when you’re having trouble keeping up with the bills.
But if you do, there’s actually a reason you’re more likely to blow the money you win from gambling. It’s also why we are more likely to spend a bonus or the cash from a generous birthday card.
We treat money differently when it comes from a windfall.
Most people don’t make the most of financial windfalls because they don’t integrate it into their budget. That’s because our perception of money and how we should spend it varies by how we acquire it. We are naturally inclined to treat money we earn from our salary different from money we acquire in other ways. (We’re looking at you, gambling/lottery winners.)
2) Don’t run away 🏃from or avoid your debts.
You’ll feel much better if you just pay them off.🧘♀️. After Kristy paid off her debts, she wrote, “Things instantaneously became more manageable without all the extra bills. We felt some relief, and that relief gave us momentum.”
If you’re having trouble paying your bills, face the problem.
If you’re having trouble, and creditors keep calling, pick up the phone and talk to them. This puts you in control of the situation.
Keep creditors informed by over communicating with them.
Explain that you have had a loss of job, a medical emergency, a loss of income. Make it a part time job keeping them informed. Call them consistently and let them know the steps you are taking. Also, update them on your budget and your plans to send them something that fits into your budget, even if it’s not a full payment.
3) Avoid loan sharks🦈.
They’re bad news and here’s why: loan sharks are more likely to use unethical practices to recover debts and pressure you to obtain new loans. Not to mention, you’ll also suffer some seriously high APR and penalty fees with short and unrealistic repayment terms.
(Pay day lenders are debt traps too. If you need to use a credit card, here’s how to choose one.)
4) Prioritize health insurance in your expenses. ❤️
We’ve said this a thousand times, but it bears repeating: Health insurance provides financial protection in case you have a serious accident or illness. They also limit high, unexpected costs by creating a contract of benefits between you and providers. Without health insurance, you will be responsible for 100% of your medical bills and hospitals charge uninsured the highest prices.
5) If it’s too good to be true, it probably is.
While it may seem dramatic to compare MLMs to a Squid Game salesman’s pitch, the promises are pretty similar and too good to be true. Before agreeing to anything, do your research.
6) Don’t put all your eggs in one basket. 🥚🥚🥚
This is true for investments, and also true for savings. In investing, the benefit of diversification is that the positive performance of some stocks helps to neutralize the negative performance of others. This results in minimized risk, maximized return, and being one step closer to that worry-free retirement you’re envisioning or winning the game.
7) Get help when you need it.🤝
Whether it’s in the Squid Games or your household budget, there’s no shame in asking for help. A community can lend a helping hand while a trusted advisor, like a money coach can help you create a path to victory.
8) Spoiler alert… Life is about more than money.