Get Smart With Money, a new personal finance documentary by Stephanie Soechtig was released on Netflix lately.
We follow four separate people’s struggles with money over the period of 90 minutes: debt, living paycheck to paycheck, not having enough money to invest, and growing costs while attempting to retire early.
Here are some important money lessons we picked up from the documentary.
Debt Repayment May Alter Your Future
Monthly payments for debt might leave you stuck in the past. Nevertheless, paying off debt might also alter your future. Ariana, who qualifies as an impulsive spender and acknowledges having a fear of money, is a character we get to meet in the documentary.
She recalled her parents telling her as a child that she deserved everything they spent money on.
Ariana owes over $60,000 in college loans and has credit card debt. As she struggles to balance parenting two kids while paying off debt, we can see the humiliation and guilt flash on her face. She explains how her husband pays the bills and puts in extra hours so that she may put half of her salary ($2,000) toward monthly repayments.
Ariana mentions getting a personal loan at one point to pay her credit cards. Yet as soon as those restrictions were lifted, she fell back into the financial trap.
Tiffany Aliche, aka The Budgetnista, collaborates with Ariana to develop a strategy for dividing her pay and automating the budgeting process for all of her responsibilities.
In a perfect world, we would emphasize “needs” and “loves.” Ariana’s desire to improve her financial status is evident throughout the documentary, not for herself but rather for her family. One of the aspirations she shared with Tiffany while considering what she’d want to do with her money was to stop working all the time, reduce her stress levels, and go on vacation. It is obvious that debt repayment may alter her future.
Your Financial Situation Won’t Always Be The Same
When you earn well, it’s natural to assume that’s how things will always be. Nonetheless, Teez’s narrative reveals how he earned well via football before being discharged and suffering an injury. The pressure to make the remaining $280,000 last as long as possible resulted from his sudden lack of income. Nobody wants to consider the next joblessness or health issue that might have a significant financial effect.
Everyone faces the frightening reality of not having any money coming in, however to varying degrees of difficulties. Your personal finances may be strengthened and secured so that you can weather this sort of storm with the aid of a rainy day fund and disability benefits.
Nonetheless, your circumstances may ultimately improve, just as they may deteriorate. Teez finally gets to play football once again and earn money, as we see.
Making Lots & Investing None Is A Waste
Everyone aspires to have a large income. Such was the case with Teez, who claims he was aware that playing football was one way he might make a lot of money. He achieved fame at the young age of 21 and his first income was $1.6 million. After paying taxes, purchasing a house for his family and one for his mother, as well as taking many vacations, that figure gradually decreased.
Teez has around $280,000 remaining of his initial money when he meets with instructor Ro$$ Mac. Teez worries about supporting his family and the durability and security of his profession since he has no money set up for the future.
It is evident from this narrative that achieving huge incomes is not the sole objective and path to financial success.
Teez learns how to create a brokerage account and invest in the stock market from Ro$$ Mac.