I have not seen the new Star Wars movie yet, I have tickets for this coming weekend, but there is always something to learn from the movies. Here are a few financial tips from the force:
Used cars can be a great value.
Obi Wan Kenobi and Luke Skywalker hurry to leave the Mos Eisley spaceport on Tatooine and they must quickly raise funds to pay for their transportation aboard the Millenium Falcon. Luke negotiates the sale of his landspeeder with a vendor, but is saddened by how quickly the value of his model has fallen since new models came to market.
My husband just bought a “new” car, a 2017 Buick that was a loaner. Low mileage, warranty, a lot of bells and whistles, but about $20,000 less than new.
Debt can be a killer.
Han Solo spends Episode 4 (the original film) running from Jabba the Hutt, a crime boss to whom he owes money; he is eventually captured in Episode 5 and handed over to bounty hunter Boba Fett. To begin Episode 6, we find our friend Han hanging on Jabba’s wall, frozen in carbonite, as a warning to those who owe money to Jabba.
Think carefully before you go into debt for anything. Is the item a need or a want? Can you really afford a loan or should you wait before you purchase to accumulate the necessary cash.
Patience is important.
Where is Luke Skywalker? The question is asked in the opening crawl of The Force Awakens with the answer only coming during the film’s final frames. Rey’s path to discover Luke only becomes clear as the pieces of a map are eventually connected throughout the movie. And even once she finds the reclusive Jedi, her own adventures with the Force are just starting to unfold.
Patience pays off in accumulating retirement assets also. We have been hearing a lot about cryptocurrency lately and how “rich” some people are becoming by buying this. That type of purchase is a gamble and not an investment. Investments take thought, research, and patience to be successful long term.