I know that Star Wars happened a long, long time ago but there are still some valuable lessons to be learned from the galactic empire and its unlikely heroes.
Here are just a few...
Be Careful When Investing
According to a super cool scholar named Zachary Feinstein the original death star would have cost 193 Quintillion dollars to build (you can trust him, he did the math in his paper here. With that type of financial investment you’d think it‘d take more than some young mope from a surprisingly dusty planet to total it in one go, even if he is strong with the force.
When making larger investments with your money, whether it’s investing in an idea, a fund, or in a big purchase like a house or a car, you should ‘kick the tires,’ ask questions and make sure a maniacal green cult follower is not at the helm of your new venture. It’s also a good idea to make sure you can afford the loss if for example someone shows up that used to bullseye womp rats back home.
Adventure, Excitement, Crave Not
In the words of the greatest Jedi master ever “Adventure, Excitement, a Jedi craves not these things.” To become a Jedi investment master you will have to learn the ways of the force and forgo all reckless behaviour.
Although investing canbe exciting, it should not be considered a thrilling activity. Making the most of your money and being as careful as you can while still accumulating gains should be the ultimate goal. Take risks but don’t hastily seek risks that are unnecessary. Investing should feel less like pod racing and more like trudging through the dessert of Tatooine waiting for a building to appear. If you exude a Jedi’s patience when investing you will be granted a Jedi’s bad-assness when your returns reflect this smart strategy.
Be Cautious Of Debt
When considering taking on debt make sure it is something you have a plan to pay back because it will inevitably catch up with you and induce some sort of heart breaking scene like this…
In this day and age I don't think it's legal to cryogenically freeze someone who owes you money, but there are other ways that debt can negatively affect your life. Whether it’s scumbag Jabba the Hut you owe money to or the Canadian government you best believe they have a team of bounty hunters (or the CRA?) who will find you and force you to pay back what you owe. Debt isn’t always avoidable. Most people take on debt to finish school or to buy their first house. What is important is to have a realistic plan in place for paying back that debt in a timely manner. You don’t want to end up being shoved into a hole with teeth (not everyone has a powerful Jedi friend to save us!)
Unlearn What You Have Learnt
When visiting the Yoda in the Dagobah system you may not feel like you can pull an X-wing Starfighter from a swamp. The reasons you don’t think you can do this are that you’ve never seen it done before. You have never done it before. And most importantly people have told you all your life it cannot be done.
Like Yoda said when you think you cannot do something you must unlearn that fact. You may be the one who is impeding your financial success by thinking something is fact when it is actually just opinion. You can thrive. You can save. You can earn more. You can have the future you want even when you feel it is financially out of reach. Your Jedi power is the ability to believe in yourself and your future.
Beware of Jedi Mind Tricks
Do not be the weak of mind.
Jedi mind tricks only work on those who are weak of mind. Be a person who they would never work on and who always has their own opinion. When you are making financial decisions you should take the time to fully understand what you are doing. Beware of what another person may gain if your follow their instruction and learn to trust those who have your best interests at heart.
Size, Matters Not
Whether you are small in stature or in income, a small contribution can add up to a lot in the grand scheme of things.
Even if you are only making tiny contributions to your savings, if you stay on a consistent path what you are doing will pay off in the long run. What is important is that you are working towards your goal not how big the steps are.
Let The Wookie Win
Now that’s just good advice no matter what you’re up to.
These are timeless financial lessons that I’m willing to admit may be from fiction, not back in time, but are never the less great.
May the force be with you!