We were already thinking about finding motivation for financial planning in the new year when we read The Washington Post writer Michelle Singletary’s column “10 things Yoda would say if he were your financial advisor.” Movies like “Star Wars” are great for entertainment but you can also leave the theatre with some very good food for thought if you reflect on what you have seen. Yoda isn’t just a funny little creature with odd grammar; he might be telling you something. Singletary examines some of Yoda’s sayings in the light of money management:
“You must unlearn what you have learned.” Singletary lists conventional financial advice you may want to reconsider. Even if your finances are in great shape, you may still be operating using outdated financial principles in a few areas.
Singletary takes on those who would rather not budget:
“Named must your fear be before banish it you can.” People often tell me they don’t budget because they’re afraid of what the numbers will say…you’ll never be able to rectify the situation if you don’t embrace your economic reality. Fear is the path to the dark side. What you don’t know will keep you broke.”
Singletary begins her application of Yoda’s wisdom to financial planning with one of the character’s well-known lines:
“Do. Or do not. There is no try.” If you have been on the fence about a financial decision you know you need to make these words may seem harsh. After all, if you are aware of what you need to do, you may feel as if you are working towards your financial goals. But as Yoda indicates, at some point you have to take action. And that action can be major or minor. You may need to end your cable television subscription. Or perhaps you need to buy a house, pay off a loan, or take out a loan to start a business. No matter what it is, you need to move forward.
Don’t just resolve to do some financial planning for the next year, do it!
Illustration credit: https://upload.wikimedia.org/wikipedia/commons/6/6c/Star_Wars_Logo.svg