Han Solo is back on the big screen this summer but here on the small screen, our moneyman Paul Fain has FIVE Star Wars lessons for becoming a Financial Planning Jedi.
I GUESS WE HAVE START WITH…“MAY THE FORCE BE WITH YOU”
Exactly! The Force encompasses everything. Likewise, a good financial plan is HOLISTIC, it encompasses all financial things:
- Cash management
- Estate and tax planning
WHAT DID THE CONTRAST BETWEEN LUKE SKYWALKER AND HAN SOLO TEACH US?
- STICK TO THE PLAN: Obi-Wan tells Luke to be slow and steady. To think long-term and be patient. Han Solo says: user your blaster and fly by the seat-of-your-pants.
BUT THERE IS ALWAYS A “DARK SIDE” TO CONTEND WITH…
- INSTANT GRATIFICATION = The Dark Side for investors: The hot stock tip. The seduction of “High returns, low risk!”
AND OUR FINAL STAR WARS TIPS FOR FINANCIAL PLANNING JEDIS?
- EMBRACE TECHNOLOGY: Yoda said: “Unlearn what you have learned.” Embrace technology: for example, use it to track your spending and research your investments.
- MORE THAN MONEY: Han Solo eventually joins the Rebellion. He put friendships over dollars.