Breaking Bad has left a lasting hope for television as one of the most popular and intense shows ever known. While we all might not have the required genius brain to build a crystal meth empire, Walter White has certainly provided helpful lessons on financial management for us normal, law- abiding citizens. Without further ado, tread lightly over the below financial guidelines laid out for you.
Walter White was forced to cook crystal meth post his cancer diagnosis, to pay his medical bills and to make sure his family would be taken care of. Of course, there are other ways to fund your expenses in the event of a bad situation.
Moreover, your emergency fund can help cover expenses for things that you haven’t budgeted for such as medical costs or car repairs. Emergency funds can also help you stop adding to your already existing debt with every bump on the road.
Savings accounts can help you save up for unexpected circumstances, which could have helped Walter White. Keep your money safe and secure as well as at the same time earn returns on the amount in your savings account. Few banks such as Kotak Mahindra Bank offer high interest of up to 6% on their savings account.
As Walter White lived in a pre- Obamacare world, his medical expenses were probably not covered. Further on, especially for a widely critical and expensive illness like cancer, Health Insurance would have probably been a literal lifesaver.
Our future state of health cannot be predicted. To aid us with the uncertainty of health, we should ideally have quality health insurance as a part of our financial plan. Most importantly, accurately review your insurance policy and make sure you are properly covered. As health insurance is complex, take help of an insurance expert and apply for top up on a regular basis.
Not talking about critical financial issues caused a major rift between Walter White and his wife, Skylar. Further on, things are actually shown to be better after Walter talks to his wife about the money. Surprisingly, Skylar could actually go on to help Walter with his ‘business,’ at the cost of their relationship.
It is vital that major financial decisions and money issues have to be talked about between spouses. The sooner you involve your spouse in your finances, the safer and easier your financial situation will be. Communicate even if you are broke, instead of resorting to credit.
A reason for Walter’s downfall may have been the fact that he continued to cook crystal meth even after he had more money than he ever needed or expected to see in his lifetime. His pride and ego clearly gets in the way of logical thinking and he takes bugger risks than ever necessary.
Similarly, it may be tempting to go after investments that provide higher returns. But, keep in mind that with higher returns come higher risks, and there is no coverage for risks.
When Walter gives Jesse $7,000 to buy an RV; he blows it on useless things leaving just $1,500. Jesse later steals an RV with the help of a friend.
What we learn from this is that it is important that we make all major purchases on our own rather than asking an acquaintance to do so. Never hand a large amount of loose cash or your credit card to a casual associate as the temptation for abuse is rather high. Moreover, the acquaintance can also buy a cheaper product and pocket the difference.
After money started rolling in, Walter went ahead and brought his son a pricey sports car, which obviously is not a good idea for someone who wants to be under the radar.
If you come across a lot of money legally (we hope), investing in material items is not a good idea, especially if it is for your child. If anything, with your irresponsible spending, your child won’t be able learn the value of money. It only encourages your child to spend irresponsibly as well. Pamper your kids, but within reason. You can teach your kids to save right from a young age by opening a kid’s savings account, thus encouraging financial independence from a young age.
Set a good example for your children. If you spend responsibly, your children will spend responsibly.
Walter White always had henchmen working with him and doing his dirty work. Saul used to wander drug money and Mike used to make the bad guys disappear. Walter and Jesse would have been long dead without the additional help.
It is always helpful to consult a financial advisor or a financial expert for guidance on how to manage your finances. A financial advisor can help ease your confusion on where to invest and how, for example. Thus, it is always okay to get help.
To conclude, be the one who knocks on different financial opportunities that come your way. Get a good insurance, ask for help, save your money and let it save you.
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