There is a good chance you have either seen or hear of “Star Wars: The Force Awakens.” The movie recently raked in over $528 million in ticket sales, breaking a global box office record. This epic space adventure continues to amaze audience even decades after its beginning. However, most people were not watching “Star Wars” for its money lessons. While it may not be apparent at first glance, there are actually several important lessons in the films. Even though the films take place among the stars, it is still possible to gain real Earth based money lessons from “Star Wars”.
The following are the five main money lessons learned through “Star Wars”:
1. Negotiation is Key
– Negotiating can get you better deals
– Can also save you money in the long run
In “Star Wars” negotiation led to one of the key unions in the film, Luke Skywalker and his trusty robot R2D2. In the film, Luke and his uncle are purchasing used droids from the Jawas. However, when one of the droids explodes before it even reaches the pair, Luke’s uncle becomes concerned about the quality of the droids they are buying. When he mentions this to the Jawas, they are eager to hold on to customers, and offer him R2D2, who is considered one of the best droids in the galaxy. Here on Earth, most people already negotiate at places like yard sales or flea markets. However, another way to save money is negotiating on your bills. Check out this negotiation success story that saved a family $5000.
2. Gambling Risks
– Gambling odds are often not even or fair
– Can be a waste of money
This may seem like an obvious statement, but one money lesson from “Star Wars” is the risk involved in gambling. In one scene of “The Phantom Menace” Qui Gon Jinn makes a bet with a sleazy merchant called Watto. Anakin is racing in the pod race that the bet on. In this bet, Jinn wagers his space ship that Anakin will win. When Anakin wins, and Watto loses, he is understandably upset. This leads Jinn to reply with an important quote “Whenever you gamble my friend, eventually you lose.” To save yourself money, it is beneficial to not gamble as a habit. For example, many people buy lottery tickets every week, yet never win. Despite the slight chance to win big, gambling like this is ultimately a loss of money.
3. Stay on Top of Your Debts
– Saves money on interest
– Maintain/build good credit
One of the main characters of the films, Han Solo, could use one of the money lessons from “Star Wars”. Despite his heroic nature fighting the Empire, Han Solo is in financial trouble. He owes money to a shady character called Jabba the Hutt. When Jabba grows tired of waiting for his money, he freezes Solo in carbonite until Luke Skywalker rescues him. While this I an extreme case that is unlikely to happen on Earth, paying your debts is still important. One reason is interest. As your debt remains unpaid longer and longer, it actually grows, since interest is constantly accumulating. Save yourself money in the long run by paying as much as possible of the debt sooner rather than later. Paying your debts on time is also beneficial to your credit score, which is important if you try to get a loan, such as on a car, or for a mortgage.
4. Be Frugal
– Even one dollar is valuable
For most of his young life, Luke Skywalker spends his time as part of a poor farming family on a desert planet. As a result of this upbringing, he is frugal with the money he does have. This money lesson from “Star Wars” is an important one for everyone, no matter what financial class you fall into. Learning the value of a dollar and how to stretch it can help you save hundreds or even thousands of dollars a year, just with a few simple methods. One great way to stretch your money is through using coupons. Even if you only save as little as $2 on your weekly grocery shopping, this adds up to over $100 annually. Websites like http://www.coupons.com/ are making clipping coupons even easier than ever.
[Read: LESSONS ABOUT MONEY MANAGEMENT]
While the box office sales were probably not a result of the money lessons we can learn from “Star Wars”, these tips and tricks are still important and beneficial for everyone to keep in mind. They can help you save money, as well as stay out of trouble like Han Solo. Aside from these few tips, there are also ways to make money off of the many “Star Wars” collectible items. Take a look at this video to help you get started.