4 Best Takeaways From Netflix’s Money Shows

Takeaways From ‘Get Smart With Money’

Some of the featured participants in “Get Smart With Money” were facing serious debt or the difficulties of living paycheck to paycheck. Money-related stress, anxiety, and irritation can have a big influence on how you handle it.

Tiffany Aliche, a.k.a. The Budgetnista, is a financial educator who helps people overcome this anxiety by showing them where they owe money and where they need to save more. She states in the movie that managing your finances would be impacted if you are terrified of them.

One of the program participants receives advice from Aliche to establish a “dream fund,” which is a separate savings account for purposes other than paying bills on time and budgeting for emergencies. This lesson serves as a wonderful reminder that money should be set aside not only for everyday needs but also for pursuits that bring you joy.

In this Netflix series, host Ramit Sethi—author of the best-selling book “I Will Teach You to Be Rich”—assists viewers in identifying and pursuing their objectives. These are a few of the show’s lessons and advice.

Sethi’s counsel is based on the idea of “a rich life,” which refers to having enough money to engage in enjoyable activities. He highlights that having a rich life can take many different forms, such as being able to travel in business class for extended periods of time, take time off from work when desired, or even assist a parent in retiring, as one of the program participants wanted to do.

When Mindy Jensen, host of the financial podcast “BiggerPockets Money,” was a guest on Sethi’s program, she experienced a lightbulb moment. Although Sethi’s podcast and Netflix show are different, they both focus on many of the same financial principles. Even with their substantial net worth, Jensen and her husband realized they weren’t spending enough money to make life more enjoyable as Sethi talked about the idea of a rich life with them. Both of them are financially independent, which means they have enough money to cover their living expenses for the rest of their lives. Following the discussion, the couple made the decision to increase their travel expenses with their two teenage kids.

Jensen stated to NerdWallet, “We don’t need or want more things, but we want more experiences.”

While reflecting on her path to financial freedom, Jensen came to the conclusion that she and her spouse had more opportunities to begin their prosperous life earlier.

“It doesn’t have to be this crazy race to the finish line; you can keep making contributions to your investments and retirement accounts,” she explains. “You can enjoy your life and do things a little slower.”

Giving up the notion that being a homeowner represents a significant financial accomplishment might be challenging. The myth of the “white picket fence” is frequently cited in American discourse when discussing prosperity. But Sethi has a different take on homeownership than the general consensus. He counsels participants in “How to Get Rich” to consider all of the extra expenses associated with homeownership in contrast to what a landlord covers.

When you own a home, you are responsible for paying all associated costs, including property taxes, homeowners association dues, mortgage, and insurance. The math may occasionally work out better for your net worth in the long run if you locate a rental that allows you to invest more and still have money left over, according to Sethi.

These programs can offer motivation and knowledge on how to improve the way your money works for you, both to those who are just starting out on their financial path and to those who are well along.