Last weekend I finally watched the Money Beliefs documentary available on Netflix.
It’s a well-made documentary on personal finance.
Though the content is elementary; however, that is its strength as it puts across some crucial fundamental points on managing finances to be easily digested by the general public.
Here I summarise the central teachings of this documentary.
1. Even with high income; financial success may be elusive
Everyone dreams of being wealthy and amassing a lot of money.
Earning a high income is not the surefire route to financial success.
The key to financial success is saving and investing your money prudently for a bright future.
2. Enjoy the good times but Be prepared for the rainy day
When you get used to having a good life with a stable source of income, you tend to ignore the uncertainties in life, which can hit at any time in the form of income losses, disease, accidents or strained relations. Any of such scenarios can ruin your finances.
Prevention is better than cure; always incorporate provisions for such emergencies in your financial planning.
3. Debt is a double-edged sword, use it responsibly
Starting out small, you can easily get trapped in a vicious debt cycle, which can quickly spiral out of control and potentially destroy your financial life.
Therefore, for most people, debt should be minimal or nil. Avoid being tempted by your emotions to spend, especially the money you are yet to earn.
4. Earning More and balancing it with spending more will not make you any richer
Who doesn’t want to indulge in luxury? Once in a while, it’s nice to experience the finer things.
However, stick to a spending plan; lack of it will nibble your earnings and that too a dollar at a time.
Optimise your budget by balancing current requirements and future needs. Having a plan will motivate you to save more.
5. Pursuing FIRE (Financial Independence Retire Early) means making right choices and sacrifices
When pursuing a specific objective like FIRE, you must have clear choices of do’s and don’ts, just like world-class athletes follow a diet and training regime.
You are trying to travel time by retiring early, which means you need to save aggressively and invest wisely.
You may have to cut corners, avoid those expensive dinners or move to a less expensive area to free money to invest.
6. HAVE A GOOD FINANCIAL COACH
The role of a good mentor, teacher or coach in the success story of individuals is well established.
The same goes for your finances; let an expert advisor help you to take control of your financial life.
It will relieve you of additional stress and free your precious time, which you can use to maximise your well-being.
Documentaries like these are a great way to transmit much-needed personal finance knowledge and help spread financial literacy effectively, as this subject is seldom taught at schools.
What do you think?
Vikas Sharma, CFP®, is a first-generation purpose-driven entrepreneur with over 19 years of experience in financial services, personal finance, and the advisory space. He is a Certified Financial Planner, an IIM Calcutta Executive Alumni, and holds an MBA in Finance and a Postgraduate qualification in Financial Planning.
Currently, Vikas is the Co-Founder & CEO of The Logical Advisor (TLA Academy Pvt. Ltd.) and Goalchi Capital Solutions LLP, where he integrates life, purpose, values, and money to create meaningful financial journeys.
He has worked with a leading Asset Management Company, mentored 1,500+ IFAs and Relationship Managers across India, and educated 10,000+ investors through Financial Wellness programs. His work has consistently focused on reshaping advisor and investor behaviour to enable sustainable success.
Vikas also coaches and mentors financial advisors nationwide, helping them build purposeful and successful careers.
