The Power will probably be with us — all the time.
And perhaps somewhat longer than you’d like should you’ve been caught inside these previous months binge-watching limitless Star Wars marathons.
Over quite a few films and diverse iterations, “Star Wars” has taught us about overcoming obstacles, about coping with household drama, about friendship, about endurance, about beating the percentages — and even about cash.
As a result of that is The Penny Hoarder, we’re particularly within the half about cash.
Although the epic saga of Luke Skywalker & Co. performed out a very long time in the past in a galaxy far, distant, the monetary knowledge applies to the right here and now.
Put together to make the soar into hyperspace! Right here’s what we’ve discovered:
1. All the time Pay Your Money owed — Or Else
Bingo. That is all the time the primary one everybody thinks of.
Han Solo owes cash to the large slug-like crime boss, Jabba the Hutt. When he doesn’t pay up, Jabba sends bounty hunter Boba Fett after him — principally a debt collector with blaster pistols and inexperienced Mandalorian armor.
As an alternative of declaring bankruptcy, Han finally ends up frozen in carbonite. Then Princess Leia, Luke, Lando and the enduring droids must infiltrate Jabba’s lair to avoid wasting him in a sequel.
Identical to with Solo, the longer you don’t pay off your debts, the larger the issue will get. The curiosity piles up.
Bank cards firms cost compound interest. If you happen to don’t repay your invoice every month, the corporate fees curiosity that’s added to the quantity you owe. Then that new complete is charged curiosity.
Your first step needs to be to figure out what you’re dealing with. Map out precisely what sort of debt you have got. For instance, which firms do you owe cash to? Are any of your money owed in collections? What are your minimal month-to-month funds on every bank card or mortgage? Are you able to ask for forbearance?
If you happen to simply can’t appear to chip away on the debt, cease your poor spending habits or increase your credit score rating, contemplate asking for help from a financial counselor.
2. Used Autos Provide the Greatest Worth
The Millennium Falcon takes its share of verbal abuse.
“You got here in that factor? You’re braver than I assumed,” Princess Leia says upon first seeing the starship. In “The Power Awakens,” Rey calls the ship “rubbish.”
However the Millennium Falcon will get the job carried out. (Did we point out that it made the Kessel Run in lower than 12 parsecs?) Seems you don’t all the time want a shiny new car.
Used automobiles are sometimes a greater deal than new ones. Shopper Stories recommends buying a car that’s two or three years old, and we may also help you put together to buy a car while taking on the least amount of debt.
Extra excellent news: You might save on insurance for that hunk of junk amid the pandemic.
3. Negotiate the Greatest Deal You Can
Early in “A New Hope,” Luke and Uncle Owen discount with some creepy little jawas over the worth of some used droids.
When an R2 unit they’d simply purchased instantly breaks down, Uncle Owen aggressively questions the standard of what the jawas are promoting: “Hey, what are you attempting to push on us?”
The consequence: Luke’s household will get the very best droid ever, R2-D2.
Negotiating isn’t only for markets and automobiles; any variable expense could be negotiated to a cheaper price — you simply must know the right strategies to use.
4. “Do or Do Not. There’s No Attempt.”
Yoda’s admonition to Luke in “The Empire Strikes Again” might be the largest zen second in any of those films.
As all the time, Yoda is correct heading in the right direction. You’re both going to do it, otherwise you’re not. Don’t simply attempt.
If you happen to’re going to make monetary modifications, decide to them and be constant. Don’t simply attempt a few times after which overlook about it. Sticking to it’s the key to success.
We perceive — it may be powerful to keep away from the temptation to spend “just a bit” cash to deal with your self, particularly should you’re feeling harassed, overworked and exhausted. However these impulse buys can actually eat into your financial savings.
5. Don’t Let the Little Particulars Blow Up On You
The Empire spared no expense on the Demise Star, don’t you assume?
However they ignored that pesky little design flaw that allowed the Insurgent Alliance to destroy the entire thing. Whoops!
Don’t neglect the small print like that, as a result of they’ll burn you. Don’t skimp on upkeep and repairs for big-ticket gadgets like your own home and automobile. If you happen to blow that stuff off, you’ll simply find yourself paying extra in the long run.
Take a look at the following tips for budgeting for home improvements that will help you keep away from sinking into debt for that subsequent restore. You too can preserve your wheels by figuring out how much to budget for car repairs.
6. Get Rid of Your Outdated Stuff
The “Star Wars” universe appears to be like totally different from Star Trek and different sci-fi settings. “Star Wars” has that “lived-in” look — there’s junk all over the place. You already know, similar to your home.
And within the “Star Wars” films, individuals earn cash promoting that junk — similar to you need to.
In “The Power Awakens,” Rey is a scavenger on the planet Jakku, feeding herself by salvaging elements from ships. On Luke’s dwelling planet of Tatooine, these jawas seem like scavengers, too.
In case you have gadgets you’d be keen to half with and also you don’t wish to spend any cash for stuff you want, contemplate these ways to barter.
In “The Phantom Menace” — hey, right here’s our first and solely point out of the prequels! — Qui-Gon Jinn and Obi-Wan Kenobi meet younger Anakin Skywalker in a junk store the place he fixes issues.
In the meantime, right here on our planet, quite a lot of apps make it simpler than ever to promote your outdated stuff on-line.
To unencumber house and earn some additional money, use apps to sell your stuff. Itemizing the proper stuff in the proper marketplaces means you’re extra prone to promote it for the proper worth.
7. Watch out for Scams. Know What Issues Are Value.
Towards the start of “The Power Awakens,” a hungry Rey practically pawns the droid BB-8 in trade for 60 parts of inflatable meals. She’s sorely tempted, however she senses one thing is fallacious and backs off.
That’s the surest approach to spot a rip-off: If a deal appears to be like too good to be true, it most likely is.
Whether or not you’re promoting a droid or looking for sneakers on-line, you’ve obtained to be careful for rip-offs. Right here’s learn how to shield your self from work-from-home scams and identity theft.
8. Embrace the Gig Financial system
When Luke and Obi-Wan want transportation to Alderaan, they principally catch an Uber. An area Uber. They pay for the Millennium Falcon to take them there.
Right here on Earth, you won’t have the ability to make as a lot cash transporting humans right now, however you’ll be able to nonetheless make like Han and Chewie in your Honda or Chevy by delivering groceries through Instacart and Uber.
There are different entry-level methods to earn cash – including seasonal jobs — due to the gig economic system.
9. Sand Folks All the time Stroll in Single File to Conceal Their Numbers
You see, from this we are able to be taught that … no, no, wait. That’s not an excellent instance in any respect. We be taught no monetary truths from that.
We’ve obtained nothing for you right here.
10. Make Positive You Have a Lengthy-Time period Plan
The heroes and villains of the “Star Wars” universe are significantly into some long-term planning.
Emperor Palpatine’s grasp plan takes a number of films to unfold. After he reveals himself to be Darth Sidious and strikes, Yoda and Obi-Wan lay low for a few many years, ready for his or her likelihood to return the favor.
After all, once we first meet Obi-Wan and Yoda, they’re chilling in a cave and a swamp, respectively. Apparently the Jedi Council didn’t have a lot of a 401(k) match.
The earlier you begin saving, investing and paying down your debt, the higher off you’ll be.
All informed, that’s every little thing that “Star Wars” has taught us about cash up to now. Take it as you’ll.
Do, or don’t.
There is no such thing as a attempt.
Mike Brassfield ([email protected]) is a senior author at The Penny Hoarder. His “Star Wars”-loving co-workers helped out with this submit.