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Personal Finance Lessons to Learn from Netflix’s The Crown

Netflix’s series The Crown has had people obsessed. With season 5 dropping in, people are excited to know everything there is to know about the Royalty. We all might have learned a lesson or two about life from The Crown. But did you know, it also gives us lessons about personal finance? This article lists the same.

Watching Netflix, or any other OTT has become our favourite time pass. Irrespective of age, people consume all kinds of content on any online streaming platform. With so much time spent, though it feels like time pass, the watching doesn’t always have to be mindless. There are a lot of lessons which one can learn through watching different content. 

One such show is Netflix’s The Crown which revolves around the life of Queen Elizabeth II. The Crown showcases the royal life, dilemma, and political as well as personal life of the queen. While there are a lot of life lessons that one can learn from the show, there are some personal finance lessons also to be learnt.

5 Personal Finance Lessons from The Crown

1. Set Goals: Be it for Monarchy, Yourself or Your Finance

Setting a goal plays an important role whenever you are out to set things in place. Be it running a state, counsel member or even your life. Having distinct goals help you map out the way for you to reach your destination.

The same goes for Financial Goals too. Finding the motivation or drive to save can be challenging if you don't have a clear goal in mind. You may create a strategy for getting there by clearly identifying your goals and estimating how much money you'll need to save, whether they are for retirement or that house you've had your eye on.

Consider making your financial goals S.M.A.R.T.—specific, measurable, actionable, realistic, and time-bound—as you set them. By applying these rules while setting goals, you can make sure that what you're aiming for is doable, and giving yourself a deadline for completing your task can help you stay motivated.

2. Get Started As Soon As You Can

The Crown shows the importance of getting started with your duties and responsibilities. With the death of one of the monarchs, the next has to take over immediately. 

This holds true for investing too. Do you know what compound interest is? Your savings' interest can accrue higher interest thanks to this technique. The earlier you begin to set money aside for retirement, the more time it will have to grow and benefit from compound interest. Waiting just a few years to start saving could result in a considerable decrease in the size of your retirement nest egg because time is a powerful motivator for your investments.

You can increase the size of your non-retirement funds by using compound interest. As an illustration, you might be funding a high yield savings account to create a down payment for a house. The more time you have to save and the greater the interest rate, the more possibility there is for your money to grow.

3. Anticipate More so that you Act for Less

It is always good to anticipate more and be prepared accordingly. If you are prepared for the worst, you can always be able to act with sanity and will be able to handle any given situation. While this is true in real life, an analogy in this context is true for personal finance too - Spend Less than You Make!

Although it can be one of the most difficult personal financial guidelines to follow, this one appears to be one of the simplest. Living over your means is tremendously simple in a consumer-driven society; a good general rule of thumb is to try and save at least 15% of your salary. If you have a tendency to splurge, try paying with cash rather than a credit or debit card for purchases like groceries and clothing.

Making a set monthly withdrawal makes it easier for you to control your expenditure and be more conscious of your options. Determine how much you can save if you can't initially commit to saving 15% of your salary. The money in those savings can be moved out of your checking account automatically, removing the incentive to spend it.

4. Prepare Beforehand: Keep your Budget in Place

Foreseeing is one of the aspects that has brilliantly come out of the writing of The Crown. In all the crises that the show showed us, there was a foreshadowing and preparation beforehand, which did set things right. This foreshadowing and preparedness can be compared to making a Budget in personal finance. 

Budgets are essential for eliminating debt, limiting spending, and maintaining focus on your objectives. It's simple to go over budget on certain days more than others, but if you have a budget in place or have established daily and monthly spending caps, you'll be able to modify and make up for any mistakes on another day.

Making a budget can be as simple as tallying up all of your monthly costs and deducting that sum from your gross income. If you're tech adept, you can create a budget using a spreadsheet, pen and paper, or budgeting software.

5. Protecting Yourself is the Key

The Crown, time and again shows the queen standing up against the people who wish to bring her down. Be it with her policies, or speech she always protected herself against the press and the people who wished her ill. Probably this was one of the many reasons for her long reign. Protecting oneself in the financial space is also important. It is something that we can solely do. 

A complete financial plan will have safeguards for your future and way of life. Making ensuring your commitments to your loved ones are satisfied even after your passing requires estate planning and life insurance. There are many different types of insurance, including house, auto, travel, and even life, health, and disability insurance. It's critical to understand the sorts of insurance that are necessary and those that could be considered wants when choosing your policy, as well as the level of protection that is required. You can get assistance with this from a knowledgeable insurance salesperson, but watch out for arbitrary costs.

To ensure that you are paying a reasonable amount, make sure to compare costs. Examine all of your existing protection, whether it is via your work or individually, before purchasing insurance. Remember that some insurance policies can be highly expensive and may not be required for your particular circumstances.

These were some personal finance that one can learn from Netflix’s leading show, The Crown.

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