Awesome Jedi Lessons for Your Money
Awesome Jedi Lessons for Your Money
May 4, 2019 By Mr. The Poor Swiss
In honor of May 4th (May The Fourth), I gathered some Jedi wisdom for your Personal Finances. I have found 11 inspirational quotes from characters from various Jedi from the Star Wars Universe that could be applied to money lessons.
There are many great quotes in Star Wars. Mostly from the great Master Yoda and his crazy talking that makes him so well-liked. But other Jedi Masters are also generous with wisdom quotes. Most of the quotes do not directly apply to finance. Here are 11 quotes that can apply to your personal finances.
May the Force be with you. Yoda
May the Force be With Your Finances! If you follow these Jedi lessons, you may well become a Jedi Personal Finance Master!
1. Always have strong goals (Yoda)
Do or do not. There is no Try. – Yoda
Your goals should not be to try to do something. Your goals should be to do something. The difference is very important. You should set your mind to do it. You should already believe you will achieve your goal and not try to achieve it.
Trying to do something means there is a risk of failure. Doing something means succeeding. That is not to say you will always succeed. But if you fail, you just have to learn from the failure and improve your next attempt. Do not stop because you fail!
2. Do not time the market (Yoda)
Difficult to see. Always in motion is the future – Yoda
As Yoda tells us, the future is always in motion. There is no way to accurately predict the future. The same is true for the stock market. Trying to predict the stock is a fool’s game.“ Much to learn you still have my old padawan. This is just the beginning.” Yoda
This does not mean that we should not invest. This should simply mean that we should rely on the performance of the market rather than rely on the performance of fund managers that will take a large part of the gains.
It has been shown many times that active funds did not beat the market over the long term. On the other, passive funds allow replicating the performance of the market at very low fees.
3. Be Patient (Yoda)
Patience you must have, my young padawan – Yoda
You will not achieve your goals in a single day or even in a single year. Whether your goal is to get out of debt or to reach Financial Independence.
You need to be patient and stay consistent. If your goals are going too slow for your taste, you can try to improve their speed. You could try to save more money towards your goal by cutting some more things you do not really need.
Or you could set yourself some intermediary goals. For instance, if your goal is to get out of debt in two years, you could set monthly goals to eliminate one debt after another.
And once you reach the first small goal, you can make the next one more difficult. Such a strategy will make you feel your progress and will make it so you reach your goals faster!
4. Do not let your emotions decide (Luke & Yoda)
Fear is the path to the dark side. Fear leads to anger. Anger leads to hate. Hate leads to suffering. – Yoda
It is a well-known fact in investing that your emotions are your worst enemy. You should try to be as detached as possible when you make decisions.
For instance, investing in cryptocurrencies because you fear missing out on the huge gains achieved by some people is not a good reason to invest. And selling out all your shares because one index lost 10% of its value in a few weeks.
Your overconfidence is your weakness – Luke Skywalker
Fear is not the only emotion that is dangerous. Overconfidence can be highly detrimental to your investments. If the stock market is going very well and you are overconfident, you may invest more than you should. And once the stock market goes down, and it will, you may be left with too little money and forced to sell at the worst time.
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