10 Financial Lessons from Star Wars: The Mandalorian

“The Mandalorian” hit the small screen as the most popular streaming show on television, picking up right where the blockbuster movie series left off. Full of metaphor, allegory, and universal wisdom, it supplies us with a wealth of information about ourselves and our situations.

Whether we’re considering a major purchase, selling a product or service, or entering into a partnership, we can look to Din Djarin, Baby Yoda, and the plot of “The Mandalorian” for plenty of hints and wisdom.  Just click your remote control, and feel the Force.

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Need Help With Finances? This is The Way

Master Yoda once said, “What you have learned, always pass on.” Or something like that.

Like Yoda, The Child (aka Baby Yoda or Grogu) in “The Mandalorian” already knows how to use the Force. So let him become your teacher — and learn, too, from the title character, the armored bounty hunter Din Djarin, and the other characters in the show. Teach you, they shall, about many things.

You can even discover hidden gems that help you manage your finances. You just need to know where to look.

Here are 10 financial lessons from Star Wars: The Mandalorian.

1. Know What You’re Getting Into

“This is more than I signed up for,” Cara Dune said when the Mandalorian found an imperial walker’s footprint in Chapter 4 of the first season.

You can’t avoid every surprise, but knowing the score ahead of time gives you an advantage. And nowhere does this apply more than when you enter into financial agreements. Work with companies that give you all the details upfront, whether it involves buying a car, renting an apartment, or taking out a loan.

It goes doubly for buying rental properties. First, always do your due diligence in real estate investing to avoid losing money from foreseeable problems.

Go into any business transaction armed with research, facts, and knowledge of the other party’s capabilities. Then, prepare for your retirement with the tools you’ll need to maintain your standard of living, whether you decide on an IRA, 401(k), annuity, or other savings tool. Know what your options entail before you decide.

If you’re in business, provide as much information as you can. Doing so will earn you a reputation as an honest broker and grow your business with integrity.

2. Make the Best Deal

Din Djarin has dished out some sweet advice in “The Mandalorian,” but fellow bounty hunter Fennec Shand did the same. Ming-Na Wen, the original voice of Mulan, plays the elite mercenary who offered this nugget: “You want to be a bounty hunter? Make the best deal for yourself and survive.”

The same goes for you in your financial affairs. Know how to bargain, especially as you negotiate real estate deals. Make the best deal for yourself by leveraging your position. If you hire someone to make property upgrades, negotiate with the contractor to score the best deal possible. Never settle for less than the value you provide.

In working for someone, withhold the final piece of the project until you’ve received payment. Both sides need to act in good faith and demonstrate that good faith. Financial survival is the name of the game.

3. Run the Numbers Before Committing

The Mandalorian knows the value of currency. So he rejected payment in imperial credits and accepted half as much in Calamari flan because he knew he could count on its stability.

Most of us can’t convert currency off the top of our heads, but we can find tools that will simplify complex transactions. Before buying a rental property, run the numbers with a rental income calculator. Compare the best cities for real estate investing using cap rates or gross rent multiplier when hunting for new markets.

Other online calculators help you determine the full cost of mortgages or auto loans, debt-to-income ratios, financial independence/retire early FIRE calculators; you name it!

4. Stand Up for Yourself

In any financial deal, stand your ground — even when others try to intimidate you. For example, when armed stormtroopers confronted the Mandalorian and warned him they outnumbered him 4-1, he responded, “I like those odds.”

 

This article originally appeared on Spark Rental.

 

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