10 Financial Lessons from Star Wars: The Mandalorian

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. Here are 10 financial lessons from Star Wars.

1. Know What You’re Getting Into

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.

2. Make the Best Deal

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.

3. Run the Numbers Before Committing

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.

4. Stand Up for Yourself

Know your abilities and secure your position. If someone warns that you risk losing a deal if you walk away from the table, consider doing just that. If someone tries to rush you into signing a real estate or lease contract without reading the fine print, don’t.

5. Protect & Improve Your Credit

As a real estate investor, you rely on loans from others to help fund your property portfolio. Which means you need strong credit more than most. After you’ve established your credit initially, learn how to protect and improve your credit score.

6. Don’t Go It Alone

You don’t have to go solo as a lone ranger, either. Instead, identify trustworthy allies and accept help from them when they offer it. Even those who may seem like adversaries may work with you. Don’t fear approaching the government about tax or student loan deferments in hard times.

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