5 money lessons to learn from Harry Potter

 

 

All of you must have read/heard/watched The Harry Potter. The series had earned Rowling quite a revenue and to date the best-selling book of fiction. While it is absolutely fascinating to get lost in Harry’s world of magic and adventures, the book Potter gives us some real-life money lessons that can implemented in the muggle world.

Below are 5 money lessons that you can learn from The Harry Potter Book/Film Series:

 1) Savings are everything

Harry could enjoy a comfortable life because his parents had left him enough money to be secure. Harry learns that his parents had given him a significant sum of money at Gringotts (a wizard bank) when Hagrid takes him shopping in the Sorcerer’s Stone. He would have struggled to subsist if it weren’t for the money.

Thus, it’s always important to start investing early. It not only gives you financial security but also secures the lives of your children and dependents.

Although Lily Potter and James Potter died early, they made sure to save as much as possible. It is essential to acquire this money lesson from them.

2) Find the right investors

Fred and George expanded their joint venture at a prime location viz. Diagon Alley, after leaving Hogwarts in their sixth year. The aforementioned occasion was possible only because of Harry. Harry gave them the money that he had made from the Triwizard competition. Hence, Harry was not only an investor but also believed in their business’s vision, mission, and goal.

Similarly, it’s important to find the right investor for your business. One who would have faith in you and your business. One who would support you in your ups and downs. And one who invests in your dreams.

3) Expand your investments

Lord Voldemort made every effort to safeguard his soul since he aspired to immortality. His soul was divided into seven sections, all of which he kept under intense guard. Strong creatures guarded the Horcruxes as they were held under control by potent magical powers. This indicates that he didn’t endanger everything. In a similar manner, you ought to spread out your holdings. You can mitigate your losses and avoid losing everything at once by managing and diversifying your investments.

 4)Do your own research

Ever ponder Hermione’s role in the group’s success? Hermione Granger is to be praised for conducting such incisive and pertinent research. As we all know Harry, Ron, and Hermione had together overcome several obstacles. Hermione’s research and presence of mind have saved the trio as well as Hogwarts so many times. She has an excellent sense of detail. For instance, Harry wouldn’t have been able to save Sirius and Buckbeak without Hermione. She was crucial because she not only assisted with every step of the procedure but also held the Time Turner. She was aware of how to use this tool and how crucial it was to remain invisible, even to one’s own prior self.

In a similar vein, investment has its own pros and cons. Nothing in this world is a cakewalk, and one has to be always ready. Researching well not only guides you but also prepares you for the risks.

Before investing in a company, you should conduct thorough research on the business, considering its debt, cash, KPIs, financial statistics, prospects, historical performance, and external economic issues.

5) Leaving a Will

Almost every character left behind its greatest asset. Whether it was James’ invisibility cloak or Sirius’ mansion, every character in the series left something for their beneficiaries (here, Harry). You should too leave your assets for your loved ones in addition to your life insurance coverage. This not only stays like a memory but also secures the life of your loved ones.