Five Financial Lessons You Can Learn From Game Of Thrones

Five Financial Lessons You Can Learn From Game Of Thrones

It may not seem like it, but HBO’s record-breaking series Game of Thrones could have more relevance to your financial security than you ever imagined. While George R. R. Martin did not create the world of Westeros with your bank account and investments in mind, his rich characters and storylines are incredibly poignant. Here is a look at five unexpected ways that this mythical world and its myriad of inhabitants can teach us a few financial lessons.Screen Shot 2015-09-20 at 4.33.18 PM

  1. What Do We Say to the God of Death?

Anyone that is a fan of Game of Thrones has no doubt seen many of their favorite characters come and go. While it will always be difficult for us to think about our own deaths, it is absolutely vital that we get our finances and assets in order so that things are easier on our family. Creating a legal will and testament will ensure that your assets move on to your family as quickly as possible. Without these documents in order, your family could be looking at thousands of dollars in funeral expenses, potential medical bills, and a drop in the household income that can take years to recover from.

  1. Everyone Needs a Littlefinger

Littlefinger may not be the most respected person in Westeros, but he was invaluable when it came to planning finances. Everyone needs to understand when they are in over their head with their finances and who they can turn to for assistance. For most families, it is a good idea to sit down with an accountant or lawyer at least once every few years to double-check that everything running smoothly. These specialists can help a family catch up on taxes, update legal paperwork, and even invest their money wisely.

  1. We Can All Lose a Hand

Jaime Lannister was the best swordsman in Westeros, and all it took was a single swing of the axe for him to lose his hand and his single greatest asset. No matter how careful we may be, accidents can take place at any time. This is why everyone should have their bases covered when it comes to insurance. A lapse in insurance coverage can cost a family big, especially following an unfortunate mishap such as a car accident or natural disaster. As soon as anyone is financially dependent on you, you will also want to begin thinking about your options for life insurance.

  1. The Iron Bank Is Glad to Be of Service

It seems like overwhelming debt is a reoccurring theme everywhere we look, and this includes Westeros. The Iron Bank was glad to hand out exorbitant loans to practically any family that asked, and this is because they knew that keeping people in debt put more money in their coffers. Before investing money into a retirement fund or picking up a new car, you may want to focus on lowering or removing your debt completely. Paying monthly minimums on a credit card or student loan could result in a huge amount of wasted money over one’s lifetime.

  1. Winter Is ComingScreen Shot 2015-09-20 at 4.36.52 PM

If Game of Thrones has taught us anything, it is that each day brings new challenges and surprises. This is why so many financial experts suggest that families create an emergency fund to help them through any serious mishaps. Services such as health insurance can be helpful, but a nest egg could mean the difference between paying your mortgage and defaulting on a home loan. For most families, this emergency fund should keep them afloat for at least six months.

It may seem like Game of Thrones is a story of revenge and lust, but it is actually about taking control of assets and keeping them under control. This is the reason that we can all learn a thing or two about finances when delving into the magical world of Westeros.

Jessica Kane is a professional blogger who focuses on personal finance and other money matters. She currently writes for Checkworks.com, a leading supplier of personal and business checks.

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