Financial Lessons from the Wizard of Oz
Do you ever feel like Dorothy in the Wizard of Oz whenever you wander a little too far from what’s comfortable for you? When you’re drowning in debt, you can certainly feel like you’ve been transported to another land – perhaps a land not as wondrous as Oz. Check out some lessons about debt that Dough Roller gleaned from one of the most beloved movies of all time:
The Wizard Might Be a Fake
Everyone wishes that they could have a quick and simple solution to their problems. Maybe your “wizard” is winning the lottery, a debt consolidation loan or the promise of an inheritance. But these quick fixes may never come, and your problems will just continue to get worse while you wait.
Just like Dorothy, The Scarecrow, The Tin Man and the Lion, the joy and encouragement could come more from the journey than from the “wizard.” Instead of waiting for that big problem solver, chip away at your debt steadily along the way. As is often said, slow and steady usually wins the race.
Prepare for Tornadoes
Even when you’re in the clear after a bad financial situation, disaster can still strike. Make sure you’re ready for any other storm that may hit:
When you’re out of debt, what will you do to proactively prepare for the next storm? Try building an emergency fund. Save up enough money to pay for expenses for at least three months. Some even have enough money in their emergency fund to last them a year or more!
You’ll need an emergency fund in case you lose your job, have major medical bills, or encounter some other unforeseen circumstance. Prepare, and you won’t get stuck outside of the storm shelter when the tornado blows your way. Poor Dorothy.
Find 3 more lessons over at Dough Roller’s 5 Debt Lessons from the Wizard of Oz.