Get Smart With Money
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Everyone dreams of earning a ton of money. That was the case for Teez, who says he knew that one way he could earn a lot was through football. Reaching success at the early age of 21, the film states he originally earned $1.6 million. That number quickly went down after paying taxes, buying a home for his family and one for his mom, and taking various trips.
When Teez meets with coach Ro$$ Mac, he has approximately $280,000 left of his original sum. Teez doesn't have money invested for the future and is worried about the longevity and stability of his career and providing for his family.
When you make good money, it's easy to think it'll always be that way. But through Teez's story, we hear about how he made good money through football but then got released and then injured. Suddenly he had nothing coming in.
Hence, the sense of urgency with making the remaining $280,000 last as long as possible. No one likes to think about the next job loss or health scare that can drastically impact one's finances. But it's something we should all be prepared for, just in case.
Not having money coming in is a scary reality for everyone, with different degrees of difficulty. An emergency fund and disability insurance can help shore up your personal finances and ensure you're able to weather this kind of storm.
Debt is a monthly payment that can keep you in the past. But paying off debt can change your future, too. In the documentary, we meet Ariana, who identifies as an emotional spender and admits to being afraid of money.
We meet Lindsey, who is living paycheck-to-paycheck despite working 50 hours a week with two jobs. As a bartender/waitress, her wages simply don't cut it. Her food spending on takeout is also high because she's tired from working so much and being in the food industry.
When she meets with coach Paula Pant, she shares that she wants to break the paycheck-to-paycheck cycle and pursue her dreams as an artist. Paula encourages her to get some gigs together ASAP through dog-walking, and pursue her art in the long term.
For low-wage workers, self-employment is one way to break through the ceiling. We see that in Lindsey's story, and it's something I resonated with as well. I left my nonprofit job earning $31,000 per year in 2014 to be a freelance writer. In the next year, I doubled my income and was able to pay off my student loan debt thanks to having a higher income, which has grown since.
While John takes care of the children and household duties, a refreshing perspective rarely caught on screen, we see Kim earning good money through her business. She earned $70,000 just a few years ago and was on target to hit $300,000.
John and Kim took the first step by cutting their expenses by a significant amount. But they realized that with their lifestyle and desire to pursue FIRE, they needed to make more moves. As in actually moving.
Moving is expensive and not something everyone can do. But if it's possible, downsizing homes or moving to an affordable location can significantly lower costs. For this couple, that was the right step in order to get closer to FIRE and, in turn, have more flexibility with life and work.
Our Call: Get Smart with Money doles out information and inspiration (for its middle-class demographic target) in an engaging enough way to warrant a watch. STREAM IT and then wonder if $15.49 a month for Netflix is a cuttable expenditure.
Atlas has made super-incisive films on food, public health, guns, political cover-ups and so many more things, all of them watchable and action-oriented. As I watched their earlier titles, I realized that Atlas does not exist just to crank out entertainment or profit from cheap controversy. They are willing to do the real work to dig out the real stories, with the goal of creating positive social change.
Some of it was indeed hard (like being squeezed onto my deck along with a dozen production crew in the full blazing solar onslaught of a July afternoon, pretending to act natural while answering interview questions, pausing only to wipe away the occasional gallon of sweat from my forehead.) But almost all of it was loads of fun. And it led to wonderful new experiences and friendships for all of us.
In the end, I chose a young family of four that falls into the same demographic to which I target these blog posts: people with high incomes and high spending, who are wondering where all the money is going.
Looking forward to watching this one of these evenings soon. Three years in, I think I have enough up and down experience to hopefully relate to what you and the others are saying. I agree with you that doing a Netflix video is a new (and hopefully, fun!) way to broaden your reach. Mustache on!
The same changes that allow people like my students John and Kim to scale back on work and spend more time with the young kids, can make the difference between being able to afford basic housing and food and health care, for someone in a lower income life.
This is a great intro film for people who are just starting their money journey. Hopefully it will start some much needed conversations about money in households who really need it. This plus Playing With Fire and then the Dave Ramsey student loan doco coming out, should be a helpful watch list for anyone trying to figure out money with a view to financial freedom.
Wow! That was great! I have never actually seen you in action, and you are much more of a sweet guy than I expected. I always hear you yelling in my ear about being a car clown, as that was the first post I ever read.I think I teared up when the family went to Costa Rica and you said it was money well spent. I am so happy for them!!
Congrats! What a cool opportunity. So glad you let us know. I watched it last night with my wife and we enjoyed it a lot. I was so glad to see that the advice of all 4 coaches can help so many people in different situations. It was a great reminder of how no one is alone. We all struggle with most of the same financial challenges. I enjoyed seeing you in the process.
I would take that rather awesome idea a step further. A documentary exercise where MMM holds sway over more than just the fiscal genre. One of the things I enjoy about MMM is that he pairs his practical financial posture with health, charity, and big-picture impact at the personal level, all of which he is endeavoring to instill into his children; raising the next generation of citizens to to not only be personally successful, but to be *good people*.
Great gig MMM! I thought that your protégés hit the jackpot when they decided to downsize their house and you were their advisor. Right in your wheelhouse! All those Rigid tools (most of mine are Ryobi)! I thought, though that all those people needed a face punch, really bad. All four of the advisors treated them with kid gloves. I was hoping that you would show your couple how to squeeze the last bit of tooth paste out with a vise. Great documentary though! Thanks for sharing!
Congrats on the documentary! I watched it yesterday evening. Overall it was well-balanced, informative and inspiring. I agree with you on the lack of details, but thats rather unavoidable. The only thing i really missed was the lack of talk on dividends.
I watched the MMM parts on netflix and loved it!!! I have to ask, where did the family move after they sold their house Did they stay in Colorado or move to somewhere with no income taxes like Texas
While I get they can only go into so much detail given time constraints, I thought they really missed an opportunity when I got to the end of the film. In the summary segment for the couple you worked with it said on screen that the final step they took (downsizing their home) left them with an extra $8k per month to invest. So if they started with $13k/mo in (exploding volcano of wastefulness) spending that means at the end they only had $5k/mo going to expenses. But in the previous segments they were working toward a retirement budget of $9k/mo, giving them a retire early goal of $2.7M in investments. Now, maybe they personally wanted to keep that level of spending for their retirement lifestyle, but I thought it would have been incredibly informative to go through the math on screen to show how much more attainable early retirement would be if you reduced your goal as you reduced your lifestyle expenses. Also, how much faster could they retire if they only needed $5k x 12 x 25 = $1.5M in investments This would have really reinforced the power of cutting expenses vs. earning more income for the viewers.
Parents need to know that Get Smart with Money is a documentary that takes a close look at four U.S. households who get expert help with their budgets. References include loss of employment due to the COVID-19 pandemic, lack of savings for unexpected expenses, family budgets impacted by inflation, glasses of beer, bottles of alcohol, cigarette smoking, and medication for depression and anxiety. Images include a sketch of a nude female body from the waist up and a nude person in a photo hiding private parts with arms. There's a mention of the swear word \"s--t\" and idiomatic expressions \"hell, yes\" and \"work my butt off.\" Positive messages include trying to save for a rainy day, not living beyond one's means, and learning about fiscal responsibility for financial freedom now and in the future.
In GET SMART WITH MONEY, four financial specialists offer possible solutions to individuals confronting issues such as credit card debt, student loan payments, and long-term investment saving. The featured consultants are Pete Adeney, a personal finance guru and blogger who is also known as Mr. Money Mustache; Tiffany Aliche, a personal financial expert and author of the bestselling book Get Good with Money; Paula Pant, journalist and host of Afford Anything Podcast; and Shareef \"Ro$$ Mac\" McDonald, host of the financial literacy social media show Maconomics.
Financial literacy is well spent in this frank film about a timely topic. Get Smart with Money director Stephanie Soechtig (Fed Up) showcases the stories of diverse U.S. families from various economic backgrounds. One featured narrative is Ariana, a college graduate and married mother with two kids. She also has student loan debt. \"Why are you allowing an 18-year-old to take out $25,000 a year\" Ariana says, adding, \"How is that OK\" She admits to not being aware that loans accrue interest the moment they are signed by the applicant. 59ce067264
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