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South Korea’s latest series, Squid Game, has been one of Netflix’s biggest hits ever since its release on September 17th, 2021. The TV series consists of 456 debtors who are in a miserable place in life. They receive an invitation to participate in a survival game known as the Squid Game for a chance to win 45.6 billion Korean Won, which is approximately 38 million USD.
The contest is intriguing, yet almost disturbing to watch due to the level of violence it contains. However, beyond the contest, one can find personal financial lessons that resonate in the real world. Furthermore, it portrays the anxiety and personal struggle that people who make poor financial decisions face on a daily basis. Here are a 5 insights drawn from Squid Game that can help an individual avoid financial crisis and improve their relationship with financial decisions.
Save Your Money and Spend Wisely
Squid Game tells the story of hundreds of people who are struggling with financial issues due to poor personal finance choices in life. Having the knowledge and habit of making the most of our money can result in many opportunities to save and grow your finances regarding the amount of income you earn.
As mentioned, all 456 contestants in the game are struggling with debt due to the constant need of spending money and the lack of having the discipline to save money. Adopting the habit of saving money is one of the most important financial habits an individual can do. The good thing about saving money is that the amount one sets aside does not necessarily matter. Saving money for the future can be done easily by making small changes in your daily routine by buying cheaper substitute products or consuming products or services with less frequency.
There Is No Such Thing as Fast Money
People who struggle with compulsive gambling are willing to risk any valuable asset with the hopes of earning something better. One of Squid Game’s main characters, player 456, has a horse racing gambling addiction, believing that winning a horse race will instantly and effortlessly make him rich. However, this never happens and, as a consequence, he lives with the constant threat of not paying back his debts to lenders on time, which puts his family’s life and his own at risk. This is an example of the consequences one faces in real life when making extremely risky investments using client money. Gambling can be detrimental to one’s life, as it results in losses, depleted savings, accumulated debt, and sometimes leads one to commit fraud in order to support their addiction. Squid Game reminds us that gaining wealth at a rapid speed is non-existent and dangerous. It is important to remind ourselves that gaining wealth or becoming rich is a long process that has no short-cuts.
Pay Off Debt as Soon as Possible
Squid Game teaches the importance of paying off debt on time as all of the players struggle financially because of accumulated debt. Having debt is no problem as long as the money borrowed is used in a productive way. Unproductively spending borrowed money can lead to the accumulation of debt because of interest rates.
Don’t Underestimate the Power of Insurance
They say that health is the most valuable thing in life. It does not matter how healthy you are today because no one knows what tomorrow’s challenges can bring to your life. Health insurance is essential in order to pay off expensive medical services when one is presented with a health emergency. Remember that you are just one bad day away from the worst-case scenario. This was seen in the series when Seong Gi-hun’s, or player 456, mum was sick with diabetes. When she was at the emergency room, the doctor suggested keeping her in the hospital for her to be appropriately taken care of. However, she was forced to leave the hospital because her son cancelled the insurance and spent the money.
Seong Gi-hun faced anxiety and depression as he knew there was no way of helping his mother with the appropriate medical help because he extravagantly spent that money thinking they would never need health insurance. This example serves as a reminder of the importance of protecting yourself and your family with an insurance policy to handle whatever may happen in life. It is crucial to have a level of protection in place to protect and secure your loved ones’ lives.
To end, Squid Game teaches us how important it is to adapt healthy financial habits that result in opportunity and personal growth. It demonstrates to viewers how everyday choices can determine one’s future, no matter how significant that choice or action is. Saving money and paying off debt on time is possible as long as one adopts a positive behavior when borrowing or earning income. It is crucial to remember two lessons drawn from this series that apply to any individual: don’t rush the process and remember that small adjustments can lead to a better lifestyle!
What are some other lesson we can learn from Squid Game? Let us know down in the comments.
This article originally published on GREY Journal.