One of the most famous cartoon serials on air was Duck Tales whose hero was the great Uncle Scrooge and his three nephews Huey, Dewey and Louie.
You must be wondering how a cartoon show for kids is adding an extra edge in our knowledge for personal finance. Take a look at our favourite, wealthy-of-the-wealthiest cartoon characters and examine how he taught us lessons of personal finance.
Following are few things which are worth learning from Mr. Scrooge:
1. Smart work rather than hard work- Of the numerous episodes aired, one is a flashback episode which shows Scrooge as a young poor duck. Scrooge gets a job of shining shoes, and a customer comes in whose shoes are too dirty. He spends the entire day cleaning his shoes and finally ends up with crystal clear shoes. As an obvious reward he expects a handsome reward from the man whose shoes he cleaned but he gives him just a coin with no tip.
As Scrooge returns home, he tells his story to his father. His father tells him that he should learn smart work rather than hard work. Being a brilliant duck, he learnt lesson from what his father told him and creates a simple machine that allows him to use the power he generates by riding a bicycle to polish shoes for several customers at a time. So remember, smart work is the key.
2. Passive Income - Rather than working for several hours we should look at ways and means of earning passive income streams. The various ways of earning passive income are interest earned on investments, owning a business that doesn’t require your direct involvement, collecting royalties from a book or music, renting out real estate, doing part time jobs in Mc Donald or Dominos or any other food joint.
Building a passive income is not an easy job, as it requires lot of time and mind. But put your thought to it and you will realize that nothing is impossible.
3. Trickle Back Economics- As our uncle Scrooge was a smart minded person he believed in “trickle back” economics rather than trickle down policy. As you know Uncle Scrooge always did wise investments and had a constant thought of how his money comes back to him. If you remember, Scrooge always paid his nephews thirty cents, which he knew his nephews will spend for buying sodas. He knew that the sellers of soda buy more chemicals for this, leading to more purchase of coal tar. As you may know, the coal tar factory was owned by Mr. Scrooge! So you see, Scrooge knew that he will earn much more than the thirty cents which he gave his nephews to have soda. From this we learn how to smartly invest our money and double this money invested.
Among the various investments gurus, Uncle Scrooge remains one of the best heroes when it comes to personal finance. These simple cartoons teach us lessons for life, which are as informative and valuable as any Personal Finance book. #gettingyourich