During the film’s opening weekend, Crazy Rich Asians brought in over $26 million at the box office. The movie has solid ratings, leading many to flock to the theaters to watch the romantic comedy.
While Crazy Rich Asians isn’t just about money, as the title suggests, it does play a role in the film. In reality, the movie focuses more on social status than pure wealth. However, that doesn’t mean there aren’t valuable financial lessons in the content.
With that in mind, here are six financial tips I learned from the film.
1. You Don’t Have to Showcase Your Wealth
While some members of the Young family may showcase their wealth, Nick Young, the lead character, didn’t put his money on display. Just because a person has a respectable bank account doesn’t mean they have to show off to the world. In fact, some rich individuals may intentionally keep a low profile for a variety of reasons.
The primary lesson is that, even if you earn a high income or have millions in the bank, that doesn’t mean you have to make it public knowledge. It’s perfectly acceptable to lead an average life, even if you have the ability to splurge. It also indicates a certain amount of discipline in knowing who you are and what you stand for.
2. It’s About Net Worth
Wealth typically relates to a person’s net worth, not necessarily what they spend. A “wealthy lifestyle” that involves expensive cars and mansion-sized houses doesn’t mean a family is automatically well off. In fact, a person with a large home may be “house poor,” owning a property that they can barely afford, one that hinders their ability to meet other financial needs, or a home with high maintenance and utilities costs can make life miserable.
Instead, having more money in savings, assets, and investments is what determines your level of wealth. Sure, being wealthy can make it easier to afford the finer things, but having an extravagant lifestyle doesn’t inherently make you wealthy.
Live your life on your terms and work with a financial advisor or use an online calculator to figure out your net worth. This information can get you well on your way to the lifestyle you want.
3. Money Can Complicate Relationships
Financial difficulties in a relationship is an often cited reason for divorce. However, even if one person is wealthy, that doesn’t mean money doesn’t complicate the relationship.
In Crazy Rich Asians, Rachel doesn’t initially know about Nick’s money and is initially startled by it. Then, Nick’s family judges Rachel for not coming from a wealthy family, something that hinders the relationship.
While the issues aren’t insurmountable, money is something that impacts a relationship. The effect can be positive or negative, but it’s always a factor. So when one partner in the relationship has more than the other, each partner still owes it to the relationship to do their part. We all have our worth, so we should come to the relationship with our best foot forward. Be it education or a true help mate to an impending spouse.
Although, Rachel may not have impressed the family with worldly goods, she brought so much more to the table in the type of person that she was and how happy she made Nick. There is a saying, “Behind every good man, there is a great woman.” Need I say more.
4. Honesty Is a Must
When Rachel learns of Nick’s family’s wealth, she feels disoriented and doesn’t know what to think. While learning someone has cash in the bank isn’t a horrible surprise, it can be a shock, nonetheless.
Keeping information from a partner about your financial status can be harmful. Whether it’s not telling them about your debt, spending habits, or how you view your financial future, keeping secrets about money isn’t usually a good idea.
If you are entering into a serious relationship, being honest about money is essential. Otherwise, misunderstandings and misalignments are practically guaranteed to happen, and that could cause a relationship to flounder or even collapse.
So, here’s my advice. As soon as you realize the relationship is getting serious. Sit down and have the financial talk. Discuss credit, goals, and each partners role in finances. This keeps both partners in the know and eradicates the shock of finding out later that there was dishonesty relating to money. Remember, most divorces are caused by financial issues. With upfront information, you can avoid this outcome.
5. Financial Stereotypes are Harmful
While having some similar viewpoints on money is critical for a healthy relationship, that doesn’t mean money is everything. Two people from different backgrounds can come together, but it can take work.
A person’s financial status is often accompanied by stereotypes. Whether it relates to how they were raised, the job a person chooses to have, or their net worth, these assumptions can be harmful. Though Nick doesn’t hold Rachel’s financial status against her, some members of the financial elite do.
Ultimately, the couple is able to overcome this obstacle, showcasing that money isn’t everything. However, it can be an uphill battle, depending on the stereotypes in play.
Our lesson here is simple, place value on who people are and not the finances they bring to the table. Money doesn’t always equate to happiness are how good a person is. Many people of wealth have the same troubles as everyone else. Money is great, but it’s not what makes a person great.
6. “Keeping Up with the Joneses”
The desire to measure up to others financially can be detrimental. Longing to outdo others typically leads to frustration, encouraging you to ignore what you have because it isn’t as much as someone else.
Trying to “keep up with the Joneses” isn’t beneficial. In fact, it could lead you to spend money on things you normally wouldn’t, or shouldn’t, in an effort to keep up appearances.
Ultimately, wealth shouldn’t be used as a measuring stick. It doesn’t automatically bring happiness and isn’t the most important thing in the world. Instead of trying to keep up, consider your own goals (and those of your partner) and work to forge a happy, financially stable life. In the end, you’ll be better off for it.
Did you learn another financial tip from “Crazy Rich Asians?” Tell us about it in the comments below.
Looking for more financial tips? Give these articles a try:
- 5 Tips to Save Money on Health Insurance
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- Tips to Cut the Cost of Out of Pocket Medical Expenses
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