Wisdom of Yoda: Personal Finance Lessons

Growing up I enjoyed Star Wars episodes 4,5 and 6 at the movie theater.  And like many other Star Wars fans growing up, I enjoyed seeing episodes 1,2 and 3 released several years later.

If you are a Star Wars fan, chances are Yoda, the Jedi Master, was one of your favorite characters.  We always seemed to look or wonder if or how much of Yoda was going to be in the next movie.  Yoda always provided words of wisdom to Luke Skywalker as he struggled with uncovering his destiny as a Jedi Knight.

Yoda was a powerful, wise warrior, trainer and mentor.  Looking back, I think we can take some of the wisdom of Yoda and apply it to many areas of our lives.  But since we like to write and discuss personal finance here at ChristianPF, let’s see what we can learn from Yoda in this regard.

Yoda on spending and/or investing

Yoda says: Grave danger you are in. Impatient you are.

Impatience, overall, is a dangerous animal when it comes to personal finance.  Impatience can lead to poor decision making and the dangerous territory of debt, or losing everything we’ve been blessed with.

Obviously, spending impatience, or sometimes referred to as impulse buying, can result in accumulation of credit card debt.  Buying on credit when you don’t have the cash available for large purchases is a common example.  Perhaps a not so common example is making purchases at the grocery store without a plan.  It takes patience to plan your way whether it be in creating a larger financial plan for 5 years or a smaller plan for the grocery store.

Investing impatience may lead to the premature sell of investments resulting in the inability to recover from investment losses when the market improves.  Yet another form of investment impatience is for those who want to get rich quick.  They’re trying to work every angle to time the market, gamble and win even though the danger is losing everything.  Ever heard of day trading?

Try to exhibit patience in your financial lives.  Have the patience to create a good plan across all areas and then work and trust your plan.

Yoda on the love of money

Yoda says: Once you start down the dark path, forever will it dominate your destiny, consume you it will.

I would say there are a lot of dark paths you can take when it comes to handling money.  We all know how money can consume people.  Pick your poison, right?  If you like to shop, spending can consume you, if not careful.  And in just the opposite regard, excessive saving, or hoarding can be all consuming for some.  Whatever it is, the pursuit of money, or love of money, leads people down a dark path further from God.  The further people decide to travel down the path, the more lost they become and empty in the end.

I will have to disagree with one part of the quote from Yoda.    Forever, it won’t consume your destiny, if you decide to change your ways.

Yoda on the size of your paycheck

Yoda says: Size matters not.

Many people feel like they need to earn more each month to have enough money for purchases, entertainment, etc.  The truth is our ability to purchase items we need, or even spend on fun things, isn’t tied up in the amount we receive in our paychecks each month.  The size of our wallet or paycheck matters not.  It’s all in how we manage what we have that truly matters.  There are plenty of people earning half the pay check as others, but living more balanced financial lives. Having a balanced budget across basic budget categories is key.  For example, you can’t spend 50% on your paycheck and expect to have money for other important areas.  Overspending in a budget category, such as housing, simply takes money from other areas, or may result in excessive credit card use.

Yoda on accepting responsibility and avoiding excuses

Yoda says: Try not. Do or do not. There is no try.

This is probably my favorite quote from Yoda.  I’ll just try to get on a budget.  Or, maybe next month, I’ll try harder to control my spending.  Perhaps I’ll try to save more next year, or maybe even try to begin my retirement fund.  No!  Put a stop to your trying right now and do!  We all are faced with difficult circumstances.  Yes, some are more difficult than others, but we must move past them, talk less about trying and have more doing in our lives.  So, what will you do to manage your money more wisely and begin your journey towards financial freedom?

Yoda on counsel

Yoda says: Help you I can, yes.

As a Jedi Master, Yoda was there to help Luke.  But help is one of those things we must be open to seeking and receiving.  Luke wasn’t open at first.  I’m not sure why it’s so difficult for people to ask for help.  Perhaps it’s pride, or being ashamed to ask?  But whatever the reason, we must know that there is help available.  Whether it’s through trusted family, friends, Christian counselors, or God, help is available and you should be open to seeking and receiving it in all circumstances.  Money Map Coaching is a great option to explore.

Yoda on ownership and a management of money

Yoda says: Always two there are, no more, no less: a master and an apprentice.

Yes Yoda, there are two:  an owner of money and a manager.  God is the owner of all things, including money.  You are the manager of it.  Pursue God as your master and only seek to please him.  Do not worry about what others say, think or have for their possessions.  You have what you have been entrusted with.  Manage it wisely, and you God may entrust you with more to manage for His kingdom.

Photo by Thomas Hawk

What do you think of these quotes from Yoda? So, can a wise Jedi Master change how you manage your financial life?