South Korean television series, “Squid Game” has been topping the chart on Netflix since its releases, which makes sets it on track to be one of the best-performing shows in Netflix history, according to Netflix co-CEO Ted Sarandos. The series has glinted the online buzz since its international premiere on September 17.
If you are wondering what the buzz is about for most people who haven’t seen the movie, the show is about hundreds of debtors who accepted a strange invitation to compete in a children’s game to win a tempting prize of 45.6 billion Korean won (approximately $38.6 million).
The movie, no doubt, was quite intriguing and equally imbued with suspense, anxiety, and dread. Nevertheless, there are financial lessons absorbed from this series, and they are as follows.
Avoid quick rich scheme (gambling)
It is no news that many people have become compulsive gamblers that they are willing to risk something they value in anticipation of getting something greater. This is one aspect that was seen in the movie as one of Squid Game’s main characters has a horse racing gambling addiction. Most contestants in the film went into gambling with the idea to get rich quickly with little to no effort. Squid Game reminds us that rich quick schemes do not exist. Personal wealth takes time to grow. Allow the process. Gambling can be detrimental to our lives, resulting to losses, depleted savings, accumulated debt, and sometimes leading one to lean on theft or fraud to support their addiction
Secure your financial information
Protecting your financial accounts should be your top priority. Remember, you worked so hard to earn that money. This protection ranges from the following: not disclosing your financial information to anyone over the phone, email or in-person; not clicking on suspicious links or downloading attachments and apps from unknown sources; not connecting to unsecured wifi and lastly avoid using important dates and personal phone numbers as password. Having watched Squid Game, you will notice a scene where a contestant stole his mother’s ATM card and entered his own daughter’s date of birth as the correct PIN. This scene is an important reminder to not trust anyone and to dearly protect all your financial accounts/information. It is imperative to get a PIN that makes it harder for anyone to steal your money. Create solid and separate passwords, and store them safely to protect yourself online from hackers
Pay off the burden called debt
Debt in itself is neither an enemy nor a burden. Debt or borrowing that leads to debt becomes an enemy when you put it to unproductive use or when you cannot regularly pay it off when due. This usually leads to the accumulation of more debt because the interest keeps skyrocketing. Paying off debt is one of the vital money lessons learnt from the movie. All the players in the game were facing financial challenges because of debt.
An example was one of the players that was a compulsive gambler who had won an enormous sum of money in betting. Instead of using that money to clear his debt, he decided to run away from his debtors. Assuming he was smart enough to pay off the debt he won, he wouldn’t be desirous of playing the game at first.
Prioritize health insurance
Health, they said, is wealth. It doesn’t matter if you are struggling to survive in life, it is crucial to take care of your health. That is why health insurance is essential. You might think you are healthy today, but a health or life insurance policy can help pay off expensive medical services when an emergency strikes. You probably ignored getting car insurance because you think you are a safe driver. Remember that you just one bad day away from the worst-case scenario. Consider protecting yourself financially with an insurance policy. This was seen in the movie when Seong Gi-hun’s mum was sick with diabetes. The doctor suggested that she stays back in the hospital for her to be appropriately taken care of. She had to leave the hospital, the reason being that they did not have insurance cover. This is because his son cancelled the insurance and spent the money extravagantly. This fight Seong Gi-hun had with his mum made him sad because he couldn’t help his mother get the medical help she needed. This is why insurance is critical, as it would have removed all that stress from him.
A penny saved is a penny earned, so spend wisely
Squid Game tells the story of people struggling with financial issues due to poor choices in life. Spending wisely means having the knowledge and confidence to make the most of your money. No matter how big or small your income is, not overspending is a critical habit to get into. If you’re spending wisely, you’ll find more opportunities to save and grow your finances instead.
Seek for financial support
In Squid Game, many characters live in denial about their financial situation or try to solve problems alone, only to dig themselves into a deeper hole. Most people don’t share their financial hardships before it’s too late. Asking for help may feel difficult, intimidating, and embarrassing, but you should know when and how to ask for help from the people around you if you need any support.
In conclusion, Squid Game showed us how your choices would ultimately determine your future, no matter how insignificant. So if you don’t want to be that desperate, consider changing your bad financial habits and start leading a healthy and debt-free financial life as early as now.