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Magic & Money: Five Financial Tips from the World of Harry Potter

By WiscoVixendealpro(view all posts by WiscoVixen)
at 3:38PM Friday July 17, 2009
under Money Saving Tips

Wingardium Leviosa! Furnunculus! Expelliarmus!

If you're looking to learn charms to make things float, to inflict boils on an enemy, and/or to disarm your dueling opponent, the Harry Potter books and movies are certainly a good place to look. I'll bet, though, that you didn't realize you could learn some sound financial advice from the wizards of Hogwarts. Well, it's true.

Here are five financial tips from the magical world of Harry Potter.

  1. Find a trusted advisor: Harry is lucky enough to have many trustworthy people to whom he can go for good advice. Whether it's an introduction to the wizarding world from Hagrid in "The Sorcerer's Stone" or life lessons from Dumbledore throughout the series, Harry's always got someone to go to when he needs a hand. For us Muggles, it's important to have a trusted advisor when it comes to managing our finances. For example, there's only one person at H&R Block that I will go to for tax preparation. A good advisor is hard to find!

  3. Don't blow all your money on frivolous things: On his first train ride to Hogwarts, when asked by the nice old lady if they'd like anything off the candy trolley, Harry took "the lot." While it may have seemed like a good idea at the time, he ended up with funky tasting Bertie Bott's Every Flavor Beans and a chocolate frog that did a kamikaze jump out the train window. Let this be a lesson to you...think about your purchases before you make them. You may come to realize there were a better ways to spend your hard-earned cash.

  5. Be careful what you sign up for: I'll bet Cedric Diggory would have thought twice before signing up for the Tri-Wizard Tournament in "The Goblet of Fire" had he known how it was going to end. Be sure to read all the fine print before you sign up for something, whether it be a contest or a new credit card. If you don't, you might not be too pleased with the way things turn out.

  7. Plan for the future: James and Lily Potter are model savers. They must have socked away every spare galleon, sickle, and knut at Gringotts in order to provide Harry with the money he found to be in his possession at the beginning of "The Sorcerer's Stone." You should follow James and Lily's example. Whether you're saving for your future or your family's, make it a habit to save a bit of every paycheck.

  9. Understand the market: Who would have thought that Fred and George Weasley would be the ones to have a thriving business on Diagon Alley in the midst of all the evil shenanigans going down there in "The Half-Blood Prince." The key to their success: they understood who they were marketing to. What do people need during tough times? Entertainment and escapism, of course. If you're starting your own business, follow Fred & George's lead, and make sure there's a demand for what you're offering.

Whether you're well-off or you're lacking financially, you'll always be rich if you've got great friends like Ron, Harry, and Hermione. After all, there aren't many people out there that'll consent to a suicide game of Wizard Chess just to help you save the wizarding world.