Personal Finance Lessons In Classic Literature

When you think of classic literature about money, you think of high society glamour, indulgent parties, and stories of the multigenerational wealth of families. What’s not to like?

When you think of classic literature about money, you think of high society glamour, indulgent parties, and stories of the multigenerational wealth of families. What’s not to like?

We can learn personal finance lessons in classic literature. We find stories of conspicuous consumption, overspending, too much debt, poor investing choices, and errant estate planning in abundance through the classics. Like The Great Gatsby, many stories and authors like Mark Twain recount the follies and financial disasters. Wealth and power are very visible in our favorite classics.

Personal Finance Lessons In Classic Literature Will Enhance Your Library and Knowledge About Money:

The Custom of The Country by Edith Wharton

Moral of The Custom of The Country Money ultimately did not buy Undine happiness. Her overspending ruined her family. Social climbing was her career, but she lacked culture, education, and depth. She did not fit in where she wanted to be. Her ability to dress the part through conspicuous consumption and lavish lifestyle only helped her part of the way.

Madame Bovary by Gustave Flaubert Moral of Madame Bovary Spend less than you make. Beware of spending on credit. Don’t take on debt you cannot afford. Madame Bovary could have benefited from an emergency fund.

Don’t Borrow For What You Can’t Afford And Don’t Need Moral of Madame Bovary Spend less than you make. Beware of spending on credit. Don’t take on debt you cannot afford. Madame Bovary could have benefited from an emergency fund.

The Great Gatsby by F. Scott Fitzgerald The Moral of The Great Gatsby We may not quickly get our dreams if they are an illusion.  Make reasonable goals, especially financial objectives, that may be attainable with careful planning.

Miser And His Gold, Aesop’s Fables (In Its Entirety) Moral of Miser And His Gold This ancient tale deals with the improper use of a property. A possession is worth no more than how we make use of it. There is an opportunity we bear by leaving cash in non-interest-bearing accounts. We need to invest our money for returns, diversifying our assets into different allocations.

The One Million Pound Note by Mark Twain Moral of One Million Pound Note The best moral of all the stories is that money did not corrupt the man’s character as it does more often. Here, Henry Adams was indeed an honest man, used his fame to help his friend in need. Both gained wealth through the deal. Henry was able to keep his wealth abundant enough to pay short-term loans and marry the woman he loved.

Personal Finance Lessons In Classic Literature: 1. Spend less than you earn. 2. Buy more rationally. 3. Know the difference between needs and wants. 4. Don’t spend to impress others. 5. Create an emergency fund for times of unforeseen circumstances. 6. Minimize debt by paying your credit card balances in full or reduce your spending.

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