All I Really Needed to Know About Managing Money I Learned From Music

by: Debbie Dragon

http://www.destroydebt.com/articles/all-i-really-needed-to-know-about-managing-money-i-learned-from-music.html

All I really needed to know about managing money, I learned from music. Personal finance knowledge didn't come from school or family – it came right from the song titles of some of the most popular songs of all time. Here are 28 things music teaches us about better money management:

1. You Can't Always Get What You Want - Rolling Stones
The reason most people find themselves in debt up to their ears is because they have forgotten what the Rolling Stones taught us. If you don't have the cash, then it's simple: you can't always get what you want. They didn't say, “put it on a credit card”!

2. Whole Lotta Shakin' Going On - Jerry Lee Lewis
If you do want something that costs money, you have to plan and save for it in your piggy bank. As Jerry Lee Lewis points out, when you save your money in your piggy bank and you've saved enough to get what you want- well then there's a whole lotta shakin' going on to get that change back out so you can spend it. But at least the shakin' means you have the cash to spend, which means you learned all about the value of saving to buy what you want rather than putting it on credit.

3. Let it Be - The Beatles
On the other hand, I think The Beatles taught us one of life's most valuable money management lessons. When you put money into a savings account, retirement or other interest-earning savings, Let it Be. The longer you leave it alone, the more money you'll have when you really need it.

4. Walk on By - Dionne Warwick
What do you do when you see something shiny in the window of your favorite shop? You Walk on By. Don't give in to temptation and buy things you don't really need. If you see something you feel like you have to have, give it at least 24 hours to think about it. If you still have to have it after 24 hours, go back and buy it then. Chances are, most items you'll decide you don't really need after you sit on it for awhile.

5. Bridge Over Troubled Water - Simon & Garfunkel
What do you do when you've spent more than you can afford on credit cards and loans? When you feel like you just can't keep up with your monthly payments any longer and your mind is constantly troubled with worry? You build a Bridge over that troubled water – get a debt consolidation loan or consider a home equity loan to pay down high interest debts and get a more manageable monthly payment.

6. Gimme Shelter - The Rolling Stones
One of the best investments you can make is in a home for your family. As The Rolling Stones point out in Gimme Shelter. Most homes will increase in value over time, which means the money you spend now can come back to you two or three-fold later on.

7. Family Affair - Sly & The Family Stone
Money management is a Family Affair. You can't create and stick to a budget unless the entire family understands the budget and the reason for having one.

8. I Fought the Law - The Bobby Fuller Four
Sometimes people think they can get away with changing some numbers on their IRS Tax forms to avoid paying the taxes they owe. Just remember, when the Bobby Fuller Four fought the law... and then years later, when Green Day attempted the same thing- The law won. Do you really want to ignore the lessons in money management found in this song?

9. Stayin' Alive - The Bee Gees
Most people find themselves in economically challenged times at some stage of their lives. Particularly now, in 2008, when the entire economy is suffering a bit, almost everyone is feeling the financial crunch. If The Bee Gees taught us anything though, it's that we are all just Stayin' Alive. Just keep working and doing the best you can to keep your income coming in, reduce your living expenses as much as possible and you'll stay alive until eventually...

10. A Change is Gonna Come - Sam Cooke
With carefully financial planning and budgeting, you can break out of the living paycheck-to-paycheck lifestyle and create a change for the better. When you live within your means, you're able to save money to cover emergencies and unexpected events. You'll have money for retirement and likely have funds reserved for vacations and other sources of entertainment.

11. The Gambler - Kenny Rogers
Kenny has offered to teach us all a lot about money management. As he so clearly explains in The Gambler, “You've got to know when to hold 'em, know when to fold 'em...” If you've gotten in too deep financially, sometimes you're only option is to fold 'em and walk away (or run). Bankruptcy is not the preferred method of money management, but it is an option when we've gambled and lost.

12. Rockin' In the Free World - Neil Young
Who says entertainment has to cost money? If you're working to pay off your debts and build up your savings – you can still enjoy a variety of entertainment for free (or close to it). Head to the library to borrow videos and books, have friends over for coffee instead of meeting at the coffee shop, and enjoy some rockin' free world entertainment that helps you hang on to your money.

13. Spoonful - Howlin' Wolf
A lot of us fall into the mentality that we have to have it all, when sometimes a spoonful will deliver the same results!

14. We Gotta Get Out Of This Place - The Animals
If you are renting an apartment or home and have some money saved to cover a downpayment and are working a steady job- you may want to listen to The Animals and get out of that place. It could be time to buy a home and let your housing payment invest in yourself rather than the owner of your apartment.

15. Chain of Fools - Arethra Franklin
Are you of the belief that if your family for generations has always been a little on the poor side that you will have to do the same? Not that I think families are “fools” for struggling with money, but if you feel you have no other option but to continue on the path of financial struggling- you could be a fool! You can break the chain of fools and learn responsible money management skills that can take you beyond what you ever thought possible. It takes discipline and...

16. Money Honey - The Drifers
You need money. You have to have some sort of income to make your dreams come true. There are living expenses to be paid, and entertainment to save for- not to mention preparing for your golden years when you no longer want to be working. In short, you need money, honey.

17. Shop Around - Smokey Robinson and the Miracles
Anytime you're in the market for a big ticket purchase, like an appliance, a home, or a car – you should learn from Smokey Robinson and the Miracles and shop around. This also applies when you are looking for new credit card offers because you can often get a better deal with just a little research.

18. What's the 411? - Mary J Blige
Hopefully, not your credit score! A credit score of 411 is on the very low (or very poor!) side of the FICO scoring system. Raising your credit score is something you should work hard to do, particularly if it's below 680. People with lower scores get higher interest rate credit card and loan offers, and are often denied when applying for new credit.

19. Money for Nothin' - Dire Straits
When you invest your money carefully, you end up making some money for nothing. The interest and returns on investment is like free money – but only if you know what you're doing. If you're new to investing, stick to the safer methods like CD's, employer sponsored 401K programs, and mutual funds with a balanced portfolio.

20. Can't Buy Me Love - The Beatles
Money can't buy everything, and it definitely can't buy us love. Just be careful if you live by MasterCard's rule of using MasterCard for everything money can buy. Make sure you can afford to pay off your monthly credit card bill each month and avoid carrying a balance to skip high interest and finance fees.

21. Everybody's Working for the Weekend  - The Hit Crew
If you keep your job just so you have money to go out with your friends on the weekend, you might be missing the bigger picture! While it's important to go out and have some fun, you need to have some goals and plans set for your future, which requires that you set some of that hard-earned money aside and not work just for the weekend activities.

22. Take this Job and Shove it - David Allan Coe
Are you working in a dead end job or one that sucks up all your time with little rewards? It may be time to take a good look at what you're doing and see if you can work towards a career promotion – or it may be time to look for a better job for a higher degree of Satisfaction as the Rolling Stones would say!

23. Money (thats what I want) - Barrett Strong
Having clearly defined goals is the difference between someone who makes something of themselves and someone who just gets by. If you say that money is what you want, you need to have a goal and a plan that will get you there. Without a map, or directions, you're probably going to end up with something else (like debt).

24. Help! - The Beatles
In addition to everything else the Beatles have already taught us about managing our money, the have also taught us it's ok to ask for help. In fact, when you're setting your financial goals, planning for retirement or wondering how you'll afford junior's college bill – even Joni Mitchell agrees it doesn't hurt to ask a financial advisor to “help me”.

25. The Times They Are A Changing - Bob Dylan
Inflation is the general rise in the cost of living over time. Bob Dylan warned us the times were changing, but is your income increasing at the speed of inflation? If not, you may find yourself struggling to make ends meet. Consider seeking out a higher paying job, or working a second job to put some savings aside.

26. Sign "O" The Times - Prince
The sign of the times are pretty evident when it comes to managing money. Technology makes it possible to set up automatic payments from your bank accounts, so that you'll never be late on a bill payment again. When the payment is due (or on the date you schedule the withdrawal), the payment is automatically deducted from your designated account.

27. School's Out - Alice Cooper
As teenagers, if you worked every summer when School's Out, and invested $2,000 per year for four years, ($8,000 total) into a Roth IRA you would have over one million dollars by the time you are 67 years old.

28. We've Only Just Begun - The Carpenters
Some people look at retirement as their “end”. They make all of their financial plans to sustain them through the years of retirement. But as the Carpenter's teach us, retirement is really just the beginning. If you plan appropriately, you can retire and enjoy some of the best years of your life – without having to work every day.