A lot of songs today revolve around heartbreaks, falling in love and all the yada yada around romance! Sometimes they even talk about money. In fact, most popular songs have money lessons to teach us. But now, we’re not looking into just any song. We’re going to focus on country music specifically. Why? Are you living under a rock? It’s International Country Music Day!
While in good conscience, we suggest you don’t solely rely on country music for your financial planning advice. But this much we can promise you, that your playlist will help you stay on the right track if you listen to the right songs. Here are a few financial lessons from country music.
Make the most of good times
Artie Hemphill and The Iron Horse Band performed the song ‘Makin’ Hay’ in Nashville, their cover of the song actually contains pearls of financial wisdom.
The song lyrics go, “Makin’ hay while the sun is shining, got to take that chance, Miracles have their own sense of timing, got to be ready to make hay, While the sun is shining.”
While the song is mostly about romance, the lessons apply to personal finance too. How? People should focus on making hay in their peak earning years. For most people, this will be in their 40s and 50s, but entertainers, artistes, sportspersons and others may experience an earlier peak. This is when you should take the chance and start saving and investing—when you are at the top of your career.
Be wary of over-the-top promises
Have you heard of George Strait’s ‘Ocean Front Property’? It was a big hit, if you haven’t, what are you waiting for? Go listen to it now! A few lines from his song include, “I got some oceanfront property in Arizona, from my front porch you can see the sea. If you’ll buy that I’ll throw the Golden Gate in free.” The lines are meant to emphasize catching real-life investment scams that are often harder to spot.
So, as an investor, you should also be wary of sales manipulation. A salesperson’s job is to get the product sold! They don’t always do what is in your best interest. So, it is super important to have a trusted adviser who will act in your best interest. Be super careful when large sums of money are involved or when you’re looking into a long-term deal.
Everything happens for a reason
Luke Bryan’s ‘Rain Is a Good Thing’ talks about maintaining perspective. The song reminds city-peeps that the rain they complain about is what farmers celebrate. More like one man’s trash is another’s treasure. While days may seem bad on the surface, it is essential for growth. This is also true when we talk about money. When you invest long term–remember that there will be market pullbacks, but these will work in your favor and create buying opportunities for you.
Expect the unexpected
Tim McGraw’s song ‘Live Like You Were Dying’ talks about a 40-year-old man who receives a terminal diagnosis. But instead of whining about it, he uses the opportunity to evaluate what time he has left. The lyrics even talk about the bucket list he made which included skydiving and taking the time to be a good husband, father and friend.
The song is more like a piece of advice to live life to the fullest. But the song serves as a reminder that we may have less time than we think we do. And we should be properly financially prepared for anything. Ensure to have completed will, life insurance and an estate plan in place. It will give you peace of mind, even if you don’t yet need to “live like you were dying.”