MONEY INTELLECT
The Work from Home Blog

One of my favorite all-time movies is the original “Will Wonka and the Chocolate Factory”, starring Gene Wilder. Even though it was a box office flop it has become a cult classic. It’s a fun movie to watch with the kids, and surprisingly well done. But there is something else about the movie that makes it one of my favorites, and that is the character Veruca Salt. Veruca Salt is the spoiled daughter of a nut magnate, and the second of the 5 children to score a Golden Ticket.

What Can Veruca Salt Teach Us About Debt?

Veruca exemplifies two of the biggest problems we have in society today;”instant gratification” and “entitlement”. In the movie Veruca absolutely must have a Golden Goose and boldly states “I want it now”. That statement has become all too common with our children and even with most adults. No longer do people want to save for something they want. They simply have to get it now, and the credit card companies are more than happy to oblige. Waiting is no longer a viable option. That by itself has caused hundreds of thousands of folks to dig themselves into debt. Debt that they cannot afford to get out of.

If your goal is to eliminate debt than you need to get rid of “instant gratification”. Yes, it’s easier said than done, but here are a few tips to help you.

Think Before You Buy: Do you really need it, or are you just wanting it? A jet ski is a want, whereas groceries is a need. Can it wait until you have cash to buy it? Can you get a better deal if you buy it cash? Have you considered the interest payments, and debt payments you will incur? Is this purchase moving you closer to being debt-free?

Talk it Over: Talk it over with your spouse, significant other, a parent, or a mentor. Sometimes a different perspective will help you realize you don’t really need what you think you gotta have. Keep in mind, however, if the person you are talking to is also an “instant gratification” type then talking to them probably won’t help.

You Don’t Deserve Squat!

Veruca Salt did not find the Golden Ticket herself. Her dad had factory employees work 5 twenty four hours shifts searching for the ticket. She felt she deserved a Golden Ticket, and was not going to stop screaming, and yelling at her dad until she got one. She believed she was entitled to one of the prized tickets, because of who she was. Too bad Dave Ramsey wasn’t her dad. He simply would have told her ” You don’t deserve squat”. People from 6 to 60 often feel they are entitled to have this and have that. If that happens to be your attitude I can tell right now you won’t get very far personally, professionally, or financially. Veruca herself didn’t get very far. It fact it was Charlie who ended up with the Chocolate Factory. He worked hard to get the ticket, took care of his family, and for a kid had a tremendous amount of integrity. It’s not surprising those same qualities are shared by many successful individuals.

Here are some tips to help you overcome your sense of entitlement.

You don’t deserve squat: Highly unlikely someone is just going to give you what you want. And if they did (ie. government) do you really want it. Would you not rather earn it and be proud of the fact that you did it yourself?

Develop a Sense of Pride: Doing it on your own takes courage. Working smart, and hard to get what you want will develop your character, and your sense of pride. These are character traits that will serve you for the rest of your life.

Avoid the Victim Mentality: Stop acting as though your situation is the worst in the world, and that everything happens to you. This makes you incapable of acting on your own, and makes you unaccountable for your own actions, and decisions. You are responsible for you.

Make the Right Decisions: Your past choices and decisions have put you where you are now. Your choices, and decisions now will either keep you there or move you forward. Remember, if you get up every morning and make the same decisions the result will always be the same.

So there you have it, my take on “Willie Wonka and the Chocolate Factory” and how Veruca Salt can indeed help you understand personal finance a little bit better.

I welcome your comments, and if you have a movie you think can teach us something about personal finances add it in the comments below.