Having a financial theme in music is nothing new (cue every song containing Cristal, Bling, Dolla’ bills and Grills). We have many heard many who have rendered their melodious voice on money-centric tracks – on wanting it, needing it, the power it provides or simply the pitfalls of unplanned spending. We combed through the lyrics of these eight songs to uncover the money lessons it offers music listeners.
1. “Billionaire” by Travie McCoy featuring Bruno Mars
And yeah I’ll be in a whole new tax bracket
We in recession, but let me take a crack at it
I’ll probably take whatever’s left and just split it up
So everybody that I love can have a couple bucks
When people make more money, they naturally want to spend more money in fulfilling their various needs and desires that they have – by making extravagant purchase and indulging in a lavish lifestyle. This is very human and might seem like the right thing to do. And obviously with more income, you pay more taxes. However, simply sharing your wealth out with your loved ones should not be the way to spend the wealth.
Perhaps it would be wiser to put the money to good use by investing it somewhere suitable and make it yield even more money for us. By doing so, we can preserve our wealth and sustain our spending power for a longer period and most probably invest in something long-standing like a house.
2. “Ka-ching!” by Shania Twain
When you’re broke go and get a loan
Take out another mortgage on your home
Consolidate so you can afford
To go and spend some more when
You get bored
This is clearly a wrong message when it comes down to the thought that when you are out of funds, you can go get a loan so that you can continue spending. A loan should be the option only for big ticket purchases like a house, car or business – not for just simply everything under the sun.
Wasting money is incredibly easy and unfortunately, it can be also too easy to take up loans to finance a wasteful spending habit! Individuals who are materialistic and financially irresponsible will go to drastic lengths, including risking foreclosure on their home to buy things that they might not use at all at the end of the day. These people waste money and probably throw away hundreds or even thousands every year on impulse purchases and other money pits.
This is not just a bad habit, but a dangerous one. If you are willing to take out loans, credit and even re-mortgage your home just to buy more fancy things then you will soon find yourself in a very dangerous situation.
If you look close enough, many items in your budget can be probably be dropped off completely or at least lower your spending on. With a little thought put into your spending and saving practices, you can easily overcome overspending and start making your money go further rather than melting it away.
3. “Price Tag” by Jessie J
It’s not about the money, money, money
We don’t need your money, money, money
We just wanna make the world dance,
Forget about the price tag
Ain’t about the (uh) cha-ching cha-ching
Ain’t about the (yeah) ba-bling ba-bling
Wanna make the world dance,
Forget about the price tag (OK)
This song depicts money may not be the most important thing in the world. For many, money is equally important to the air they breathe. That thought does not make them materialistic fools, they just simply understand the true value of money. Money gives you freedom and choices. You can decide where and how you want to live when you have sufficient financial resources. On the other hand, when you do not have much money, your choices will be limited. You will have to do with whatever you have.
So, how much money do you really need? The answer lies on your current lifestyle and what your future financial goals are. The best way to achieve your financial and lifestyle goals is by making your money grow for you by investing it according to your risk appetite and time horizon.
4. “Diamonds are a girl’s best friend” by Marilyn Monroe
But I prefer a man who lives
And gives expensive jewels.
A kiss on the hand
May be quite continental
But diamonds are a girl’s best friend
A kiss may be grand
But it won’t pay the rental
On your humble flat
Or help you at the automat
Nobody can deny that money gives them happiness, pays their bills and gives them the purchasing power to get anything their heart desires. However, money should not be the benchmark to gauge happiness. The secret to happiness (most of the times) has nothing to do with money. We all make the same mistakes when it comes to money – thinking the more we earn, the happier we will be. We turn to be selfish and literally chase after money.
If you really want to buy yourself a more fulfilling life, it is a state of mind and completely within your control regardless of your financial situation. You can have happiness right now regardless of your finances or what’s going on in your life because happiness is a choice. Diamond could be a girl’s best friend, but definitely not her soulmate.
5. “Money, Money, Money” by Abba
I work all night, I work all day, to pay the bills I have to pay
Ain’t it sad
And still there never seems to be a single penny left for me
That’s too bad
In my dreams I have a plan
If I got me a wealthy man
I wouldn’t have to work at all, I’d fool around and have a ball…
Many of us work so hard but never seem to be getting ahead financially. We then assume that having a wealthy spouse will give us the financial freedom we are looking for.
However, gone are the days of relying on your spouse for your financial future – or depending on anyone at all from parents to friends to financially support you. It does not matter how old you are, whether you are single or married, or you are a novice investor, you must take full control of your finances. Your personal finance is your personal responsibility.
At each stage in life, you must take ownership for your own money. The minute you depend on anyone else to handle your finances, you hand over the control of your financial destiny to that person. When you are not in control of your money, you will forever be at their mercy. There are many resources available to assist you in managing your money wisely.
When you are, you have equal power and are just as much in control as your better half is. You make decisions as a team. Your spouse is a companion to share your life with. They are not and should not be your financial plan. Together you can build a beautiful life financially with honesty, transparency and equal participation.
6. “Taxman” by The Beatles
(If you drive a car, car)
I’ll tax the street
(If you try to sit, sit)
I’ll tax your seat
(If you get too cold, cold)
I’ll tax the heat
(If you take a walk, walk)
I’ll tax your feet
(Taxman)
Understanding what tax category you are under and what you are being taxed for is not enough. You also need to know what are the tax reliefs, rebates and exemptions that you can entitled to, because taking advantages of this means more money in your pocket every year. Make sure you are claiming all other available deductions in a way that ensures you pay the least amount of taxes possible. Less taxes means more money to channel into savings or investments.
While there are songs that mislead us on money, songs like this depicts the actual truth when it comes to finances:
7. “Bills, Bills, Bills” by Destiny’s Child
Now you’ve been maxing out my card (card)
Gave me bad credit, buyin’ me gifts with my own ends
Haven’t paid the first bill
You are completely awed by marriage and fall in love with the idea of combining your income, investments and financial accounts with your spouse. If your relationship eventually comes to an end, you can end up less financially secured than you would have been if you had kept your finances separate. Keep your income and investment accounts separately. But, you can still share expenses of the family out of a joint account into which you both contribute to.
Many money related problems can be alleviated with some basic financial literacy. Financial literacy is something we can benefit from at all stages of life. From saving for house down payment to retiring financially strong, many have financial anxiety and are looking for answers. This lack of financial knowledge presents serious barriers in home purchases, retirement planning, and investment, among others.
While there are no one-size-fits-all solutions to every monetary situation, knowing a few fundamentals could do wonders for your finances and your peace of mind. Developing financial literacy skills can help you make those financial decisions with confidence. Making thoughtful and informed decisions about your finances is more important than ever.
