Five financial lessons from Game of Thrones

As Game Of Thrones comes to the end of its seventh series, there are many lessons we can learn from the hit HBO show. I’m not talking about incest (!), I’m talking about money. Beware, there might be some spoilers ahead.

“A Lannister always pays his debts.”

Team Lannister are always saying this. It’s pretty wise though. If you pay your debts you’re in a better position. Never get yourself into more debt than you can pay your way out of. In the show, Cersei is told that she will have the full backing of the Iron Bank once she pays what she owes. You don’t want to end up in a position of needing something from someone but not being able to attain it due to being in the red. Be your own ‘Master Of Coin’ to ensure you are in control of your finances.

Designate an heir

It’s a Stark (!) warning really. GoT sees battle after battle for the throne. Conflict is ripe and everyone wants to get their hands on the prize. If you get your affairs in order and ensure your wishes are written down in a will, if you die, property ownership, money and goods will be passed on properly, without a fight and free for all. If nothing else, Game Of Thrones shows how badly things can go if an heir isn’t organised properly. No one wants another Joffrey in charge!

Facing Dragons

This is when you need Bron to have your back. Jamie Lannister decided to charge at Daenerys, but her dragon defended her, almost giving the Kingslayer a new tan. Bron saved his buddy by pushing him into the water and sometimes you need that in life. Investors are sometimes called Dragons, but you don’t always want to get into business with them. The offer of money can sometimes put pound signs in your eyeballs but it’s so often too good to be true. Having someone watching your back, with ‘external’ advice can help you from getting in trouble, giving away too much of your company or signing a bad deal. On the flip side of this, the Mother Of Dragons wasn’t really anything before she had her ‘children’. She was wandering the desert as a widow. She used what assets she had to get to where she wanted to be and is now on the cusp of sitting on the Iron Throne. Use what you do have, wisely, to get what you want, whilst making sure folk have your back.

The Seven Kingdoms

Don’t ignore the rest of the world. Situations in different parts of the realm affect what happens at home. Whether it’s a Wall Street crash, a war or political issue, there can always be a knock on effect. We’ve seen it in Westeros, at The Wall and even on the Iron Islands. What happens elsewhere affects our monetary system, whether it’s the price of purchasing holiday money or the status of your lifetime savings account. Keep up to date on current affairs which could impact you and your investments. There’s no excuse; we have the internet, social media and 24 hours a day news. We don’t have to wait for the arrival of a raven.

Winter Is Coming

Well, winter is actually here this season. However, we had many previous episodes where winter was on its way. It’s never too early to start preparing for winter. I’m talking about two different types of winter here. The literal winter, the season which comes after autumn. With the cold, you’ll be paying more for heating so ensure you are on the best package available. If you insist on sticking with the same company, give them a call to double check you are on their best plan. If you’re happy to switch from one of the big six, there are plenty of smaller companies out there offering prices which will save you money.

I also want to cover the winter of life. How will you prepare for retirement? How will you afford to live when you’re the same age as Grand Maester Pycelle? Would you be able to afford the cost of a funeral if the worst should happen to a family member, and would they if something should happen to you? Don’t simply ignore the impending threat of The Night King. Winter will arrive. As it approaches, it’s wise to get plans put in place so life can continue.

So there you have it. A few monetary lessons from the phenomenon that is Game Of Thrones. Night gathers and now my watch begins. Enjoy the season seven finale!