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You’ll often find enduring wisdom within the pages of classic novels, and if you look closely, you can apply these lessons to your own life and financial wellbeing.
As Penguin Books celebrates its 90th anniversary, take a moment to reflect and understand how you could apply timeless lessons to your financial plan.
Beyond introducing compelling stories and relatable characters, many beloved novels offer profound insights into human nature, decision-making, and principles you could apply to your financial life.
From Tolstoy’s sweeping War and Peace to the windmill-chasing world of Don Quixote, classic literature has much to teach us about navigating the world around us.
Here, explore how to enhance your connection to your financial wellbeing with these six insights.
1. Navigate the great tapestry of life with War and Peace
Leo Tolstoy’s epic, War and Peace, is a major work that, at first glance, might seem far removed from the world of personal finance. However, its sprawling narrative can offer valuable insights into leadership, human nature, and the sometimes unpredictable ripples of history.
In the world of financial planning, Tolstoy’s themes could resonate deeply. In War and Peace, he explores the interconnectedness of life, the unpredictability of war, and the search for meaning. In this instance, “war” could represent economic downturns or unforeseen life events.
The novel underscores the importance of a well-rounded life, where family and relationships are valued above all else. The suggestion here is that true wealth is about building a secure foundation that supports your loved ones, rather than simply accumulating assets.
2. Understand the perils of too much pride with Shakespeare’s tragic heroes
William Shakespeare’s four most revered tragedies, Hamlet, Macbeth, Othello, and King Lear, are key examples of how fallible humanity can be. These stories highlight the hero’s rise to power, but explore how their unchecked ambition, pride, and poor decision-making are what ultimately led to their eventual fall from grace.
Consider Macbeth, whose desire for power leads to his downfall. Or King Lear, who misjudges his daughters because of his pride. Othello’s jealousy results in the untimely death of his wife, and Hamlet’s indecisiveness and tendency to delay action results in tragic consequences.
In each tale, the hero’s fatal flaw costs them everything.
In the financial world, similar traits could manifest in potentially damaging ways, including:
- Making risky investments fuelled by overconfidence or poor guidance
- Not seeking professional advice when making major decisions
- Comparing yourself and your situation to those around you
- An unwillingness to adapt when circumstances change.
Shakespeare’s tragedies serve as a powerful reminder that even the most secure positions can crumble without self-awareness and a healthy respect for reality. This could mean taking the time to recognise your own biases, understand your risk tolerance, and seek expert guidance.
3. Recognise the manipulation of truth with Orwell’s Animal Farm
George Orwell’s allegorical novella, Animal Farm, is a powerful reminder of the dangers of unchecked power and the corruption that inevitably results. Notably, it highlights how easy it can be to manipulate language for propaganda and misinformation purposes.
When it comes to your finances, you could apply Orwell’s lessons in several ways:
- Be wary of “get rich quick” schemes or investments that sound too good to be true. The organisers of these schemes often use deceptive language and appealing promises to lure in unsuspecting investors.
- Approach news and media with a critical eye. It’s all too easy for a publication or news outlet to change the way they deliver a message, whether it’s to suit their own political agendas or appeal to a specific audience.
- Always do your research before taking action. Independently verifying information and approaching new financial opportunities with a healthy dose of scepticism could help you avoid disappointment later down the line.
Remember, your financial planning should be grounded in clear, transparent information, not persuasive yet hollow promises.
4. Embrace the spirit of enterprise like Around the World in Eighty Days
Phileas Fogg’s daring journey in Jules Verne’s Around the World in Eighty Days is a testament to the importance of meticulous planning, unwavering persistence, and adaptability in the face of unforeseen challenges.
Fogg’s methodical approach to his journey mirrors the discipline required for successful financial planning.
He has a clear goal, a well-thought-out strategy, and the flexibility to adjust when obstacles surface.
This represents the need for a comprehensive financial plan that includes realistic goals, a diversified investment strategy, and an emergency fund to navigate unexpected expenses. Your financial journey, much like Fogg’s, will undoubtedly encounter unexpected twists and turns, and the ability to adapt, plan, and persevere is key.
5. Recognise when idealism needs to meet reality, with a lesson from Don Quixote
Miguel Cervantes’ Don Quixote tells the story of an idealistic knight errant who bravely pursues his goals, often with humorous and touching results. The novel teaches the importance of imagination and passion when pursuing your goals, even if those goals are idealistic.
However, it also highlights the crucial need to temper idealism with reality and recognise when it’s time to adapt or abandon a pursuit.
In financial planning, it’s important to have aspirations and goals, whether it’s early retirement, buying your dream home, or funding your children’s education. These goals fuel you, but Don Quixote reminds us that these aspirations must be grounded in reality.
An overly optimistic investment strategy or an unrealistic savings plan could lead to disappointment and even financial setbacks. The ability to pivot when something isn’t going to plan is a valuable skill, perhaps the modern-day equivalent of knowing when to stop tilting at windmills.
6. Discover the dangers of narrow focus with Dickens’ Hard Times
Charles Dickens uses the fictional story of the Gradgrind family in Hard Times to critique the dangers of unchecked industrialisation, the suppression of imagination and emotion, and the limitations of a purely fact-based education.
The novel suggests that focusing solely on facts and quantifiable results can lead to social and personal problems.
For your financial planning, Hard Times offers a reminder that, while numbers and data are important, they are not the only factors to consider.
Adopting a strictly factual approach to finances, which overlooks personal values, emotional wellbeing, or the wider impact of your financial choices, can be restrictive and potentially result in a lack of fulfilment.
Here, taking a more holistic approach to wealth management could be key, particularly if it recognises the importance of balancing financial growth with personal happiness and the pursuit of a well-rounded life.
Bring it all together for a secure financial future
By reflecting on the wisdom contained within the pages of these classic novels, you can gain a deeper understanding of human nature, make more informed choices, and ultimately work towards building a life that is not only financially stable but also meaningful and rich in every sense of the word.
This is something we can help with.
Email enquiries@metiswealth.co.uk or call 0345 450 5670 today to find out what we can do for you.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
All information is correct at the time of writing and is subject to change in the future.