Guiding consumers since 2009

Five personal finance lessons we can learn from leprechauns

By Staff Writer

Happy St. Patrick’s Day! Guinness, stew, four leaf clovers, beating England in cricket and leprechauns are all things that come to mind when we say ‘Ireland’. 

Today we’d like to focus on Leprechauns, though.  Reason being, there’s actually quite a bit we can learn from these crafty creatures when it comes to personal finance. Don’t laugh, read on…

1. Leprechauns like to hoard and they guard it with all their might. Lesson: save!

Leprechauns are known for guarding their pot of gold like, well, gold. They don’t spend their gold and they even have magic powers to disappear if they get caught and somebody wants to force them to reveal where they have hidden their gold.

From this we can learn that it’s important to save whatever we can. Obviously nobody should be a miser, but saving is important and even if you think you can’t afford to, putting a little bit aside will help.  Read more of our tips for saving, there really is no excuse.

2. Leprechauns might have pots of gold, but their clothing is never fancy. Lesson: don’t overindulge on irrelevant material things but don’t sacrifice the things that really matter.

Leprechauns don’t spend their gold on fancy clothes or, anything really. There are two lessons we can learn from this trait.

a) Don’t’ spend on unnecessary material things like designer or brand labels or anything that you don’t really need. Keep it simple, stick with the basics and only spend money on what you actually need, not on your wants.

b Don’t compromise on what is important. Things like medical aid, insurance and retirement. These are three things which you should spend money on.  Some things should never be compromised so make sure you have a good medical aid, retirement annuity as well as a good deal on insurance.

3. Leprechauns are craftsmen, usually shoemakers and they work really hard.   Lesson: put in the hard yards, be patient with savings and investments.

Leprechauns work really hard to earn their gold and they are willing to put in the effort to fill up their treasure pots.  The lesson here is that if you are saving and investing, don’t expect results over night. It takes time for investments to grow and for lump sums to gather interest.

Keep on putting money away and keep working towards your goal patiently. It’ll be worth it in the end.

4. Leprechauns love gold and if they are caught, they have to reveal the location of their pot of gold or give their capturer three wishes. Lesson: diversify your portfolio.

This is a very good lesson to learn from leprechauns. They don’t really hoard any treasures other than gold and legend has it, if you catch one, they have to reveal where they have hidden it.  That is, of course, if you can keep your eye on them for long enough.

That’s bad news for leprechauns who get caught, they can lose everything!

The same goes for your investment portfolio.  Don’t keep all your eggs in one basket, explore different options when it comes to investments. From gold to unit trusts, property and other investments, get a slice of a couple of different pies, just in case something goes bust.

5. Green is a good colour on anyone, even if you’re a ginger.

The most important thing we can learn from leprechauns is that green is a good colour and while it’s never wise to worship money or to say you hate it, money should be respected.   We might not all be rich one day, but if we manage our money properly, we can live comfortably and without any stress.

We here at Justmoney.co.za are will always try our best to help wherever we can. And hey, we’ve even got a green pig!

Recent Articles

Featured Can you take out vehicle finance on an old vehicle?

As it turns out, creditors have several concerns regarding cars older than 10 years. Justmoney has a look at why creditors are sceptical of older vehicles and what you can do to get around this.

Should you have a living will in place?

When you hear the word will, the only thing that comes to mind is the document that states who is going to inherit you property when you’re dead. But have you thought about who’s going to decide what happens to you when you become incapacitated? A living will can help you do just this.

Know the difference between a loan and a credit facility

Choosing the correct product according to your needs is critical in making smart financial decisions. Credit options can be separated into two main categories – loans and credit facilities. But for some people, the lines can be quite blurred between the two.

Is property a good investment?

It’s good to consider whether property is a good investment. Justmoney spoke to numerous specialists to find out whether this is the case in South Africa.

Deals

DaVinci’s on Kloof Students Discount

Price: Available on request
When: Daily
Where: Cape Town

Ghandi's Backpackers and Guest Lodge 10% Discount

Price: Available on request
When: Daily
Where: Johannesburg

Fairway Hotel Happy Hour Special

Price: Available on request
When: Until 13 December 2019
Where: Johannesburg