The one show that it seems everyone has binged lately is “Tiger King,” a Netflix documentary about the bizarre world of the people who own and raise big cats. Its popularity is due in no small part to its cast of eccentric characters, which include sleazy millionaires, quasi-cult leaders, former drug lords and ex-convicts. Its star is Joe Exotic, the self-appointed “Tiger King”, a big-cat loving wannabe country western singer with two husbands and a thirst for the spotlight.
It’s no secret that the biggest draw of the series the increasingly bizarre story that plays out. However, strip away the eccentric subjects and you have a cautionary tale about what not to do if you want to succeed financially. Here are six financial lessons we learned from watching “Tiger King”.
Honesty is the Best Policy
It’s safe to say Joe Exotic isn’t known for his honesty. Over the course of the series, he says and does almost anything to bring in more money and keep himself in the spotlight with little to no regard to truth.
Several times throughout the show, Joe says that other people don’t remember interactions they’ve had with him correctly, which is news to the other people in question. He also denies he’s broken any laws, even when it’s apparent he has. Even more sinister, over the course of the series he enters into at least one shady business deal to keep his zoo open.
When dealing with finances (or anything else) you’re better off being honest. If you do find yourself having trouble paying off a loan or struggling with debt, talk with a lending advisor. They might be able to help you refinance your loan, consolidate your debt, or show you how to skip a payment on your loan so you can get back on your feet again.
Keep Your Finances in Order
Of course, one of the reasons Joe Exotic keeps getting into shady business deals is because he is a terrible business owner. He has flamboyant clothes, a fancy truck and produces music videos of himself, but his zoo operated on a shoestring budget, and he spent thousands upon thousands of dollars fighting legal battles and launching election campaigns.
While you shouldn’t feel you have to live a life of austerity, you should live within your means. Set up a budget, so you know how much you can afford to spend on the things you enjoy versus what you need. While you’re at it, build up your savings account so you have something to fall back on if you do run into financial trouble.
Confidence is key to Success
While Joe Exotic has a lot of flaws, he has supreme confidence in himself. Most people would be overwhelmed by the prospect of creating a zoo, let alone becoming a media star, but Joe takes on all these goals enthusiastically.
That kind of confidence can take you far, especially in the world of finance, where the terminology and mathematics can intimidate a lot of people. When you create a budget, for instance, don’t be afraid of what you’re going to find. Instead, be confident that you’re getting a better handle on what you spend every month and remember that many financial institutions, including First Alliance Credit Union, have a lot of advisors that would love to help you out.
Vet Your Business Partners
When Joe Exotic signs his zoo over to Jeff Lowe, the tension between the two partners reaches a fever pitch. They fight over expenses constantly, and while Jeff thinks Joe is recklessly spending and concerned only about himself, Joe thinks Jeff is being a dictator and trying to take the zoo for himself. It’s obvious that the two of them had very different ideas about their partnership.
Don’t fall into this trap. If you decide to be a financial partner with someone, make sure to investigate them thoroughly. Make sure they have a reputation for being honest with other partners and that they aren’t in any financial trouble themselves. Most importantly, make sure your financial goals and processes mesh well.
This even extends to financial institutions. If you want to get an auto loan, for instance, you might want to see if any of the financial institutions you’re considering have a good reputation for auto loans. One of the best ways to do is is check sites like Google Reviews or Yelp.
Don’t try to Kill Your Business Rivals
Seriously, just don’t.
Tame Your Finances With First Alliance Credit Union
The Tiger King series has a lot to teach people about money, as well as the insane world of big cat owners. While you may not be interested in owning a big cat or running your own zoo, you can look at the missteps Joe Exotic and his friends have taken and learn some valuable lessons from their experiences.
You can put the lessons you’ve learned from Tiger King into practice when you become a member of First Alliance Credit Union. Put aside money for a rainy day in a traditional savings account, invest in your future by opening up an IRA, or use a personal loan to consolidate your debts. For more information, you can listen to our Good Money Moves episode that goes in-depth on how to pay off debts.
