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Film Reviews, Financial Independence

5 Pieces of money advice from The Devil Wears Prada

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“Fashion is not about utility. An accessory is merely a piece of iconography used to express individual identity.” – The Devil Wears Prada

I am sure many of you have seen or heard of the film The Devil Wears Prada. It was released in 2006 and based on a book written by Lauren Weisberger in 2003. The film starred Anne Hathaway, Emily Blunt, Stanley Tucci, and Meryl Streep. The film was a financial success and grossed millions at the box office.

What really made it great was the dialogue in the film. If you can decipher all the quips in the film, you can get some valuable money and life advice. All fiction has some truth.

Check out some hilarious, but honest, dialogue from the film.

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This scene was particularly truthful and funny, but on point.

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Let’s see him actually use facial expression to get his point across. 😂

“Yes, because that’s really what this whole multibillion-dollar industry is all about, isn’t it? Inner beauty.”

So, with no further ado, I give you lessons I learned while watching the film The Devil Wears Prada.

Let’s go!

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SPENDING ON HIGH-END FASHION CAN MAKE YOU BROKE

I will not bore you with the details of countless celebrities who post their closets or other lifestyle choices on social media only to find out years later they are BROKE!

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I have reviewed and studied many bankruptcy filings over the years. For work when necessary. And outside of work to satisfy my curiosity.  In addition, to reading books on bankruptcies, I seem to notice the following patterns.

Tons of credit card debt (usually more than $25,000)

Huge mortgages (for celebs this can be in the millions!)

Exotic Automobiles (BMV, Range Rovers seem to be favorites)

Property liens (foreclosures and short sales)

Thousands owed to the IRS (several celebs such as Willie Nelson and Chris Tucker owed the IRS more than $10 million dollars!)

In the film, Andy (played by Anne Hathaway) gets a job as the second assistant to Miranda Priestley (played by Meryl Streep) and works with the first assistant Emily (played by Emily Blunt) and staffer Nigel ( played by Stanley Tucci).

They regularly and casually name drop designer labels such as Tom Ford, Yves Saint Laurent, and Oscar de la Renta.

If you look up any of these haute couture designers, you will find clothing that ranges $500 to $10,000. You could drop $25,000 in their establishments in a single visit easy. The fact that you could turn that money into a fortune from investing is lost on those that buy these clothes.

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I am not saying not to buy clothes. I am not saying not to buy designer clothes. What I am saying is that I need people to recognize that if you truly cannot afford to spend like the Queen of England, then you should act your wage. Buy what you can afford. If you want pricey clothing items or fancy toys, then buy them when you have made your first $1 million or second, but not before.

See my post Name brand labels or fat stacks? You decide.

JOB OR CAREER

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If you ever watched that Chris Rock comedy special where he talks about the difference between a job and a career, then you understand what I mean by this.

A job pays the bills.

You watch the clock waiting for it to hit 5 o’clock and rush out of work like the building is on fire.

With a career, there is never enough time. You don’t watch the clock. You work for the sheer joy it brings you. The paycheck is a bonus in recognition of and a result by dint of hard work in excelling at what you do because of your drive and passion.  

In the movie, Andy is working in this job to land a bigger and better one down the road. That is all well and good, except for the fact that Miranda is a slave driver.

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Emily: A million girls would kill for this job.

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See my post Jobs that pay $70,000 a year

MANSIONS OR STUDIO APARTMENTS

If you do some research, you can find what are the most expensive zip codes in America and the world.

According to Forbes, this would be 94027 in Atherton, CA where the median price of a home is $9,686,154.

You see the stark contrast of living conditions in the film. Andy lives in a small walk-up apartment in New York, while Miranda lives in the modern day equivalent of a palace with several floors and spacious rooms that could easily set you back for $2 million in New York.

One of the biggest expenses in any budget is housing. The trifecta of expenses is housing, food, and transportation.

While listening to a podcast on BiggerPockets, I learned about house hacking.

House hacking is when you live in one of the multiple units of your investment property as your primary residence, and have renters from the other units pay your mortgage and expenses.

If you can cut your expenses in this area, you are g2g (Good to Go). 😉

Please do not get caught up in the zip code and school district rat race. I say this because people will buy properties they cannot afford in good school districts and pay astronomical property taxes instead of investing that money. This can lead to retirement shortfalls if you are not careful.

My advice is to buy what you can afford and save the difference. Truth be told, when I looked up profiles on Facebook, I noticed that folks I knew that went to private school ended up going to the same colleges as everyone else including myself.   

Matter of fact, I know folks that were “C” students in high school and still managed to eke out an existence and graduate from a flagship university while some private school kids went to second tier state schools. Go figure.

See my posts

Why I think college should only be 8 months

Home Buying: Survival of the Fittest Wallet

Less Home, More Wealth

You could live in a safe but affordable neighborhood, drive Hondas, and put that money to work in a 401k or 529 college savings plan instead of paying high mortgages and property taxes. That would pay for college right there. I’m just saying.

BEAMERS, BENZ, AND BENTLEYS

There was a hilarious scene in the film where she tells Andy not to take public transportation. EVER!

I cannot say I agree with this. Let me tell you why. Public transportation can save you thousands in annual costs sue to lowering the cost of mainteannce and repair bills on your car. You could also forgo a car all together and have no car payment or maintenance and gas to deal with!

See my post Are car loans worth giving up $1 million dollars?

PEOPLE ARE THE GREATEST ASSETS

So, many people are working the 9-to-5 grind and in the rat race living check to check, but at the end have very little to show for it. Nothing in savings. Nothing in retirement. Nothing in the bank period.

For every dollar you earn, I suggest you find a way to stash away 5% of what you earn and slowly start increasing your savings rate monthly or annually by 1% or more. This will get you in the habit of saving and also allow you to start building an emergency fund.

See my posts

The greatest assets are people

Money and Life Lessons I Learned from Mr. T

During the film, Andy talks about getting some amazing job as a writer. However, this job is all about paying her dues.

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You do not get something for nothing. You have to give to get. That’s the bottom-line.

Building strong relationships is to key to growth and a happy life. People rarely look back and say I wish I could have worked more!

Take pictures today. In 20 years, you will be glad you did. In reality, people think more about the things they didn’t do instead of the things they actually did.

So, stop and smell the roses while you can. Right now! Bend down and smell the flowers, take that trip, go visit family, make those phone calls, send that email, write that letter, hit send on that text message and stay in contact with those you love and care about.

No one cares about who dies with the most toys. People care about what type of person you are.

If you remember that episode of Golden Girls, Sophia wanted to know who would show up at her funeral, so she spread the word of her passing.

The people who show up are the ones who care.

Your legacy is not built in things, but lasts in the minds and memories of the people whose lives you’ve touched or changed in some significant way.  

Money will not and cannot buy true friendship or loyalty. If you are watching the news right now, you can see that for yourself firsthand with Michael Cohen.

Focus your energy on doing good things and good work so you will not ever have to look back and regret.

You will only look back and smile.  

Budgeting, Financial Freedom, Saving

It’s a Suit, Tie and High Heel City

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Concrete jungle where dreams are made of there’s nothin’ you can’t do. – Jay-Z featuring Alicia Keys Empire State of Mind


Women and high heels.


It is a love affair that has been raging on for 500 years. Since about the 15th or 16th century.


Those 3-inch spiked heels and peep-toe pumps can really turn heads.


“It is better to be looked over than overlooked.” – Mae West


However, is that what you really want? Or is it something more to it than that?


Here are some women in pop culture that regularly work, dance, sing, wear, perform, and even workout in high heels.


Let’s take a look.


Nicole Scherzinger – estimated net worth $8 million (she was known to run on the treadmill in heels)

Shakira – estimated net worth over $80 million (she is known for her belly-dancing skills)


Victoria Beckham – estimated net worth over $100M (Posh Spice loves her some heels)


Beyoncé – estimated net worth over $350 million (performs in high heels while doing intense dance choreography)


From what I gather, the high heel is all about power.


In what way you ask?


Keep reading and find out.


WHERE THE HEELS HAVE A NAME

And the Clackers just worship her. They call them Clackers, the sound that their stilettos make in the marble lobby. It’s like, “Clack, clack, clack”. – Anne Hathaway in The Devil Wears Prada


Clackers are characters in The Devil Wears Prada. They are known for the clacking noise their stiletto heels make against the marble floors of the fictional Elias-Clark.


One of the biggest cities in the world, Manhattan, in New York is known as much for its power lunches and business suits as it is for women decked out in sky-high heels.


A business and fashion capitol of the world. It is also known as a concrete jungle. And the Empire state.


However, you have to pay the cost to be the boss.

A custom made bespoke business suit can cost anywhere from the low thousand-dollar range on up to $5,000. Regardless, if you are in New York buying a Tom Ford three-piece suit, or across the pond in England buying from Henry Poole & Co on Savile Row.


And women’s shoes are no exception.


When a Manhattanite was asked why women wear heels, she says the power is everything. The reason why women wear shoes that hurt their feet is about POWER.


I read online that a Manhattan woman was quoted in the New York Times saying “Low shoes are for those who give up. If a woman cannot wear heels, can she really take over the world?”


“Give a girl the right shoes, and she can conquer the world.” – Marilyn Monroe

You saw how crazy in love women can get with their heels on Sex and the City.


At one point, Carrie Bradshaw (Sarah Jessica Parker) was regularly dropping some serious coin on the likes of Jimmy Choo, Manolo Blahnik, Christian Dior and Christian Louboutin. Anywhere from $300 to $1,000 a pair!


If these boots were made for walking, then she was usually in heels.
Remember this iconic newspaper dress. Well, those shoes are Louboutins.


WHY SO HIGH?


That’s a great question.


I actually read a book about finance and in the book it discussed women wearing heels while working as cocktail waitresses. Particularly in casinos. When asked why they wore heels that obviously hurt their feet and back, they replied, “bigger tips.”

The higher the heels, the better the pay.

Even with this fact, statistics say at least 40% of women have given heels up.

So, basically it’s all about money. As a study reported, taller people or at least those that look taller make more money. Like $800 or more per year. Go figure.


WHAT DOES IT COST TO LOOK THIS GOOD?


“I like my money where I can see it – hanging in my closet.” – Carrie Bradshaw


Glad you asked.


As an extreme example, we will use a reference by Carrie Bradshaw.


Remember that episode where her building was going co-op. She had to come up with a down payment or lose her home. An apartment in a great location.


She told her friends Samantha, Miranda, and Charlotte (Kim Cattrall, Cynthia Nixon, and Kirsten Davis) that she didn’t have the money.


When prompted why she didn’t she stated she wasn’t sure where her money was going.


They tallied up her shoe addition.


Those Jimmy Choo’s ain’t cheap after all.


At $500 bucks a pop, she owned maybe 30 pairs. She then gasps, and clutching her chest she says, “I spent $15,000 on shoes!


That is a down payment on a home or rental property.


Using the rule of 72, with a 12 percent interest rate she could have doubled her money every 6 years! In 18 years, that $15k is worth $120,000! In 48 years, that’s $3,840,000!


Come on, Carrie. I need you to spend more wisely. And follow your own advice.


“Beauty is fleeting, but a rent-controlled apartment overlooking the park is forever.” – Carrie Bradshaw


BUT DOES IT SCALE?


Buying all those shoes I mean.


Scaling can mean a lot of things, but in this case I mean making best possible use of the resources we have and amassing wealth. Can we also do better things with our money ethically?


If she was a costume designer, and she got paid to shop and was paid in shoes and money. Then yes.


However, since someone else isn’t footing the bill, that money is coming out of your pocket. Gone forever.


According to philosopher Kant, there is no greater good to come from this.


If buying shoes was a hobby she turned into a business, like taking all those heels and putting them all in one marketplace online for resell with an upsell. Then using that money for a better purpose.


That’s money in your pocket. More is coming in than going out.

Saving equals success.


WHERE CAN ALL THOSE SAVINGS GO?


Another great question!


I’ll tell you.


But first…


A few questions for you.


• What interests you?
• Do you want to earn money?
• What do you like to do with your time?


Once you have a starting place, you can go from there.


Therefore, if remodeling, decorating, scrapbooking, sports, or the ballet interest you, then maybe you should consider putting your money into those things.


You could place your money in REIT’s (real estate investment trusts).
These mutual fund stocks allow you to invest in real estate without doing all the work of managing a property or paying property taxes on it.


Like to play sports?


How about investing in sports teams.


You may not be an owner like Jerry Jones, but you can certainly buy stocks in sporting equipment or businesses that own sports teams. For instance, owning shares in a publicly traded team like the New York Knicks.


You can also buy sporting goods stores who sell retail merchandise and apparel. Like Dick’s Sporting Goods, Foot Locker, or Nike and Adidas. On the New York Stock Exchange (NYSE), the Nike shoe brand is listed as NKE.


Are you interested in the arts?


You can donate to charities like libraries, hospitals, and museums.
For example, the Metropolitan Museum of Art or “The Met” in New York City.


Founded in 1870, its statement reads: The Met “collects, studies, conserves, and presents significant works of art across all times and cultures in order to connect people to creativity, knowledge, and ideas.” The art and library is accessible to anyone and you can make any donation you wish. Anything will do.


You can also donate to your local library or other places that are close to your values because the best thing you can do with your money is put it where your values are.