“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.
This scene was particularly truthful and funny, but on point.
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!
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!
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.
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
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.
Emily: A million girls would kill for this job.
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
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.
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.
