Schitt’s Creek: 13 Valuable Money Lessons We’ve Gathered from the Hilarious Series”
My wife and I thoroughly enjoy indulging in episodes of Schitt’s Creek when we’re in need of a good laugh. For those who haven’t had the pleasure, it’s a brilliantly comedic sitcom available on Netflix that follows the Rose family’s adventures as they navigate life after losing their immense fortune.
But amidst all the uproarious silliness, there are insightful financial lessons to glean. Here are some of the top money lessons we’ve picked up from watching Schitt’s Creek.
- Fleeting Wealth In Schitt’s Creek, the Rose family had all the wealth one could dream of – multiple mansions, luxurious furs, extravagant jewelry, and the ability to travel at will. Their troubles began when Johnny Rose entrusted his business partner with paying taxes for their video store company. Instead, his partner embezzled the money, and the Roses had all their assets seized by the government. All, that is, except for the quirky town of Schitt’s Creek, which they had previously bought as a joke.
This kind of misfortune is, to some extent, preventable, but it serves as a stark reminder that unfortunate events can transpire at unexpected times. Poor business decisions, serious health conditions, or natural disasters could potentially impact your wealth.
Being prepared for these situations is crucial, and having a substantial emergency savings fund is essential. Consider how you would start anew if you lost your job or a significant portion of your investments.
- Discover Your Passion After moving to Schitt’s Creek with virtually nothing to their name, Johnny, Moira, David, and Alexis had to start from scratch, figuring out how to earn a living and cover their living expenses. Over the course of the series, all four of them discover and follow their passions. Rather than settling for any job that would take them, they pursued what they genuinely loved.
David established Rose Apothecary, a boutique selling locally-made products, something he’s genuinely passionate about. Alexis ventured into public relations, utilizing her marketing expertise. Moira’s love for acting led her to secure appearances and acting roles. Johnny immersed himself in the motel business, employing a franchise business model he excelled in.
Whether you’re starting over or simply searching for the perfect job, seek something that brings you joy. Working for a company that doesn’t make you happy can affect all areas of your life. Find your passion, and then explore how to turn it into a source of income.
- Diversify Your Investments When Johnny Rose purchased the town of Schitt’s Creek, it was initially meant as a lighthearted jest. Little did he know it would be the only place they could reside after losing everything else.
By diversifying their investments into different types of real estate, they managed to survive. While all their other mansions and assets were confiscated, the town they’d bought on a whim remained. If they hadn’t invested in Schitt’s Creek, they might have ended up with absolutely nothing.
This underscores the importance of diversifying your investments to weather challenging times. Spread your assets across various stocks, bonds, funds, real estate, and non-traditional investments. When one category experiences a decline in value, another may flourish.
- Cut Living Expenses After losing their savings and assets, the Roses had to rebuild their lives elsewhere. With limited income, they relocated to Schitt’s Creek, where they initially resided in a motel. Fortunately, they owned the town, allowing them to stay in the motel rent-free until they got back on their feet.
During these tough times, the only way they could survive was by reducing their expenses and lowering their cost of living. This meant spending less on housing, dining at a local diner, driving budget-friendly cars, and making do with their existing clothing.
Even if you’re not starting entirely from scratch, reducing your cost of living is essential for building wealth. Earn more than you spend, and invest the surplus in a way that makes it grow. Look for opportunities to cut expenses by finding ways to lower rent, utilities, and basic living costs.
- Partner with Trustworthy Individuals Johnny Rose learned a harsh lesson when his business partner embezzled money from their video store chain. His trust led to severe repercussions for the Rose family.
While there’s always a risk of betrayal, it’s crucial to form relationships and partnerships with people you genuinely trust. David developed both a business partnership and a loving relationship with Patrick Brewer. Johnny established a strong bond with Stevie Budd in their motel venture.
Partnering with individuals you respect and trust can lead to more stable income, improved businesses, and a happier life.
- Invest in Education Education is a potent tool. Alexis Rose spent a significant portion of her wealthy life without completing high school. However, when she realized she needed to rebuild her life, she returned to school to complete both high school and earn a college degree.
The marketing skills she acquired in school enabled her to enter the field of public relations. She began to market and manage her mother’s acting career, contributing to their overall income.
Invest in your own education to get ahead. This doesn’t necessarily mean formal education like college; there are numerous online courses that can help you become an expert in various fields. Watch YouTube videos or read books and articles. Spend time learning new ideas and skills to become more valuable to employers and potentially start your own business.
- Start a Business without Your Own Product David successfully launched Rose Apothecary as a new business without having to sell his own product. Instead, he partnered with local vendors who offered high-quality products and rebranded them in his store. This mutually beneficial arrangement enabled local vendors to profit from David’s marketing expertise.
This shows that it’s entirely possible to start your own business without needing a product you’ve designed and manufactured. If you excel in marketing, branding, and sales, consider collaborating with other companies to sell their products. Regardless of your skills, there’s a way to generate income from them.
- Drive a Budget-Friendly Car When Johnny realized his family needed a car to get around, they shopped for a used vehicle within their budget. Relying on Roland Schitt or begging to borrow a car was no longer a viable option. While their choice of transportation, a 1978 Lincoln Continental Mark V, may appear slightly absurd, it suited their needs and financial situation without breaking the bank.
When you’re in the market for a new car, it’s prudent to search for an economical vehicle that suits your lifestyle. It should meet your needs while saving you money. Particularly if you don’t need to travel extensively, driving a used car can help you save a substantial amount compared to buying a new one.
- Hire Capable Individuals Stevie Budd inherited a motel but was unsure about managing it on her own. She sought Johnny Rose’s assistance in managing the motel before they decided to expand. Johnny may not have had prior experience in the motel industry, but his general expertise in running businesses and franchises contributed to their success.
David followed a similar path when he recognized that Patrick possessed extensive knowledge about starting and operating a business. Patrick took the lead in establishing their company, navigating tax matters, and obtaining the necessary licenses, tasks that David neither wanted to do nor excelled at.
This demonstrates the value of hiring or partnering with people who possess different skill sets than you do. Surround yourself with intelligent individuals and diverse perspectives. By working together, you’ll enhance your performance and increase your income.
- Believe in Yourself Moira steadfastly believed in herself as an actress, even when other townsfolk doubted her. She had unshakable confidence in her acting abilities, and she believed she should be winning awards. At times, it was amusing because her acting was somewhat questionable. Nevertheless, Moira leveraged that self-assuredness to secure more appearances, media coverage, and acting roles.
Even when faced with adversity, maintain confidence in your skills, experiences, and values. This self-belief will help you persevere and succeed, even if others initially doubt you. In the long run, you’ll triumph and achieve your goals.
- Pay Attention to the Fine Print When Johnny, Stevie, and Roland decided to expand Rosebud Motel and purchase another motel, Roland neglected to read the fine print in the contract. Had he done so, he would have been aware of the long-term tenant who adamantly refused eviction. This tenant appeared suspicious, with a substantial sum of cash stashed in his room, but he also happened to be a lawyer who knew how to fight eviction.
Had Roland taken the time to scrutinize the sales contract’s fine print, they would have been aware of this tenant before finalizing the purchase. This would have allowed them to decide whether it was worth proceeding with the acquisition.
The same principle applies to all aspects of your financial and business dealings. It’s tempting to skim through the legal fine print, but doing so could cause you to miss important details that might impact you later. Particularly for significant purchases, take your time to comprehend the legal fine print. Ensure there are no hidden fees or other unexpected surprises that could arise down the road.
- Understand How Taxes Work David’s employment at the Blouse Barn led to him spending extravagantly on “business expenses” that he believed would be fully reimbursed by the government. He assumed these expenses were akin to free money from the government.
However, David didn’t comprehend that tax write-offs merely reduce your taxable income and aren’t a one-to-one reimbursement from the government. They don’t equate to a direct return of the full expense.
Taxes can be intricate, with numerous nuances that aren’t always straightforward to grasp. Taxes also represent one of the most substantial business expenditures, and you can’t evade them without incurring serious penalties.
Whether you own a business or are managing your personal taxes, it’s essential to have a solid understanding of the amount of tax you’re required to pay. Partner with a qualified tax expert or utilize a reliable system such as Intuit to ensure you’re handling your taxes correctly. A clear understanding of your tax obligations can help you avoid overpaying or encountering severe financial consequences.
- Money Isn’t Everything The Rose family once possessed an immense fortune – multiple mansions, yachts, lavish jewelry, furs, wigs, and the ability to travel wherever they pleased. Johnny had even saved a substantial nest egg for David’s future wedding, which would take place in Bali, complete with private jets. They had all the money they could ever desire. But they didn’t seem genuinely happy.
It took some time to adjust to their new life in Schitt’s Creek, but they experienced significant personal growth after losing their wealth. They began to appreciate each other’s company and made the decision to stick together rather than pursuing separate paths. While Alexis and David had opportunities to travel with friends, they chose to remain in Schitt’s Creek.
Money and wealth aren’t the only factors contributing to a fulfilling life. Life is about the experiences you accumulate and the people you spend time with. Use money as a tool to secure the freedom to do the things you love. Cultivate hobbies with your loved ones, travel, or build a family.
In essence, let money serve as a means to achieve happiness, rather than viewing it as the ultimate goal.
