5 Must-Watch Documentaries to Teach You About Money

With the rise of "financial literacy" as a buzzword, many people are starting to ask themselves more questions about money. But with so much information out there, it can be hard to figure out which resources are worth using. 

To help you make sense of the wealth of information available online and on TV, I compiled a list of five must-watch documentaries that teach you about money - whether it's personal finance, business finance, or simply how banks and government policy work.

5 Must-Watch Documentaries to Teach You About Money

Here’s my list of the five must-watch documentaries that will teach you about personal finance. As you educate yourself in this age of financial literacy, don't forget to teach your children about money.

Be sure to watch them. It's worth your time.

FREAKONOMICS

You will enjoy watching Freakonomics. It's a documentary based on a popular book that shares the same title, "Freakonomics," and has a sequel; Superfreakonomics (which is also worth reading). Even though your advisors believe they are serving your long-term interests, this documentary shows how the counsel you receive isn't always the best. The question at hand here is whether to buy or not purchase a home. However, you can apply this line of reasoning to ensure you think things through and do your homework before spending your money.

The reliability of this film/book data has been questioned at times. But that's the problem with stats. There will always be a way of finding a mistake! Instead, I'd not focus on the details but rather enjoy the thought process presented in the documentary. Also, don't develop a phobia of financial advisors. They can save you a fortune and make you one too!

BROKE

One widespread misunderstanding about wealth is that you will never lose it once you obtain it. This, however, is just not the case. We have all heard about folks who hit the jackpot, inherited wealth, or have become wealthy and popular—only to go bankrupt. 

Although the BROKE documentary is about athletes, the principles of good financial habits are universal. People frequently become bankrupt because they have money but lack the ability to manage it. BROKE demonstrates how simple it is to achieve financial wellness with guidance. If you are not subscribed to Netflix, you can catch BROKE's lower quality version on ESPN's Youtube channel.

Money, Explained

The Money Explained docuseries, created by Vox and Netflix, highlights five different topics that affect people's financial lives: credit card debt, money scams, gambling, retirement, and student loans. It looks at how these topics affect people in different ways and different stages of their lives.

Each episode features narration by different celebrities like Bobby Cannavale, Jane Lynch, and Tiffany Haddish and has a combination of conversations and vibrant infographics, thus making it both educational and amusing. They're short (each going for 22 minutes), meaning you could watch it all in one evening.

Thinking Money: The Psychology Behind Our Best and Worst Financial Decisions

Regardless of our valiant efforts, all people inevitably make financial blunders. After a difficult day, we wallow in window shopping or succumb to impulse purchasing after just intending to grab one item.

And besides, we are just human. Therefore we do not often think logically.

A PBS documentary, Thinking Money, delves deep into the economic world of behavioral finance. What are the causes of our financial decisions? Why are we sometimes driven to make decisions that negatively affect our long-term finances or personal happiness? We finally got answers! Join the host of this documentary, Dave Coyne, as he interviews various specialists about consumer psychology. Dave is an expert on spending and saving, so tune in to find out why people behave the way they do.

The Minimalists: Less is Now

The Minimalists are two lifestyle influencers who embrace living with less. They've lived with minimalism for years and are now teaching others how to do the same. Living "minimally" can help people reduce their financial stress while also getting rid of any consumerist tendencies.

The Minimalists: Less is Now is an hour-long documentary you can watch on Netflix. It shares the story of two guys who decided to live with just what they needed, and they explain the benefits of this lifestyle.

WRAPPING UP

Startups are all about taking calculated risks and finding innovative solutions. But without a sound financial plan in place, your startup will never reach its full potential. The documentaries will help you understand the financial world in ways you may not have previously considered. 

Indulge yourself.