Reality TV isn’t particularly known for its educational properties, but you can find some useful lessons if you look hard enough. For instance, a show about tow truck operators who repossess vehicles can teach a personal finance blogger how to handle her money.
A Daily Money Shot post describes what the truTV show Lizard Lick Towing taught the writer about personal finances. While we aren’t familiar with the program, it’s apparently had a significant impact on at least one blogger. Here are lessons she took away:
* Always have plans A through Z at the ready. Repo men contend with adversity in ever-changing forms, and it helps to treat money the same way. Financial mishaps can leap out at you from any angle, so it helps to be able to think on your feet and not only develop a financial plan, but back-up plans to adjust when things don’t develop out as you expected.
* Get your numbers right. Just as the guys in the show need the proper VINs and addresses to make sure they’re repossessing the right vehicles, you need to make sure you nail the details when considering interest rates, balances, due dates and account numbers. One incorrect digit can unravel your work.
* Enlist backup. The show’s subjects pair up when completing a job in order to fortify their operation. It also helps to have a partner to help you out with finances, giving you someone to bounce ideas and decisions off of. Also, you should consider an emergency fund to be a backup that comes to your rescue in dire circumstances.
Lizard Lick Towing: Repo Men, Financial Educators [Daily Money Shot]