Financial Lessons from Han Solo

Han Solo is one of the most iconic characters to come from the Star Wars universe. And while we certainly don’t advocate every action of this famous fictional smuggler, here are some financial lessons we can learn from the captain of the Millennium Falcon.

Pay Your Debts

When we first meet Han in Star Wars: Episode IV – A New Hope, he’s already in trouble. He has a price on his head because he owes a lot of money to the infamous gangster, Jabba the Hutt. Han is constantly looking over his shoulder, worried that one of Jabba’s bounty hunters will find him. What we can take from this is that excessive debt and living outside your means will weigh you down and can cripple you, financially. When you borrow money for large expense, such as a house or a car, calculate the monthly payments beforehand to make sure it’s one you can afford. Then, once you’ve taken out a loan, make sure that you pay your installments on time and in full.

Performance Precedes Promotion

Han Solo is initially hired to take Luke Skywalker, Obi-Wan Kenobi, C-3PO, and R2-D2 to the planet Alderaan. However, when they finally get there, they discover that Alderaan is missing. When Luke asks for additional help to free Princess Leia, Han is able to renegotiate the terms of his contract due to his excellent performance up to that point. At your place of employment, follow through with each of your assignments. As you successfully do your job, you’ll gain the trust of your employer and have more leverage when it comes time to ask for a pay raise.

Buy Used

As many of you already know, Han Solo wasn’t the first owner of the Millennium Falcon. He got that “piece of junk” from his friend, Lando Calrissian. There’s no way that Han could have afforded a YT-1300 Corellian light freighter brand new off the lot, so he had to find another way. When you purchase a vehicle, consider buying a used one. Used cars will cost less up front, of course, but they also don’t depreciate as quickly as new cars and they’ll save you additional money on insurance & registration.

Get Advice from Friends

Even though Han is a notorious loner, he still maintains a close friendship with his co-pilot, Chewbacca. When Han needs to make a decision, he’ll usually discuss it with Chewie first. As the Star Wars saga progresses, Han expands his small council of trusted friends to include Luke and Leia. When you have to make a big financial decision, don’t do it alone. Counsel with those that you trust and consider their feedback. After all, wise financial advice from a friend can help you avoid doing something you’ll regret, such as becoming indebted to a Hutt crime lord.