How to Not Get into Squid Game Level Debt (6 Money Lessons to Learn)
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*may contain minor spoilers from the show
By now you’ve already heard of the Netflix original series phenomenon: Squid Game. It’s the most popular show in Netflix history, even almost doubling Bridgerton’s viewership. (Sorry, Duke of Hastings!)
This bloody South Korean show has become a global hit and features people who need cash so desperately that they put their lives on the line to win a life-changing amount of cash (around $40 million dollars) by playing deadly versions of 6 children’s games like Red Light, Green Light, Tug O’War, Marbles, and more.
All 456 players in Squid Game are in some type of crushing debt, whether it’s due to gambling, forever loans, credit card debt, medical issues, insane amounts of overspending, etc. To them, the real world is like death already, so why not play to death for a chance to win cash that can turn their lives around?
Since debt anxiety is such a universal language, millions of viewers can relate. So what money lessons can we learn from Squid Game regarding our own financial status? Here are some tips or learnings we think can help.
1. Don’t Let Debt Spiral Out of Control & Make an Effort to Pay
The main character in Squid Game ran away from his debt which led him to the horrifying games. As a general rule of thumb, don’t think you’re going to win the lottery and it’ll all magically go away. You’re going to have to be realistic and write all your debts down to face and truly know what you need to tackle.
Then work debt payments into your budget, and cut back on unnecessary spending as well.
You can use Truebill, a free money management app to start gathering up all your bills and balances to see the whole picture. This includes all your credit cards, loans, mortgages, and other types of debt. It also helps you budget even if you don’t know how to!
Truebill also helps lower your bills by 20% (they negotiate for you) and on average, members save over $720 a year. This means more money that can go towards paying off your debt.
2. You’re Not Alone Dealing With Debt
There is such a huge stigma around the topic of debt, and the people you might think would never be in debt, actually are.
For instance, the show depicts a doctor, as well as an investment banker, all playing the deadly Squid Game to get out of major debt. The main character is surprised to see his childhood friend there, who he originally thought was so stable and upstanding compared to himself. You might be surprised who, in your circle, is in debt too. Reach out for support before it’s too late.
It can also be safe to say, the show’s contestants never learned proper saving. Take advantage of the “out-of-sight, out-of-mind” mentality and utilize automation to save so you don’t have to think about it. Acorns Checking is a free checking account that automatically saves and invests for you. And for a limited time, you’ll get a $75 bonus when you set up a direct deposit.
3. Credit Scores Are Under Fire When In Debt
It can be a vicious cycle. People in debt tend to have poor credit scores, which leads to higher interest rates, which makes it harder for them to pay off the balance. Don’t resort to violent loan sharks like the main character. Credit scores are basically the 3 most important digits of your life.
That’s why it’s important to keep a laser eye on your credit scores and you can do it for free with Credit Sesame, a free credit monitoring service that helps you improve and maintain your score. Don’t worry, no credit card is even needed to use the service!
4. Strategize and Eliminate High-Interest Debt
Just like how the main character utilized a unique way to beat the dalgona candy game, there’s more than one way to approach debt. There are different budgeting methods, pay off methods, and more, you just have to consider what works best for you by trying.
For instance, the avalanche method targets the debt with the highest interest rate first, and the snowball method targets paying off the smaller balances first.
And then there’s the method of using a personal loan to eliminate the high-interest rates from credit card debt
You can use AmONE, a free-to-use loan matching service that lets you borrow up to $50,000. Regardless of your credit status, they’ll find loans with APRs as low as 2.49%! For comparison, the average APRs for credit cards is 14%! The lower the APR, the less interest over time you have to pay back.
Plus using AmONE has no credit score impact and repayment periods are flexible. They’ve already helped 13 million people and once approved, you’ll get the funds as quickly as 1 business day.
If you only need up to $4,000 and your credit isn’t too hot, a better option would be Opploans. When monthly payments are made back on the loan, they notify the 3 credit bureaus to build up your payment history!+ Plus, if they can’t offer you a good loan, they’ll direct you to a competitor that will, as they truly want to assist.
5. Cut Down on Insurance Costs
In Squid Game, we learn that the main character cancels his mom’s health insurance and uses the money to gamble (yikes).
We 100% don’t recommend that but we do suggest you take a look at your current insurance policies to see where you can save.
Particularly, your car insurance since it literally takes 30 seconds to check with The Smart Wallet’s auto insurance portal, and you can potentially save $826 a year.
6. Boost Income to Help Pay Off Debt
Since we’re not going to have a giant piggy bank hanging over our heads to tease us with millions of dollars, the next best thing is to boost our income on our own.
One of the easiest ways to find side gigs and WFH opportunities is via the free Steady app, which already has a community of over 3 million people doing flexible jobs to earn money.
On average, Steady members make over $5,500 in extra income per year! It only takes a few minutes to sign up for free and you can also earn extra cash rewards by getting paid to try out useful brands.
If you’re looking for passive income, then you can try investing. You don’t have to be rich and it’s not complicated either, especially when you use investment apps like Stash, which lets you start investing with just $5.
You can get a share of well-known brands like Google, Amazon, Tesla, and other major companies that you use or regularly buy from. Choose where to put your money in or choose the hands-off method. Plus, Stash is giving new members $10 for any first $5 investment.
Other popular investing apps also include Robinhood (get up to $225 in free stock) and Public (learn what real finance experts are investing in).
The Bottom Line
Squid Game has showcased what people could potentially do to wipe their debt, which includes backstabbing people, risking their lives, and turning their back on their morals. It is extreme, and the global audience was captivated by it. What if, right?
Just don’t let yourself get into that desperate of a financial situation that you’d do anything to clear it!
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📸 Main image: Taken at a Squid Game Netflix Activation event | Alice Ly
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