A Lesson in Finance: 4 Things You Can Learn From Schitt’s Creek

From riches to rags and back, here are all the financial tips we took away from Schitt’s Creek.

Schitt’s Creek isn’t just about the iconic laugh-out-loud moments “Eww, David,” “Bebe,” and “Fold in the Cheese”—it’s a captivating tale of family dynamics and genuine emotions, with a deeper undercurrent that keeps fans coming back—that of second chances and financial liberation.

Read on to see the TV show in a whole different light. Let’s jump right in.

Be aware of your finances.

From a stately mansion to a cramped motel room, The Roses sure had quite the change of scenery in the show’s pilot episode. If there’s one major takeaway from the iconic moment where Johnny Rose screams, “Eli was family Moira…Leave your finances to me, he said,” it’s that financial literacy is of absolute importance.

Being financially sound is essential in personal finance. You need to deeply understand your finances—know where your money is invested and how to save, invest, and manage debts. This knowledge empowers you to navigate uncertain times and make informed decisions, paving the way toward financial freedom and independence.

Financial management is even more critical for small businesses. Fundamental principles are crucial to understanding cash flow, expense management, and adapting to changes. A solid financial strategy is imperative for business growth. Consider outsourcing to a professional or financial expert if needed, but ensure you grasp the intricacies of your financial operations. This understanding helps you strategize effectively, anticipate challenges, mitigate the risk of fraud or bankruptcy, and seize opportunities for sustained success and growth.

Be in it for the long haul

Alexis and Ted were the IT couple on Schitt’s Creek, and their on-again, off-again romance was a huge success with the fans. It was the beautiful culmination of their relationship on the show and the closure the characters were given by the series’ end, from which one should take inspiration for their personal and business financial journey.

Just as the two realized that holding onto each other would mean sacrificing their dreams for career success, staying committed to your financial goals in your personal finance journey is crucial. Have a clear plan and stick to it. That can pave the way for long-term success, whether buying an asset or building a retirement fund.

Similarly, maintaining industry commitment beyond short-term gains can lead to sustained growth and success for small businesses. Staying dedicated to a strategic vision and a well-chalked-out financial plan, possibly with the guidance of a financial expert, equips businesses to withstand economic challenges and thrive over time. If you’re a small business owner facing challenges, staying committed to your goals and seeking professional support can pave the way for resilience and prosperity.

Build your network, and invest in those relationships.

Remember the Season 2 finale of Schitt’s Creek, where Johnny and Moira Rose celebrated their anniversary at a chic restaurant in Elmdale? Their evening takes an unexpected (and unwanted for the couple) turn when they’re joined by Roland and Jocelyn Schitt, their quirky, local acquaintances from Schitt’s Creek. Adding to the hijinx, the Roses also run into their old friends Bev and Don Taylor from their affluent days, who conveniently disappeared from their lives once the Roses fell on hard times.

Now, let’s draw a parallel to the world of finance. Having a solid network can play a crucial role in personal finance during the most challenging times. Like Johnny and Moira’s experience, genuine relationships built on trust and mutual support can provide essential assistance during financial setbacks. Whether it’s a knowledgeable friend or a professional financial advisor, find someone you can lean on to offer guidance when it gets tricky. Your connections can provide you with great advice, help with job opportunities, or help you network with like-minded individuals within the industry. Conversely, relying solely on superficial connections to material wealth may leave you isolated when circumstances change.

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Likewise, a strong network is essential for small businesses’ growth and resilience. Building relationships with customers, suppliers, and fellow entrepreneurs creates a supportive ecosystem. Not just that, having a solid backbone in your financial advisory team can help you make the right decisions, stay compliant with needful tax laws, rules, and regulations, and ensure you get the best for your money’s worth.

Just as Roland and Jocelyn were there for the Roses in Schitt’s Creek, nurturing meaningful connections can lead to invaluable partnerships. These relationships can open doors to new opportunities, funding sources, and market expansion.

Schitt Happens – It’s never too late; don’t be afraid to start over.

Everyone can experience a downfall. Highs and lows are a part of life. However, it is essential to keep going and swing right back. Just like Johnny rose (pun intended) from the ashes and built a successful motel empire, even though their business, Rose Video, burned to the floor, he didn’t throw the towel on his entrepreneurial dreams. He kept going.

It’s essential for individuals starting on their personal finance journey or entrepreneurial one to take note. Life, as well as business, is unpredictable. It can often throw unexpected curve balls when you least expect it. You must keep going and remain focused on the end goal, especially if you’re a small business owner. It is important not to let market fluctuations deter you from your chosen path. Setbacks in life and business are unavoidable, but pursuing goals can lead to successful turnarounds. One downfall and the next thing you should do is pivot your strategies, innovate, and look for new opportunities. Remember, it’s all about the mindset.

Suppose you feel like that’s too much on your plate. In that case, you can always get financial advice from someone more knowledgeable to help you maneuver the journey and bounce back stronger than ever.

The Key Takeaway:

Wrapped up in heart and humor, Schitt’s Creek offers invaluable finance lessons you can adapt into your life. Just as the Roses went through highs and lows to emerge in a better place in their financial journeys, you can, too.

From the importance of networking to true entrepreneurial spirit and the critical role of financial literacy, living within one’s means, and grabbing every opportunity, these principles can be applied to personal and business finance. The attitude of wanting to achieve financial success can finally lead to financial freedom.

Want to know more? In addition to HR, benefits, recruiting, and payroll through its PeopleOps, Escalon’s Essential Business Services include FinOps (CFO services, taxes, bookkeeping, and accounting) and Risk (business insurance). Talk to an expert today.

Disclaimer: This material has been prepared for informational purposes only. Escalon and its affiliates are not providing tax, legal, or accounting advice in this article. If you would like to engage with Escalon, please get in touch with us here.

Authors

Devayani Bapat

With 6 years of experience in copywriting and social media management across genres, Devayani's heart lies with weaving words into stories and visuals into carefully crafted narratives that’ll keep you wanting more. She carries with her, her pocket notebook, a trusted confidante that goes with her wherever she goes, and scribbles down into it anecdotes on the go. Her secret weapon for keeping all things copy interesting! Apart from writing, Devayani is huge on travelling. You'll find her booking her next adventure while she's on her current one. And while on those adventures, you'll find her devouring true crime books one after the other. Whether it's a low down on a recent case or one that occurred 70 years ago, she can cook up a story narration you'll never forget.