Lessons on Banking Inspired by Empire

Blog post written by Eric Patrick, founder and chief educator at Black Market Exchange, LLC.

One of primetime’s favorite shows is back and the Lyon family couldn’t be happier. Yes, I’m talking about infamous Empire.

With all the glitz and glam the family portrays to the general public, we also get to see the behind the scenes activity that creates tension amongst the characters. But through trial and tribulation comes triumph.

The Lyon family is notorious for #winning (word to Charlie Sheen) and doesn’t plan on stopping anytime soon. In turn, that provides inspiration about ways for us to win when choosing a bank to hold our precious dollars. I mean, our empires have to start somewhere, right?

Check out these three lessons about banking that Empire has inspired us to be more mindful about.

Lesson 1: Accessibility

One thing Jamal had going for him when the show originally started was accessibility. Although he wasn’t dropping music like his younger brother Hakeem, he had access to a stellar studio, a perfectly placed loft in the city, and pretty much access to everything he ever wanted because his father’s money supply wasn’t running dry anytime soon.

Then he told his pops he didn’t need the money to pursue his dreams at a music career. That’s when the checks stopped coming.

What if you couldn’t access your bank account to check in on your money? What if your only option was a local branch that’s usually closed during the weekend hours?

This is where accessibility comes in handy. You want to make sure that whoever you bank with allows you to have access to your account at all times. Also, free access to ATMs across the U.S. in the event that you need cash like Jamal and Cookie did when they recorded in the rundown studio, is key.

Instant access is paramount in order to protect your paper.

Lesson 2: Incentives

Since season two originally began back in September, we’ve seen a turn of events in Jamal’s life.

He’s achieved stardom and not only has access to the whole city (more like the world at this point), but has many incentives that come with running Empire. These incentives include partnering with Skye Summers, getting some of the best artists and producers on his forthcoming album, and much more.

When choosing a bank, you definitely want to see what types of incentives it offers before opening an account. Simple things like no maintenance fees, top-level security, no-fee overdraft protection, and fee-free ATM access can go a long way in making your banking experience more enjoyable.

Lesson 3: Growth

Okay, we’ve been talking about Jamal quite a bit, but what about Hakeem? How can talking about Hakeem help you choose a bank?

Probably the biggest fear of any artist is having his or her career’s growth stunted. When Empire first started, Hakeem was prince of the throne and his music reigned everywhere. Jamal was simply an afterthought. But since the tables have turned, their father has used several means to hinder Hakeem’s growth in the music industry. A prime example of this is when Lucious essentially buys the airwaves and prevents any of Cookie’s clients to get radio play, including Hakeem.

A bank account is more than just a place to hold your money. For instance, there are accounts available that offer interest which is something that can help you grow your money. The higher the interest (also called yield), the more money you stand to make on your current money. That said, it is wise to seek out a free, high-yield savings account to enhance your money’s growth potential.

Cookie once said, “I make you better. Don’t forget that.” Your bank should do the same.

BankMobile Contributor Bio:
Eric Patrick is founder and chief educator at Black Market Exchange, LLC. He has been deemed the “Hip-Hop Stock Doc” because of the way he incorporates music and modern media into investment education. He’s also a licensed pharmacist.

Website: www.thebmex.com | Twitter: @HipHopStockDoc | Instagram: @eric_bmex

 


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The views and opinions expressed by the author are not necessarily those of BankMobile. The blogs are intended as general financial knowledge that may or may not be applicable to your individual needs. Always contact your accountant for tax advice.

All company/product/service mentions in this post are not intended as an endorsement and the views of that company do not represent the views of BankMobile or Customers Bank.