The movie “Rogue Trader”
The movie “Rogue Trader” concerns a true story of Nick Leeson, who was a worker at Barings Bank. Having been successful and competent in his work in Indonesia, he is later promoted as the Bank manager of Singapore, where he is in charge of the Singapore Monetary Exchange. The movie has given his rise up to where he becomes one of the leading traders in Barings. His rise is, however, associated with issues in the bank, whereby he hides some of the losses that the bank incurs since he is involved in money gambling. Due to the increase in losses, he decides to leave the bank in Singapore and run to Malaysia. According to Nick, who was in charge of finance, he does not understand the consequences of his losses until he gets the information from the newspaper(James, 1999). He is later arrested and sentenced for six and a half years in prison. He is later diagnosed with cancer, and this limits his stay in prison.
From Nick’s experience, this can be related to personal finance since, in his case, he does not engage in proper financial planning at a personal level. Personal finance relates to planning and also managing financial activities at a personal level, such as saving, protection, and also spending. In the case of Nick, he is appropriately spending his income. He also lives a luxurious life, and as a result of this, he is made to use a lot of money. In his case, he is not managing his income in a reasonably well, and this subjects him to stealing funds from the bank. Despite him investing in trading, his level of spending is very high, and as a result of this, his investment level is reduced. Spending reduces the cash that one has, and as a result of this, there is a deficit. Personal finance requires that one should manage expenses since this is equivalent to income generation(Keown, 2019). A budget also helps in managing finance at a personal level; in the case of Nick, if he had a budget, he would be able to allocate his money in the right manner.From Nick’s experience, this can be related to personal finance since, in his case, he does not engage in proper financial planning at a personal level. Personal finance relates to planning and also managing financial activities at a personal level, such as saving, protection, and also spending. In the case of Nick, he is appropriately spending his income. He also lives a luxurious life, and as a result of this, he is made to use a lot of money. In his case, he is not managing his income in a reasonably well, and this subjects him to stealing funds from the bank. Despite him investing in trading, his level of spending is very high, and as a result of this, his investment level is reduced. Spending reduces the cash that one has, and as a result of this, there is a deficit. Personal finance requires that one should manage expenses since this is equivalent to income generation(Keown, 2019). A budget also helps in managing finance at a personal level; in the case of Nick, if he had a budget, he would be able to allocate his money in the right manner.
Reference
Keown, A. J. (2019). Personal finance. Pearson.
James D. (1999). YouTube [Video]. Retrieved from https://www.youtube.com/watch?v=SclDzvDWrds