For many families, the 1946 classic It’s a Wonderful Life is the ultimate Christmas movie. Heartfelt and traditional, it encompasses everything great about this time of year.

In fact, the film is not only an enjoyable watch but also contains valuable lessons about life, work, and money that anyone can learn from. In the spirit of the season, we’ve picked out some examples to share.

1. Not all financial opportunities are worth taking

Like every great story, It’s a Wonderful Life has an evil antagonist – Henry Potter, the selfish business magnate whose sole interest is to become richer at the expense of others. He makes George, the film’s main character, a job offer that seems impossible to turn down.

Although the prospect seems promising, deep down, George knows that Henry’s intentions are dishonourable and declines his offer.

Here lies a valuable lesson: be discerning about financial opportunities that arise, especially if they seem too good to be true.

While taking a negative mindset and assuming the worst isn’t ideal either – more on this in our recent article – you need to use your judgement.

Whether it’s a job offer, a new business opportunity, or an investment, first consider why you want to pursue it and any risks that could harm you in the future. Weigh these factors against the potential gains and, importantly, do your research.

Read more: The man who stole $100 million from Google and Facebook, and what he can teach business owners about scams

2. The smallest of actions can help a friend, loved one, or colleague get through the day

If you’re familiar with It’s a Wonderful Life, you will know that the film begins with George experiencing the worst day of his life. He is questioning whether life is even worth living, perceiving himself to be an utter failure.

But when he meets his guardian angel, George realises he really has made a difference. From saving his brother’s life to preventing a pharmacist from accidentally poisoning a customer, George has been a positive influence on his community all his life, but he never realised it.

As a business owner or professional, you may sometimes feel like you’re jumping from task to task with little time to breathe. Being stuck in survival mode could be preventing you from seeing the impact you have on your colleagues, friends, and loved ones.

So, start making a concerted effort to notice the little things you do for others (and what they do for you), such as:

• Listening to a colleague who is struggling in their personal life
• Holding the door open for a stranger
• Creating a new opportunity for a talented employee
• Making a coffee for your spouse in the morning.

When life gets on top of you, it’s almost impossible to see the good you’re doing. Not all of us have a guardian angel like George, but we’re all capable of reflecting on the meaningful things in life.

Read more: Financial psychology: 5 quotations that offer a fresh perspective

3. Unexpected life events can be around the corner

Partway through the film, George and his wife, Mary, are forced to use their precious honeymoon savings to keep the local bank afloat during a bank run.

George and Mary’s predicament – choosing between their local community and their own goals – is the perfect example of how unexpected life events can derail your plans and deplete your wealth. An illness or injury in your family could prevent you from working, for instance.

With business assets and your personal wealth to protect, it is important to plan ahead for events like these. While you cannot always predict the events that life will throw your way, with professional advice you can put yourself and your family in a stronger position for the future.

Important protective measures to consider include:

• Company insurance, including key person and shareholder insurance
• Critical illness and income protection cover
• A readily available cash buffer
• Life insurance.

We can help you put together a package of protection that provides the appropriate safety net and ensures you’re prepared for the future.

Read more: Stop procrastinating over your retirement plans. Do this instead

4. Find a confidant you can trust in hard times

George’s guardian angel is his saving grace in It’s a Wonderful Life. He appears just when George needs him, redirecting him onto a more positive path.

In your own life, you do not need to be at the end of your tether to seek support from a trusted source. Our financial planners are here to support business owners and professionals throughout their lives, managing their finances whether they’re on a winning streak or in need of crucial guidance.

Email us at clients@iqf.ie or call 353 71 915 5560.

Please note

This article is for information only. It does not constitute advice.

It describes financial planning services that iQ Financial can offer to you. Financial planning services are not regulated by the Central Bank of Ireland.