A Complete Unknown: 3 philosophical lessons about financial planning from the songs of Bob Dylan

The latest in a litany of musical biopics to hit the big screen, A Complete Unknown stars Timothée Chalamet and tells of Nobel Prize Winner, Bob Dylan, and his meteoric rise to fame.

Dylan’s lyrics are often hard-hitting and political, and sometimes even philosophical, offering pearls of wisdom that every generation can learn from.

Here are three Dylan songs that offer surprising lessons relating to financial planning.

1. ‘The Times, They Are A-Changin’’ and being prepared for the unexpected

One of Dylan’s most famous songs is ‘The Times, They Are A-Changin’’, a philosophical track that tells listeners to “heed the call” of the changing world.

Dylan sings, “And don’t speak to soon for the wheel’s still in spin / And there’s no tellin’ who that it’s namin’ / For the loser now will be later to win / And the times they are a changin’”.

Indeed, the world is ever-changing, and on a personal note, our lives can always take an unexpected turn. Whether these are positive twists like new babies being welcomed into the family, or times of hardship like death and illness, life is determined to throw curveballs our way.

That’s why it’s important to heed Dylan’s words when planning for your future. While we all hope not to encounter a life event that puts our finances at risk, preparing for the unexpected could bring you peace of mind, even when “the wheel’s still in spin”.

Protecting your financial future can look like:

• Considering which life events could put your wealth at risk
• Taking out the relevant financial protection to mitigate this risk, such as life insurance, critical illness cover, health insurance, or income protection
• Registering a property and financial affairs Lasting Power of Attorney (LPA)
• Ensuring you have an up-to-date will in place.

We can’t always control what happens in our lives, but we can take steps to mitigate risk when “the times, they are a-changin’”.

2. ‘Don’t Think Twice, It’s All Right’ and the detriment of overthinking your investment decisions

‘Don’t Think Twice, It’s All Right’ is about a man who has decided to leave his lover in pursuit of a new life. But its lyrics can be applied to all sorts of life circumstances.

“Well it ain’t no use to sit and wonder why, babe / If’n you don’t know by now / And it ain’t no use to sit and wonder why, babe / It’ll never do somehow”.

The song tells us that overthinking a situation can sometimes be detrimental, and for investors, this couldn’t be more apt. Financial news, social media, and talk among friends and family can all make you question your investment decisions and even tempt you to make reactionary changes to your portfolio.

However, it’s important to remember that your long-term goals should take precedent over short-term whims. You could feel worried when your portfolio experiences a period of decline, but remember, there’s little use in overthinking your strategy. In fact, doing so could crystallise losses and impede your wealth journey.

As Dylan says, “It’ll never do somehow”.

3. ‘Like A Rolling Stone’ emphasises the importance of having a plan in place

The song from which A Complete Unknown coined its name, ‘Like A Rolling Stone’ laments the struggles a person can experience when they feel lost in life.

The chorus says, “How does it feel / Aw, how does it feel / To be on your own / With no direction home / Like a complete unknown / Like a rolling stone?”

Dylan’s lyrics remind us all that feeling out of control, lost, and confused, may lead to poor outcomes in our lives. You might have personally experienced feeling “Like a rolling stone” where your wealth is concerned – perhaps you’ve previously had “bad debt”, financial disagreements with your partner, or a general feeling of instability.

That is where a solid financial plan can have such a positive impact. With a long-term plan that takes crucial aspects of your life into account, such as career progression, retirement, and inheritance, you can work confidently towards your goals and feel secure in your decision-making.

What’s more, working with a financial planner can give you access to effective wealth management tools and guidance. For instance, cashflow modelling software maps out potential future scenarios, helping you plan and prepare while leaving room for flexibility where it is needed.

Get in touch to learn more about effective, bespoke financial planning

Our experts are on hand to help you work towards your ambitions, protect your wealth, and create a plan for the future. We take a bespoke approach to ensure our clients receive a unique service to meet your unique circumstances.

To find out more about working with us, email enquiries@prosserknowles.co.uk or request a callback from one of our advisers.

Please note

This article is no substitute for financial advice and should not be treated as such. To determine the best course of action for your individual circumstances, please contact us.

All information is correct at the time of writing and is subject to change in the future.

The Financial Conduct Authority does not regulate estate planning, cashflow planning, Lasting Powers of Attorney, or will writing.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.