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You Will Never Be Poor With These 8 Money Secrets You Were Not Taught In School



The normal advice many people were given is; go to school, graduate, get a job and retire with some benefits. Right? Every school will teach a student the right path to take. The only problem is that it doesn't work anymore.



Fifty years ago, the financial route of going to school and getting a good job made sense, however, things have changed lately. The money education that is often taught in schools nowadays is redundant. The same system that was taught years ago is still being repeated on yearly basis.


In this modern world, there is lack of financial literacy in many schools. Times have changed and if you don't want to be broke forever, take heed to what is about to be taught.

1. Assets are the key to wealth 

Assets are important as long as you want to build your wealth but the problem is, school will never teach you that. There are assets that depreciate in value such as vehicles, and those that appreciate such as land and real estate. 

You want to focus more on assets that appreciate in value as oppose to those that depreciate. Being wealthy means owing your own time and the best way to achieve this is by getting assets that earn for you as you sleep. These could be stocks, properties that generate income through leasing, bonds, or a website that earns you money. Once you have enough assets, you will shift to the wealthy category of people. 


2. Compound interest 

This is potentially one of the most important money secrets. It almost works like magic. Compound interest helps people to reach their financial goals faster than they could imagine. For the first few years, your money will grow slowly but in the last few years the growth will be exponential. 

Let's say you invest $10, 000 every year with the rate of 7% into an index fund, it will take you 15 years to grow it to $300,000. From there, your money will grow to $1million in 12 years. So, if you want to retire a million, you have to start using the magic of compounding now. Also, You have to understand that patience is key in compounding. 


3. Passive income

Let's be honest, most of us don't known anything about passive income or if you do, you learnt about it from YouTube or Google but often not from school. The reality is most people make money by saving time in exchange for a paycheck. Not everyone knows that you can make money without necessarily spending much time. 

We have been trained that we must spend alot of time and energy to get results. Therefore, the idea that you can make money while you sleep is often shut down. Warren Buffet said, "if you don't find a way to make money while you sleep, you will work until you die". 

Some of the most common passive income streams include selling digital products which could be ebooks, apps, buying stocks, etc. Research on the different channels and select one that suits your budget. 


4. Retirement 

Unfortunately, you won't learn retirement from school. Planning for retirement should start as soon as you leave college. Most people have it all worked out by their workplace's HR team but others don't. 

It is important to have a retirement plan in place so that when you stop working, you will have something to fall back on and support your life if not, you will become a burden to family and friends. 


5. Haggling 

Haggling is the word of the wealthy-billionaires and not just the rich. Haggling is one of the secret very few people know about. The golden rule is to never shy away from negotiating. 

Negotiate everything you are paying for. If you are applying for a mortgage, you can negotiate the rate or if you are buying the house in cash you can bargain till the lowest price. 


6. Saving 

 Did you ever hear a lecturer teach on the importance of saving money? The answer is, "never". You don't have to blame your lecturers for that, they were only following the curriculum given to them. 

It is sad that every adult has to learn the importance of saving through experiences. Before you start saving, create a budget for everything you spend. Reduce the budget and cut out what you can. The ideal saving should be 40%. Once you have saved for maybe three months, don't leave the money in the bank, invest it somewhere else. 


7. Multiple Income streams 

According to our educational system, the only way of making money is by working and earning salary. We are hardly taught about alternative ways of making money. All what our education teaches is how to apply for a job. In fact, the system trains us on how to be slaves, building someone else's dream. If you solely depend on your salary you will have a problem. 

There are several ways you can earn extra income aside your job. You can invest part of your salary in investment with high return or start a business. If you don't have a side hustle yet, try to have one. 


8. Correlation between our emotions and our money

Research shows that about 30% of what you spend your money on is tied to your emotions. Brands and advert companies know this. Most of the time, what we buy is determined by how we feel and because of this, brands have capitalised on triggering the right emotions just to make you open your wallet. Though it is good to do this occasionally, it is a problem when it becomes a habit.

Our emotions is also determined by our account balance. When you are broke, you won't be as happy as the next door millionaire neighbour. The economic situation of a nation affects how happy its citizens will be. The secret is for you to understand that there is a correlation between your emotions and money and learn to spend wisely



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