7 Things You Were Never Taught in School
- Investing Basics One way to build wealth is by investing in the stock market. Some ways to invest include:
— Invest in low-cost funds
— Automate your investments
— Invest in passive index funds
Anyone can invest, you don’t have to be a Wall Street hedge fund manager.
2. The 8th Wonder of the World
Albert Einstein once said that compound interest is the 8th wonder of the world.
Compound interest will work for you, if:
— You invest early
— You invest consistently
Compound interest works only if time is on your side.
3. Critical Thinking
Never accept what your teacher, professor, parent, boss, etc. tells you.
Think critically, think boldly and question everything.
Be respectful of what you are told, but always employ a certain sense of skepticism.
4. Failure is Part of Success
School teaches you that failure is “bad.”
Through failure, you:
— Grow
— Learn
— Thrive
— Change
Failure and success are parts of a whole.
5. Your Network is your Net Worth
If you want to get ahead, you have to network.
Benefits of networking:
— Brainstorming
— New opportunities
— Building your reputation
Your network will open doors for you that you didn’t know existed.
6. How Taxes Work
Taxes and death are constant in life.
You pay taxes when:
— You earn money
— You start a business
— You make purchases
You can decrease how much you owe on your taxes if you contribute to your Traditional IRA, 401k, or HSA for example.
7. Degrees Don’t Matter
A degree doesn’t guarantee you a successful future.
Here’s how you can be successful:
— Keep learning
— Find a mentor
— Build a network
School is important, but it’s not everything.
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