23 Things You Were Never Taught in School

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1. 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 a 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. How to Handle Emotions

Our emotions often drive our behavior - which can be detrimental to our financial picture.

Emotions can drive our:

- Purchases
- Investments
- Business decisions

Don't invest or buy on impulse.

Control your emotions before they control you.

8. Cultivate Creativity

"Imagination is more important than knowledge. Knowledge is limited" - Albert Einstein.

Imagination and creativity, on the other hand, are unlimited.

The greatest thinkers achieved success because they thought outside of the box.

9. 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.

10. Money Isn't Everything

Money certainly gives you peace of mind, and to some point, a sense of happiness.

However, your life shouldn't be about money.

If you want to feel rich, then consider the things that money cannot buy.

11. Avoid Credit Card Debt

Credit cards are dangerous if you don't know how to use them.

With credit card debt, you run the risk of paying 20% or more in interest.

To compare, in the stock market, you only earn an average of 7%.

Credit card debt is the enemy of wealth.

12. How to Pay off Credit Card Debt

If you do have credit card debt, there are 2 ways to pay it off:

- Snowball method
- Avalanche method

Snowball method = pay off the smallest debt first.

Avalanche method = pay off the debt with the highest interest rate first.

13. Understand Life Insurance

Not all life insurance is created equal.

Term life insurance is cheap and it often works for young professionals.

You may need life insurance if you have:

- Kids
- Debt
- Dependent spouse

Remember, life insurance death benefits are tax-free.

14. The Triple Tax Benefit

One lesser known tax-advantaged investment account is a Health Savings Account (aka HSA).

With an HSA:

- Interest earned is tax-free
- Contributions are tax-deductible
- Qualified withdrawals are tax-free

Ask your employer if you qualify for an HSA.

15. Understand Subsidized vs. Unsubsidized Student Loans

Student loans are not free money.

Subsidized loans = You don't have to pay interest until you're done with college.

Unsubsidized loans = You start paying interest the second you receive the loan.

16. Cultivate Entrepreneurship

In school, we are often taught to be excellent employees.

We are not taught how to be excellent employers.

Your income potential is limited when you work for someone else.

If you become your own boss, the world is literally your taking.

17. The Value of Showing Up

You cannot win if you don't show up - consistently.

Especially on the days where you don't feel like working toward your goals - that's when it really matters.

Showing up is part of your success.

18. Cultivating Resilience

In order to win, you have to bounce back from obstacles.

In order to thrive, you must adapt to survive.

There is a reason why winners never quit and quitters never win.

19. Your Habits Determine Your Future

The small habits you do daily will determine your future success - or lack thereof.

Remember that your daily habits determine your future success.

"Every action you take is a vote for the person you wish to become" - @JamesClear

20. Listen, Don't Always Speak

There is a reason why you have 2 ears and 1 mouth.

Listen actively when someone speaks to you.

Don't just listen to respond. Listen to understand.

21. EQ vs. IQ

School teaches us about IQ - the Intelligence quotient.

We aren't taught about EQ - the emotional quotient.

IQ = Intellectual ability
EQ = Emotional intelligence

Often, EQ is more important than IQ, especially when you become a leader and must work with a team.

22. Cut Out Negative People

School doesn't teach us much about relationships - which ones to keep and which ones to avoid.

Identify toxic relationships and cut out the negative people.

Foster quality relationships over quantity relationships.

23. The Growth Mindset

Stanford Professor Dr. Carol Dweck researched 2 mindsets:

- Growth Mindset
- Fixed Mindset

Growth Mindset = Intelligence can be developed.

Fixed Mindset = Intelligence can't be developed.

A growth mindset helps you reach your full potential.

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