10 money secrets you are not taught in school

Most of us go to school, get graduated, get a job, and retire with some benefits. That is our dream. Every school teaches this is the right path to take, but it is not working anymore. This financial route made sense 50 years ago. Now a day there are changes in the Tax system and retirement plan. The main purpose of this topic is the lack of financial literacy classes in the current school system. If you don’t want to broke in your life, going through this blog carefully.

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1. Correlation between our emotion and money

Most of the time what you buy is how you feel. Because of that, brands are capitalized on targeting our emotions to open your wallet. Brands know that 30% of what you spend your money is tied to certain emotions. Sometimes women will go on shopping to feel better, but nothing wrong with this doing occasionally. The problem is when you fall victim to these marketing tricks every time.

2. Multiple income streams

According to our education system, getting a salary is the only way of making money. All education system teaches us how to build a CV and get a job. We are hardly taught different income streams. Our education system trains us how to be slaves building someone else’s dream. There are several incomes you can earn aside from your job; investments in share, mutual fund and cryptocurrency, creating the blog, and YouTube.

If you missed reading my blog "15 Reasons Why You Should Invest in Cryptocurrency", click here

3. How to build your credit

Before you get approved for a loan or credit card, financial institutions have to run a credit check on you. The decisions you are qualified or not for loan or credit card based on your credit score. Credit score based on credit history including were you paying the loan on time and did you borrow money. You may get a poor credit score not because you are a loan defaulter, but because you did not take any loan. The only way to grow a credit score is to take a loan or use your credit card and pay it within the time frame.

4. Saving

When did you ever hear a teacher come into class and say we are going to learn about saving. I guess your answer is no. this is why every adult has to learn this through experience. If you are lucky enough, your parent might have taught. Before you start saving create the budget for everything you spend. Save your targeted amount first and use remains for paying your bill. Don’t just leave that in the bank; invest in somewhere else, such as stock, mutual fund, and cryptocurrency.

5. Haggling

Haggling is one of the secret few people knew that the golden rule, is to never shy away from negotiations. Negotiate the interest rate of the mortgage, negotiate the price of the house, and negotiate at the purchase point where everything you are paying for. Haggling save money.

6. Managing debt

No one will teach you how to manage your debt. Most people after university end up in so much debt in addition to the student loan, they take a mutable credit card. Without proper debt management skills, they always end up with depression. Keying to manage the debt be aware of all the debt owned, and due days for repayment, never miss the payment date. There could be an additional penalty for a delay and also never borrow if you cannot pay.

7. Retirement

It is important to have a retirement plan in place when you stop working there should be something to full back up and support you for the rest of your life. If not, you will become to burden to your family. Look out for pension programs as soon as you can, invest in them as soon as possible.

8. Passive income

Let’s be honest, most of you reading, don’t know what passive income is. If you do, you might have learned at YouTube or blog, not at school. Most of us earn money by saving out time in change for salary. We trained that we must spend a lot of time and energy to get the result. Selling the idea you can make money and you can make when you are sleeping, such as e-book, Apps, YouTube videos, blogs, stock, and cryptocurrency.

9. Compound interest

Compound interest is potentially the most important money secret. Compound interest makes it possible to reach the financial goal as faster as possible. For the first few years your money will grow slowly but last few years, the growth will be exponential.

10. Assets are key to wealth

There are assets in depreciating value such as motor vehicle and there are assets in appreciating value such as land. You want to focus on assets that are appreciating value. Being wealthy is owning your own time and certain ways to go for this freedom is by acquiring the asset that earns for you as you sleep such as your website, your business, and stock.

This is all for the day. I hope you have learned money secrets that you are not taught in school. This will help you to get financial freedom. Best of luck guys!

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