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What School Failed To Teach You About Money - Education - Nairaland

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What School Failed To Teach You About Money by MuhdGombi(m): 4:27pm On Jul 27, 2021
What school failed to teach you about money is how to escape the Rat Race.
The attitude towards money and how money exist in your own life. Does it enter your life and immediately leave once you have it? School also fail to teach you about the importance of financial planning. Does it really matter if you earn six figures and there is still nothing to show for it by the end of the month.What is Money? Money is commonly defined as a medium of exchange. An instrument that facilitate sale, trade or purchase of goods and services between parties. What school failed to teach you about money is that it doesn’t tell you much about what money actually represent.


PERSONAL FINANCES
I learned how to balance a checkbook after graduation from the University and what the word budget meant. That was it. I’ve since written some few checks in my life, and I’ve learned that budgeting is highly personal (hence, “personal” finance). These are some things I know now that I wish they had taught me in high school.

1. HOW TO BUDGET



2. HOW TO SAVE MONEY



3. HOW TO INVEST


4. HOW TO AVOID DEBT



5. SCHOOL FAILED TO TEACH YOU ABOUT INSURANCE




At a minimum, the curriculum should explain:

Life Insurance
Home Insurance
Renters Insurance
Disability Insurance
Car Insurance
Students need to know the different types of life insurance, the difference between liability and full coverage car insurance, and so on. Most importantly, they need to learn when they need each type of insurance.

6. How to Be Prepared for Emergencies:
7. How Taxes Work: Many students will begin paying taxes before they graduate high school. They’re already paying taxes when they make purchases. Often, it’s a wake-up call when your kid has saved his money for a large purchase, only to get to the counter and realize he doesn’t have enough to cover the taxes.We’re taxed when we earn, when we buy, and when we die. And it doesn’t end there. While most Americans accept this as something they can’t change, there are ways to lower your tax burden, and students need to understand that. At a minimum, the curriculum should include a basic overview of the different kinds of taxes.

8. How to Keep [and Access] Records:



9. School failed to teach you about Sales

Source: https://gombiland.com/what-school-failed-to-teach-you-about-money/

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