 10 things school didn't teach you about money. Jim Ron, an American entrepreneur, author and motivational speaker, said formal education will make you a living. Self-education will make you a fortune. Imagine if you knew half the things you know now about money back in high school. You probably would have been one of the billionaires in the world by now, right? The school system teaches us about mathematics, computer, vocation and a host of other things, but absolutely teaches us nothing about money. A good number of people had their first encounter and learned everything they need to learn about money from their family members. If anything, we were told that if we make it to school, study hard and graduate with a high grade, we'll get a good paying job, which will in turn make us a living. Sometimes we probably look back and wish we learned certain financial lessons way back in school. That way, we would have taken certain decisions early enough in life, like saving for retirement. And also, we would have made certain money mistakes when we were much younger and had little or nothing to lose, except the money lost. However, in this video, I will share with you 10 things school didn't teach you about money. This, I believe, will help you become a successful person. If you're new here, consider subscribing so that you won't miss other interesting videos like this. 1. There are other streams of income besides your 9-to-5 job Growing up, a good number of us were taught that success can only be achieved by climbing the corporate ladder. Which is to study hard in school, graduate with a good grade, get a job and a good paying company, save some money to be richer, enjoy a comfortable life with your family and even spoil yourselves once in a while. Eventually, when you are old enough age, you can retire and enjoy the rest of your life living on your pension. However, growing up, we started noting a few changes in the success advice. We do not necessarily have to go up via this way only. There are a lot of options. As a matter of fact, anyone who wants to be wealthy has to build more than one income stream. You could have a 9-to-5 job and still have a side hustle. Another option is to split our time equally between a few jobs. You could also make a living by investing in the businesses of others or you could loan money to others in order to earn interest. The most important thing is to realize that there are a thousand and one other ways to make money aside from your regular 9-to-5 job. 2. Investing isn't for wealthy people alone Before now, investment probably sounded like a thing only the rich and wealthy allowed to do. Little did we know that anyone can invest. Thankfully, investment is pretty easy and there are a good number of investment opportunities out there. However, be sure to do proper research before opting for an investment. 3. Start planning for retirement as early as your 20s Because retirement is something that happens when we are old and too weak to indulge in any form of work, mental or physical, we think we do not need to plan for it until we are close to the age of retirement. Wrong! The sooner you start planning for retirement, the more financially comfortable you'll be when retirement swings around, which is why it is advisable to start in your 20s. 4. Working from home is totally possible When we were much younger, we were made to realize that if we really wanted to build a career, we needed to picture ourselves in our offices carrying out the several assignments delegated to us and the likes, but we weren't told that we could be a career person while working from home, which is totally possible. Depending on your level of dedication and hard work, you can earn yourself a good fortune by working from home. 5. Always have an emergency fund prepared An emergency fund serves as a backup plan for when you incur unexpected expenses, such as a medical bill, a broken car, and the likes. Usually, to create an emergency fund, experts suggest stashing away about 6 months worth of living expenses, including rent, groceries, gas, and bills. Keep it as far away from you as possible, so that you do not get tempted to spend it or spend from it. 6. Passive income is a thing Passive income, as defined by good financial sense, is money earned with minimal activity through a variety of ventures which require little daily effort or upkeep on the individual's part. It is money you earn that is not directly tied to your time. For instance, take an offer, for example. When you invest in a promising business, you can eventually go to sleep knowing that when the business starts generating revenue, you'll be a part of the beneficiaries from time to time without even actively working in the business. 7. Don't save without a reason Saving is a good way to become wealthy, right? But how many times have you tried saving and failed? You see, until you understand that you need to save for a reason, be it retirement plan or emergency fund, your continuous effort to save will yield nothing and you might end up getting frustrated. So my friend, learn to save for a reason. Robert Kiyosaki said and I quote, It's not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. 8. Housing is a lot of expense At some point in school, you couldn't wait to move out of your parents' house. You wanted to be alone, have some space to yourself until you got out and realized that housing can be such a huge deal. The decision to either buy or rent a house can be tough and it requires seeking advice from your financial advisor and a housing agent, which we often ignore because we are not aware of the essence. 9. The essence of insurance Insurance acts as a mechanism to manage and hedge risks of uncertain loss. Insurance is of different types, including health insurance, property insurance, etc. In simple terms, insurance protects you against future loss and damages. When you understand the need to protect your life, health, and properties by insuring them, you'll leave more confident of the future, in place of living with fear of being unknown. 10. Learn how to prepare a budget Budgeting is one of the most important skills anyone can have. All of your millennial friends and leaders became one because they learned how to prepare a realistic budget. Unfortunately, this is a subject we barely hear about in school. Budgeting requires knowing how to plan for and pay bills, like rent, utilities, insurance, and car payments while making sure there is money left for groceries, savings, and so on. That we weren't taught this money lessons in school isn't an excuse to remain in a poor financial state. You still have a chance to learn and grow. In the end, remember Jim Rahn's advice, formal education will make you a living, self-education will make you a fortune. Thank you very much for watching our videos. We'll like to give you another interesting video for you to enjoy next, but before then, our team will be very happy if you can like this video and share it with your friends on social media. If you're new here, don't forget to subscribe so you won't miss other interesting videos like this. Look at your screen now to see two other videos we handpicked for you to enjoy next. We love you.