Money Truths School Didn't Teach You
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- Опубликовано: 27 май 2024
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In this video, I share 7 important money lessons that are not taught at school
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TIMESTAMPS:
00:00 Lesson 1. Money is tied to a value
01:30 Lesson 2. Your own viewpoint
02:33 Lesson 3. Budgeting is freedom
03:44 Lesson 4. Assets first
04:55 Lesson 5. Choose your career wisely
05:55 Lesson 6. How to save money on taxes
07:27 Lesson 7. Why investing is important
🧡DISCLAIMERS & DISCLOSURES
This content is for educational and entertainment purposes only. Nischa does not provide tax or investment advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. All investing involves risk, including the possible loss of principal.
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1. Money is tied to value.
2. Develop your own point of view.
3. Budgeting is freedom.
4. Spend on assets before liabilities.
5. Your career is your number one money-making tool.
6. Learn how to save money on taxes.
7. Understand why investing is important.
I am 68 and the one money thing my mum taught me in my teens was budgeting. I have had a personal budget ever since, and this allows me to know exactly where I am financially. I rarely borrow money, rather I save for what I want; I have also been investing for many, many years. I am passing this on to my children. Your advice on budgeting is probably the most important in your list.
There is no right or wrong, but now and then I just like to note when I hear mentions of 9-to-5 that I love my 9-to-5. I thoroughly enjoy my work, the company gives me great work/life balance, my bosses completely trust me and value my input, and after about 5 years of hard work they promoted me to a well paying job that I didn't even have formal credentials for. I know not everyone loves a 9-to-5 but particularly influencers often express it to an extent and I just like to counterbalance it. It also can be great and have great upsides.
That is amazing to hear! I'm so happy for you!
I am a fitness trainer attached to big gym and it's unconventional job with unsociable but fixed hours but I get good money and I thoroughly enjoy it.
Yah, it is annoying that some people can't understand that different people have different preferences.
I should also add that my workplace that I love so much didn't just fall into my lap that way. When I started there 9 years ago it was toxic and a mess. But I had a vision of what it could be and stuck with the right people. I just don't want Gen Z to give up on 9 to 5s so easily or they'll turn 60 and not have enough people in the less popular but essential workforces. Sometimes you can _make_ a 9-to-5 great, too.
@@GoblinsAreAGirlsBestFriend Preach! People focus too much on the 100% remote 2 hours a day working in Bali fever dream. If you can find what you love to do a 9-5 can be great in much of the same way!
Education is crucial. Hard work alone does not = higher pay or success.
I was educated to masters level and still fell foul to this due to family dynamics and coming from an agricultural background but I agree
I think it still heavily depends on the economy you're working in. I was born and raised in a European country where educational credentials are a requirement, basically - I now live in Australia and here it barely matters by comparison.
Really? That is so interesting to hear. Could you care to elaborate on this please?
@@vm3249 While hard work is undeniably important, especially in physically demanding professions like construction, landscaping, cleaning, and farming, it's unfortunately not always directly correlated with higher pay or career advancement. Clear examples that working hard does not guarantee wealth unfortunately.
I think education gained via experience is crucial and depending on the profession, is more valuable than a qualification. I do not hold a degree yet I am paid higher than others in my field that have a higher qualification than me. This is mainly due to hard work and having the ability and desire to learn quickly. It was much harder at the time, but coming through the fire I’ve learned from mistakes and gained valuable skills that someone without the experience may not have gained.
Obviously some sectors need people to go through education first (medical, teaching etc), but I respectfully disagree that success is solely tied to education, if by this you mean in an academic sense.
Your point about budgeting giving your more financial freedom is so true. Since I started budgeting I feel less guilty about paying for the things I enjoy because I know for a fact that I can afford it since it was planned in advance.
What school failed to teach me is dont scroll in social media, reduce screen time use your time for your personal growth and you will become successful.
Hell yeah. You are 199% correct!
I watched some of your first videos and thought that you did a great job with clean and simple production, succinct and solid content, well presented, and what seems like a short while later you're at 1m subs!! Congratulations
The your not meant to love your job comment was originally made to make a point to people that not everything is fun and games and sometimes you need to suck it up and do the work in front of you.
That is very different from staying in a job that makes you feel miserable, emotionally damaged and drained.
Loving your job makes a huge difference in the attitude you bring to work. A smile makes the difference between a good day or a bad day.
Financial education isn't something schools miss by accident. If everyone knew how to make their money work for them tax efficiently we'd all be retiring early. There would be a smaller workforce, less revenue from tax, less money for public services etc.
Accidents happen once or twice. If it happens every year, it's planned
Spot on about the relationship between value creation and earning potential! Remember, it's also crucial to regularly audit personal and business finances to ensure alignment with your financial goals and values. 💡
Really needed to hear that budgeting part. Thank you for that, Nischa!
I will be 70 this year and have learned so much from you. Thank you x Never too old to learn :)
I'm 53 so u say it's not too late in life to learn a new job skill to change my career to increase my income level
Do what you love is the best advice. Work does not feel like work if you enjoy it most of the time.
Budgeting is freedom. It's freedom from repeating the same mistakes I've made in the past with money.
It is freedom when you plan things with the budget instead of becoming a slave and just focusing obsessively in not spending more than it says on paper
Appreciate the time stamps!
School gives us a great base of knowledge, but many things are missed along the way 🤷♂️ thankfully we have great RUclips channels to learn from in our time!
Your explanations are so clear and o the point.Budgeting is the key and when yr taught when yr Young it’s ingrained into you but look what you can get in the end.
Excellent video Nischa!
this video is gold thank you
Hey Nischa...Thanks for all your valuable videos...have watched almost 8 of it
Good morning Nischa. Thank you for more great content. You are beauty, knowlege and my blessing from across the pond. Larry, Central Valley, Ca USA
I've only realised No. 1 in the last year and felt the same way you did. Realising how important giving value is has reshaped where I want to go with my career.
thank you Nischa. good content
Beautiful content as always, thank you for inspiring us every day to keep going.
Great video, thanks 😊
Thank you 💚
Great. Thanks!
As with my older siblings, when I was about 12-13 I think, my parents began talking to me about saving money & budgeting. I didn't really understand at the time what they were teaching was: delayed gratification through personal financial discipline, although they did not use those exact words to a 12 year old. ha!
Later my mom said, "budgeting is not depriving yourself. Budgeting is power". Huh? I did not understand because those 2 terms seemed disconnected to me. She explained it as, "budgeting teaches discipline. And discipline will be necessary to get anywhere near the life you will decide that you want some day."
You are really good at what you do.
Ive been thinking about this a lot recently. My son is 2 and want to make sure he's aware about things such as compound interest way earlier than I ever knew. As many people in the comments will say, I wish I had know sooner and invested even a little bit earlier in life.
Great video!
I have learned more about money and taxes from this channel than I ever did in college!
Excellent as usual
Continuing to learn, #7 its mind blowing how compounding your interest makes such a huge impact
I’m a regular viewer & subscriber to your channel. I think your content is very interesting.
I a retired Head of Mathematics. I would like to make it clear that some schools do teach the concepts in today’s video
Thank you, Nischa! I'm gonna invest today.
As someone in tech, don't do so many upgrades cause you want to match people. Do it cause not upgrading your devices leads to security compromises.
Totally Agreed 🙏
Great advice! I always wished my school taught me more about finance. Maybe I'd have been in a better position than I am now and have a better understanding than I do
Great video
Awesome video. I would suggest that # 7 Compounding Interest is critical to wealth building think it would be great for you to do an entire video showing details on how it works and the benefits of it for your younger followers who can really benefit from it and understanding its power.
yes! i’d love to know this
It is not as cut and dry as "buy assets before liabilities". You need to be strategic about your spending and be able to take the right risks.
12 years ago, I chose to buy a car and hold cash with no major assets to my name. Doing both of these things allowed me to have access to better job opportunities and complete my undergraduate degree, even through some rough times where I had to live entirely off savings. Today, I am not financially independent, but I would say I am living very comfortably. Of course, I still drive that same car, even though I could afford to replace it; because buying a new car now would not give me any additional mobility than I already have.
This is a great story, well done to you. The car purchase back then really worked as an investment rather than a liability, and now you could probably say you are somewhat adopting the "buy assets before liabilities" moto by not buying a fancy new car. The quote isn't cut and cry but can be somehow adopted into all our lives
@@DrDre999 That is a good way of looking at it.
12 year old car is not old! My car is 19.5 years old which I bought new. You must keep driving that 12 year car until it falls apart or 20 years which ever comes first.
There many things we ALL need to learn about , that way it’s called the GAME OF LIFE. Nischa has found out the parts that work well and share them with us. THANKS for your insight. 💐 . Seams most definitely don’t get this game of life, think money is utmost , too bad money is just one tool to use . TILL you are able to get Nischa messages, you will only imagine what it will be like. till next time
I am going to invest more no matter how much I can afford right now. I really wish schools taught more about finances instead of either people hopefully learning from their mistakes or just winging it until they can maybe have enough to retire on. Thanks for the lessons. The part on assets vs liabilities was really interesting to me.
When my younger child graduates, im consideting selling my house and use the equity to buyout a property to live in. Spend a couple years using my previous morgtgage to repair/upgrade the home and then all of it to investments.
I do not like my job, nor do I have a passion/alternate skillset that generates value.
Thank you. The thing I am going to try and do is save And think about assets and liabilities
Thank you
Great advice to have!!! Nischa talking about kids and what we need when younger. What savings account would you recommend for young children in the Uk???
I have been sharing your videos for the last week. What you say is essentially exactly what I have been telling people. However, being a retail investor rather than someone trained like yourself it's fell on death ears.
Nisha plz do a video for people over 50 who is behind on their retirement accounts. I would love to hear your input on the subject since u are a respected accountant
You said buying property for passive income. As a home owner in a tenement, these types of landlords are absolutely hated.
Great line: "Money’s essence: the value you create and the people you can reach"
Yep all those making a killing on investment properties in Australia, draining the market of available housing and jacking up rental prices as much as possible, all definitely follow this value.
School and western education will teach you how to be a good employee, not how to make money!
Those two things aren't mutually exclusive.
The compound interest only applies after you own a home. The compound interest at best keeps up with the price of housing when the extra tax is considered.
Thank you for this video ,my beautiful blogger
I plan to increase my retirement contributions to reduce my taxable income. Thanks for the videos, Nischa! 🙌
A hard lesson for me was: education isn’t everything. “What do we need” is more important than a high education degree in something we don’t need. Say you take a history degree, get a master and everything, yet the work marked in your area doesn’t need more teachers, then all you can do is sit there with your master degree that doesn’t do anything for you without a job, sucks for you.
What does the marked need?
Easy example: Human resources is a must, that is why doctors and nurses will always have a job. Anything based around people will usually be a job we always need more people in, especially healthcare workers. Even if the world shuts down, there will always be people.
Thinking this way would have saved me many years aimlessly studying at school because i thought education is everything.
Love Nischa’s videos! ❤
I dont believe in material possessions, but holidays are important. Life is about memories and people, family, friends make them along with experiences like holidays. I have a junky old car, my house isn't fancy, i dont spend money to go out, we do go on holidays that cost money, but not much. It's important to not waste money but to also live and make memories. You are just an accumulation of your memories and experiences.
Great video. I wish YT videos on finance were around 30 years ago.
I’d be interested in knowing the types of investing which aren’t as ‘volatile’ as shares/stocks? I’ve finally paid off my credit card (after watching your videos and realising I should focus on this instead of anything else so sincerely thank you!!!!!) but I know my dad had a stocks and shares isa which he’s now closed as his savings weren’t going up, they were going down, he lost £1800 on it. I appreciate nothing is fail safe in that regard.
Investment Property Also Has Ongoing Costs to Keep It, Most People I Know Running The Property in Loss, Maybe Idea To Use the Losses to Apply Against Other Taxable Income.
The assetts point is definitely the most important
Most people dont even have any money left because we are living in UK and trapped in poverty
It’s not just in the UK.
In Argentina it's the same, with +200% rate of inflation!!
The Uk is a developed country, at least compared to many other places around the world. It means, it has to be a little bit easier to do what she says.
I am 71 years old and I have always thought if parents and educated and informed in this respect then their children will be also.Even if you educate them to save£1 a week then it sets a pattern for later life.Sadly it's not the case now.Most just want material possessions first.
Unless you’re handed really bad hands in life there’s always a way, just about priorities
Ive never really figured out how to properly budget, especially with things like council tax which is taken 10 months of the year with the 1st month being slightly higher.
You can change your council tax payment to 12 equal months if you want
1. Money is tied to Value. The bigger the scale of your value delivery the bigger the money that finds you from the world.
smart on
❤ 👏 I'm going to look into stocks and shares
Budgeting is freedom. I don't know about everyone, but when it's the beginning and the end of the month I get excited. At the beginning of the month, it is time to plan how to spend the income I expect to earn and at the end of the month, it is great to review how well I carried out my prediction.
Congratulations on reaching 1 million subscribers.
Your videos are so valuable and touched my financial life at so many levels.
So Thank you and much appreciated 👍
Could you do vidoes of personal and business tax planning strategies with examples. Thanks
For #2 maybe not finances per se, but school actually DISCOURAGES having your own point of view, going on your own path, etc. and I was a who's who in American colleges and universities and had to FIGHT them about it.
hey. am from Uganda, new here and definitely sticking here to learn more..this is an off topic comment but i cant help it.... you are so beautifulllll....
Back in the day it was slang and save …repeat the cycle for months chop here and there spend that go back to the main start get out the game ! 😝
The uk education system is or at least was shocking, wuth regards to life lesson and money.
It should be mandatory to learn about savings, Stocks and shares, compound interest, APR, debt management, how to buy a house, what is a mortgage etc
It's not just the UK
I love the way you speak ❤
I can't stop listening to it
It's amazing how she talks about the same thing over and over, but in a slightly different way & we still continue to watch 😢😅
The hard hitting reality is that school didn't provide any money/financial lessons. I learned a lot about trigonometry but nothing about mortgages. I learned about mortgages from my sister-in-law (mortgage adviser) and if I goofed that up I'd have to pay a debt for years longer than I actually did.
Your beauty is pleasant to the eyes, your English accent is sweet to the ears and most importantly, your content is educative to the mind and actionable to the hands that takes actions. Nischa, you're a complete package!!!
Thanks, i would add another important one, stay sane and pay yourself for emotional well being. That means, at the end of the day people judge you on how you make them feel and thus it's important to get paid. You could label it relax factor.🤐
Great video. I started investing at the age of 25. I'm now 54 and life is good! 😊
You are a prime example of less is more! The way you dress and effortlessly express concepts are the direct indicators of you leading by example! One of those very few who not only lead by their content but also live by their content! Warm wishes and genuine respect from the other side of the ocean!
What investments can give 10% return as you said in your video?
I was wondering that too. I know you can get a money market account that pays around 4.5% to 5%.
Investments should be made for the long term (at least 5 years). The S&P500 returns 10+%/year on average. 7-8% once you factor in inflation
10% is highly optimistic, 7% is more realistic factoring in inflation.
Where : S&P index fund investment can give you that on platforms like Fidelity or Vanguard.
@@dazkhan5717 10% is the average return on S&P 500 over many years. Some years better, other years worse. An average is not optimistic, but may take years to achieve, which is what investing for retirement is about.
It's an average return on historical stock market data.
Yes this is definitely true Nisha providing value is the most import thing to focus on first. If your product or service is worthwhile people will buy it, this is the point that most resonated with me. The internet is the greatest way to sell on a mass scale overtime. Thanks for your valuable insights as always.
School fails to teach people all the most important things we actually need to know
Thank you once again for a very informative video. What am I going to do now? I’m going start custodial Roth and brokerage accounts for my daughter.
I think one of things not taught about money is TIME. Investing is a long game strategy and the compounding affect is the true reward.
I teach middle school math and would love to use your information to help them learn these lessons now. Where would you suggest I start?
I love that idea, it will help hugely for them to set off on the right foot when they leave education, it will make all the difference on how their success evolves.
Are there any free classes that thoroughly teach personal finance that you know of by any chance?
One thing you miss is that the nine to five job also brings you a pension
Your life goal must be superior to your financial goal.
What’s the most tax efficient % of salary to put into pension as a PAYE employee?
How did you work out for you enjoyed work wise?
Summary of Money Lessons Not Taught in School
- Money is tied to the value you create, not just employment or traditional jobs. The more value you offer, the greater your potential to earn.
- Developing your own point of view on finances is crucial as it allows you to make decisions based on your values and goals rather than following others blindly.
- Budgeting is freedom - it's about strategic planning for financial growth and saying yes to your priorities in life.
- Invest in assets before liabilities to build wealth - assets generate income while liabilities incur expenses, ultimately allowing your money to work for you.
Wow....I thought ot was just the USA thay didn't teach money lessons in school. I didn't know it was the UK also
Its not about how much you make , but how much you keep. Get out of dept so you can keep more and get on a budget so you can save and invest more .Simple !
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As a teacher, I can confirm.
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Brown eyes❤