What School Failed To Teach You About Money
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- Опубликовано: 1 июн 2024
- What school failed to teach you about money.
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Which of these 4 equations is the correct formula for the Pythagoras Theorem? I’ll give you a few seconds to figure it out…. Okay, times up. Be honest. You may have learned this in school, but you don’t remember, do you? You haven’t accessed that part of your brain for a long time now, and that’s because from the moment you step out of school for the very last time, you don’t just say goodbye to your classmates, your favorite teachers…you also say goodbye to 63% of the skills you learned during your 12 long years in the education system. Skills you would never, ever use again.
But that's not all. You start your career in the real world, and finally land your first real job making $40,000 a year. Finally, a job that doesn’t pay minimum wage, and you’re over the moon about it. That is…until you see your first paycheck. You suddenly come to the harsh realization that, after taxes, you’re only left with a little over $2,500 a month, barely enough to pay for your basic living expenses. You're left feeling helpless and frustrated. And just when you think it can't get any worse, you receive a mysterious document in the mail…“W-2, what is that?”. Your tax statement. The only problem is you have no idea what to do with it, how to file it, and how to make sure it’s all accurate. The struggle is real, and it's only just begun.
A few years go by and you figure it’s about time you buy a house. You diligently save up to buy a house, only to find out that houses are now the most expensive they've ever been in history. But that's just the tip of the iceberg. It turns out that the cash you've been putting away in your savings account is worth less now due to inflation, and you realize that you don't even have a good enough credit score to qualify for a mortgage.
By now you’re getting the picture. This is just a glimpse of how the school system failed you when it comes to money management skills. Instead of learning about how money works, how it's created, and how you can accumulate it, you spend most of your time learning about things that don't matter, like how to use the cosine rule to find the missing angle of an isosceles triangle. If you’re like me then you figured it's time to take matters into your own hands. What I’m going to be sharing with you today are the things that I believe our school system failed to teach us in regards to personal finance and money.
Topics Covered:
Personal finance, how to save money, how to build wealth, how to make money, untold truth about money, budgeting, emergency fund, how to escape the rat race, entrepreneurship, financial freedom, investing for beginners, taxes explained, credit score explained.
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Everything in this video is of my own opinion and could be wrong. I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
Hope you all enjoy this one! Have a great rest of your day :)
watching from South Africa.❤
Financial literacy is an essential skill that many people do not learn in school, and it's important to take the time to educate ourselves about personal finance and money management.
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Nor college does not teach you properly?
Since it's inception the American "educational" system never intended to teach financial education. John D. Rockefeller was pretty much the one who created it. Since it was his money, he wanted his way.
"Rockefeller aimed to create a workforce that would be docile and subservient to the economic machine, ensuring that individuals remained cogs in the industrial wheel rather than empowered, critical thinkers capable of challenging the status quo." - wikipedia
Rockefeller is quoted in saying, 'I don't want a nation of thinkers, I want a nation of workers'.
You said we forget 63% of the things that we learn in school, and that school failed people in regards to personal finance. Who's to say school failed them? I say they were taught but that's part of the 63% of things that they forgot. The bigger question here is "How do we not forget so much of what we learn?" If you actually know how to learn effectively, you'll be able to pick any topic like personal finance, money management or investing and know just as much as being in a classroom but faster.
TL;DR: Learn how to learn instead of expecting school to somehow know your path in life and only teach you things that will personally benefit you.
Bingo. And if you remembered the Pythagorean theorem, it's because you have the imagination to see it's potential utility in everyday problems. And if you can do this, you can figure out to handle your finances. Because your school taught you how to thunk - with the Pythagorean theorem.
Schools never taught me anything valuable. Everything was boring and needless. All my math I learned when I was in the outside world dealing with money and circumstances. All my history I learned by coming across people and watching documentaries. Biology, science, geology...nat geo did that and my harmless curiosities stumbling thru this planet.
The only thing school did was provide friends to kick it after we left that detention center. School was fun in between the periods.
I learned to het good grades by nodding my head and memorizing terms I'd never use again.
In the larger schemes of things I can say school.was not entirely a waste of time but it could have been much more creative.
Pythagoras theory? Great and all. Not stimulating when ur a kid or necessary when dealing with ppl.
No wall street, entrepreneur or real.auccesfull ppl use that. Pencil pushers use that. Most successful ppl had a vision and honed their skills by teaching themselves the necessary components of real world applications. Not freaking trigonometry in order to tackle a problem at your office desk job. Please...haha
Some high schools do teach this material. But I think parents should teach this to their kids, too. The information would be much more meaningful when the kids could look around their own homes and see exactly what their parents are talking about.
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a lot of parents don’t even know
The problem is that this material is a moving target. Tax codes change every year. What they teach you in high school about taxes could be obsolete by the time you go to file your first return.
Same thing with credit scores. The math that calculates your credit score is proprietary and not public information, which has conflict of interest written all over it, for the people who get to choose what these algorithms are. So it isn't something they COULD teach you in school, even if they wanted to. You can teach what factors generally improve and ruin your credit score, but you can never teach a complete understanding.
Bruh lolll that "first paycheck realization" hit hard when I started my career after undergrad. Things got better over the years.
Good to hear!
I use the Pythagorean theorem once every few weeks. I guess I just come across a lot of triangles. This will come in handy when I have to build my own house because houses are so expensive.
Lol
Just loved your video. Full of information and superb editing.
The college degree a "fake confidence booster"... A college grad with negotiation salary skills and principles of wealth creation matters more. In early life, most people have perception of wealth.. ie.. asset vs liability.. In later life or after RUclips, most people know come to know "true" assets like networth, stocks, rental property, and positive cash flow principles.. Thanks for sharing your knowledge.
Thanks Curtis!
Karson, you be bussin bussin, no cap
EU and US Schools fail at much more than just at teaching finance. In fact i really would not have used math as an example for what we learn at school. If schools would teach math properly then people would know how to derive and proof the law of cosines. So forgetting it would not matter, one would always be able to just find it again by thinking and using a piece of paper and pencil. But school mainly teaches math like a cookbook, "remember this formular and apply it" while it doesnt matter one doesnt understand why it works or what it means
Yep you are so right
Thanks!
Thank you for the video, gorgeous ! ❤️
The school curriculum we have today and when we went to school was originally set up just after WWII during the cold war, first atomic tests and Sputnik. The nation's leaders wanted military and industrial engineers along with cannon fodder. So, algebra and trig were instituted as filters and preparation for the youth in the quest to beat the Russians. Students (male only) who breezed the math were channeled into science and engineering, the rest were either drafted (male only) or considered cheap labor (all the rest).
Learning basic finance, accounting, taxes and business methods is probably the best way to survive and prosper in the system we now have, above how much we make annually or how frugal we are. People who know finance tend to be frugal anyway since they know the value of time and money. Our schools have failed us!
Funny how she uses MATH as the example for the unused topics learned in school that don't help in the future instead of using the actual useless topics like the 2nd language you learn in school or the civics class or the philosophy class
idk the case now , but when I was in school there was no subject about money ( finance should be thought latest in high school ) -
or rather , countries don't want people to learn about finance ( people becoming financially free leads to people not working for an employer)
remember when you learned how to write quadratic equations ... I forgot to ask the teacher what the F will I need this for in the future ?
I'll give you an example of a real world problem where I've used the quadratic formula as part of my career.
A beam is 10 feet long, and will carry a uniform load. It will be supported at two points along its length. Locate those two points, so you maximize the capacity it can support. The solution: 2'-1" from both ends, with a span of 5'-10". I use scaled versions of these results all the time, to make design decisions.
It comes in handy on design optimization problems, where you're trying to minimize costs and maximize value/performance. We mainly care about the quadratic case in schools, because it is one of the few non-trivial types of functions, that we can solve analytically, that works well for an introductory example. For many real-world problems you'd solve, functions get much more complicated such that there is no analytic solution.
Love this one Karson. Really hits home for my kids and a lot of other people. Great job!!!
Thank you so much!
I remembered pyth theorem
Amazing guide!!! School should have taught us this!
Thanks!
I bet school taught you but it's part of the 63% of things you forgot when you left school.
Such a good video!
Thank you!
This credit score thing sounds like Big Brother ngl
Spot on! Much of the math we learned isn't necessary due to computers. You don't need calculus to do much these days for most profession, but for some reason, I even needed this in college. But no one taught me about money management, responsible debt, etc. My parents taught me the most, but I learned by doing and most of that was mistake after mistake. I guess the learning by doing method works, but it puts you behind the ball.
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Top right is the correct ones.
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When she said “partially true” in her video, I know she speaks the truth.
Karson will go places with or without anyone.
school doesn’t teach us shit nowadays
Good as always , big fan
Appreciate that!!
I feel that there is this common trend of saying “school just teaches useless shit”, but I sort of think school teaches you how to learn. If you’re not able to understand fundamental math or science concepts you’re really not gonna fair much better with financials either. Also I do find a lot of times people who barely paid attention make this argument and they’d rather “learn how to do taxes”… but let’s be real they wouldn’t pay attention to that either. My school even had basic finance projects that all seniors did where they invested dummy money and managed expenses/budgeted. While I don’t bust out integrals everyday I find that I have a better understanding of things and how complex they can be, so I don’t get a sense of false confidence and take the time to learn
The 4th formula is the Pythagoras Theorem, lol it look me less than 1 second to see it but to be fair I am electrical engineer and have to use the math almost everyday lol. Good video, good quality content.
KEEP IT SIMPLE.
What's the point of going to school beyond 8th grade? If i skipped high school and went straight to community college i might still end up in the same spot today.
That tax % is that based off active income?
So many people mistake wealthy peoples net worth as income and say that percentage number based on that
Im lucky I was too dumb to take calculus in high school. Had to take financial literacy instead 😎 best thing that ever happened to me.
Great video but you won’t catch me not knowing Pythagoras’s theorem, i was listening audio only and recited the formula in my mind 😂
2 for 2, for an isosceles triangle you draw a line down the middle splitting it into two right angle triangles, then solve with SohCahToa. 27 year old working man keeps winning
The math nerds watching this immediately knowing the formula at the beginning, lol
... totally not me or anything
I got started in investing seriously once I hit my 40s. No one taught me, including college, how to invest and how to manage money. When I started my first job, I had no clue what to do with my 401k other than put small amount of my paycheck into some funds that I had no clue what they were. School doesn't teach you about saving, investing, dollar cost averaging, buying ETFs, investing in growth stocks, how to properly put money away in Roth IRA, and so many other financial life skills that would have built wealth and let you retire in your 40s. This is my biggest regret, that I did not start investing in my 20s... Now I'm adamant that a young college graduate that reports to me at work gets started with investing. I tell them, I want you to retire when you're 45.
You don’t learn Pythagoras theorem because you are going to be an engineer. You learn it to strengthen your cognitive abilities. Learning about financial stuff is not rocket science and can be easily figured out if you just bother to look things up.
Gonna ignore the part where it showed a McLaren and u called it Bugatti while the subtitle labeled it as Lambo, but u should definitely try to be a professor uk u got some really good explanation skills👏👏. Keep it up
Karson...can you do a video on how to predict stock market crash...
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Thanks Patrick!
No Matter How You Feel Today,Get Up,Look Up And Give God The Glory For Waking You Up🇧🇸❤️
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The educational system didn't fail. They put you exactly where they want you. "A fool and his dough are soon split. So when you come across a fool, get all that you can get." - Dr. Dre
We all know what fire is... (the fire with the flames not FIRE) but how many of us truly know what fire is???!!! What does that flame consist of, how is mass transformed into light and heat, etc.? Now, let's turn to money. What is money? :) You can come with 1000 answers but only a few answers will be true and complete. If you find the right answer you'll also understand why with the current money system you HAVE TO be an investor if you want to keep the fruits of your work. So, what is money?
Energy.
Here you got your answer. Money is just energy. Make sure you move your energy or your money is dead.
I watch you cuz you are beautiful
Is the American way!!!
Yep
@@KarsonGaule it's funny you talked about this. All school year I've been thinking about talking to the school district to bring those type of programs for 8-12 students. Who cares about US history, unless is financial history.
to be fair the partners should also teach their kids about some things about money
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Where can I learn all these skills?
Life or a book store
This isn't just an American problem either. Many countries don't teach useful skills at school
True. I didn’t learn about money until I got my inheritance. Then I started investing, and by the time I was 28, I about got it.
Why are we blaming the middle class for not having the knowledge to pay less taxes. That’s clearly a systemic issue. How is this hailed as a good thing in the video???
The top 1% are inherently evil and not people we should looking up to. Warren buffet does not need to accumulate that amount of money in order to life well. In a system where there supposedly a finite amount of money (at least in its value) how are we all okay with people holding so much of our wealth while others are on the opposite side starving to death.
@@platonymous No, they're not "inherently evil", that's a faulty generalization.
@@applefarm6126 Its objectively evil to try an accumulate as much money, assets, and just stuff. There is a reason greed is a sin.
Do you not think it’s kinda insane that these billionaires only pay the amount of tax your mentioned in your video?
The reason they don't pay the amount of tax that most people pay, is that taxes are primarily based on active income, and not passive income like capital gains. These billionaires were already taxed once on the assets they have.
@@carultch anyone who tells you that you can’t tax assets without selling it is lying to you.
@@jameshunt4611 I'm aware of that. Capital gains are not tax free either.
One possible explanation is that his increase in net worth came from unrealized capital gains in the current year, and you are not taxed on unrealized capital gains. The year in question may have been a special case of a year where he didn't sell any assets, so it may not be representative of his average tax year.
@@carultch unrealised capital gains should be taxed.
Buy-borrow-die is another tax loophole billionaires exploit, because debt is not taxed.
Not insane at all. This is America. Read and study you will be just like them one day.
I recommend everyone to pay attention to @Karson she been through some stuff and learned a lot from her own past.
I like upcoming RUclipsrs because they speak the truth. Once they hit millions of subscribers ….things might deviate.
Instead of trying to figure out the secrets of billionaires tax situations, better ourselves and get to be a billionaire and these questions would be just another stepping stone.