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If You Want to Be Rich You Don’t Need Good Grades
Have your parents ever advised you that to get rich you need to study hard, get good grades so you can get a good job? I know I heard this advice from my parents on many occasions. But the fact is that getting good grades no longer guarantees you will be rich. Even many doctors who often get the best grades are now struggling to make a lot of money. If you want to be rich then read without needing good marks.
What they don’t teach you in school is that you bankers never ask for your report card. If you go to your bank and ask for a loan for a business, property or other investment, your banker will not ask for your school report card. Your school report card has little to do with whether you’ll be rich or not. There are many highly educated people who are poor and struggling for money. There are also some uneducated people who are millionaires and billionaires.
Schools are developed to train people to find jobs, but that alone will not make you rich. Often educated people with the highest paying jobs have the most debt and are in the worst shape financially. You don’t need good grades in school to get rich, but you do need a good financial education. Many people leave school with little to no financial education. Many end up in school fee debt and spend their entire lives trying to get out of debt.
Some very simple financial education can save you a lot of time and trouble and make you rich very quickly. In fact, someone with a lot of financial education but not a lot of school smarts is more likely to become rich than someone who was school smart but now has a financial education.
You are smarter in school if you can differentiate better. Let me give you an example. If you can tell a car from a truck, you have some brains. However, if you can tell a 1987 Ford Laser from a 1990 Ford Laser, that’s a big difference. You are able to understand finer details and therefore you are more intelligent. In school you will also be taught that a word has more than one meaning. For example, the word pound can mean many different things. It can mean money, as in English currency, it can refer to weight, it can refer to a lost dog, or it can mean to strike with force. A word has many meanings.
In economics, some words have different meanings. Only in financial matters one meaning will make you poor and another meaning will make you rich. Neither meaning is right or wrong, just different, but their implications are very different.
One of the most important terms you will understand in finance is the term asset. Now your banker will tell you that any property you own has financial value. This includes your old golf clubs, your suits and your car. This is a proper meaning of the word property, but it will make you poor. A better understanding of the word asset is something that brings you income whether you are working or not. Simply put, if you stop working today, the property will keep putting money in your pocket. Liability is something that takes money out of your pocket, whether you work or not.
Many people are poor because they spend their time buying assets with liabilities. They buy goods of monetary value for which they have to pay money. Owning a car costs money every month. So, as per the bank’s definition of assets, even though they are acquiring assets, they are getting poorer. Wealthy people focus on spending their time and money in ways that bring them income. These assets make them wealthy and the ability to define the difference between assets and liabilities makes them financially intelligent.
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