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Cary Siegel’s book Why Didn’t They Teach Me This in School? reveals 99 simple yet powerful principles that we never learned in school.
The book talks about everything that our education system overlooks, from saving to investing. Let’s look at the key lessons from the book.
Financial growth starts with living slightly below your means. Always track expenses, avoid impulsive shopping and prioritise needs over wants.
Compounding helps turn small savings into big wealth. Ensure automatic transfers from your income to savings accounts and SIPs. Be consistent with savings without fail.
Build an emergency fund that can keep you sustained for 6 months, at least, by covering your daily needs. This will be beneficial in the long run.
While mortgages or student loans can be considered investments, credit card debt and loans can affect your finances. Always pay on time and pay off your high-interest debt first.
Don’t rely on one paycheck, have multiple side hustles like freelancing for passive income. Work on your skill set continuously to stay competitive and help your income grow.
Start with index funds or retirement accounts, and move your way up. Remember that time in the market beats timing the market, so ignore market noise and invest long-term.
Insurance gives you safety, but don’t consider it an investment. Make sure you compare policies and update coverage at different phases of life to remain secure.
Discuss finances openly with your family. Integrity goes a long way, so pay debts and file taxes honestly. By managing your wealth wisely, you can live a meaningful life.
Thanks for reading!
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