If you want to be rich, you don’t need good grades

If you want to be rich, you don’t need good grades

Did your parents ever give you advice that in order to become rich you need to study hard, get good grades so you can get a good job? I know I’ve heard this advice many times from my parents. But the fact is that getting good grades no longer guarantees that you will become rich. Even many doctors who are often top rated are now struggling to make much money. If you want to get rich without needing good grades, then read on.

Something they don’t teach you in school is that your banker never asks for your passbook. If you go to your bank and ask for a loan, be it for business, property or some other investment, then your banker will not ask for your school card. Your school report card has very little bearing on whether you become rich or not. There are many highly educated people who are poor and struggling for money. There are also many uneducated people who are millionaires and billionaires.

Schools are designed to train people to get a job, but that alone won’t make you rich. Often, educated people with the best paying jobs have the most debt and are in the worst financial shape. You don’t need good grades in school to become rich, but you do need a good financial education. Many people leave school without the slightest financial education. Many leave deeply in debt from school fees 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 can make you rich much faster. In fact, someone with a lot of financial education but not much school intelligence is much more likely to become rich than someone with school intelligence but now a financial education.

You’re smarter in school if you can make finer distinctions. Let me give you an example. If you can tell a car from a truck, then you have some intelligence. However, if you can tell a 1987 Ford Laser from a 1990 Ford Laser, then that’s a bigger distinction. You are able to understand things in finer details and are therefore more intelligent. You will also be taught in school that there is often more than one meaning to a word. For example, the word pound means many different things. It can mean money, in the form of English currency, it can refer to weight, it can refer to a lost dog’s home, or it can mean to strike with force. A word has multiple meanings.

In finance, some words have different meanings. Only in finance one meaning will make you poor and another meaning will make you rich. Neither meaning is right or wrong, just different, but they have very different results.

One of the most important words you will ever understand in finance is the term asset. Now your banker will tell you that an asset is anything you own that has a monetary value. This includes your old golf clubs, your suits and your car. This is one correct meaning of the word asset, but it will make you poor. A better understanding of the word asset is something that generates income for you whether you work or not. Simply put, if you stop working today, an asset will continue to put money in your pocket. A 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 that are liabilities. They buy things with monetary value that cost them money to own. Owning a car costs money every month. So even though according to the bank’s definition of an asset, they acquire an asset, they become poorer. Wealthy people focus on spending their time and money to acquire assets that generate income for them. It is these assets that make them rich and the ability to tell the difference between an asset and a liability makes them financially intelligent.

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