Book Review: Why Everyone Must Read ‘I Wish They Taught Money In High School’
Many consider money as a taboo topic. I was one of them.
I thought it’s a little insensitive to ask someone about their money–how much they make and what they do with it. That’s why I refrained from talking about it even when others insist. I felt that it’s some sort of intrusion into my private life.
That changed after reading I Wish They Taught Money In High School. This 2-part book opened my eyes to the reality that money is an important aspect of our lives and that it deserves to be talked about. I learned that we shouldn’t feel offended when others ask us about money because they may just be really interested in learning from us and not merely meddling with our money affairs.
In fact, we should be more comfortable with talking about money.
It’s only through that will we be able to discover new ways to grow our money, which is basically what we all want, right?
I Wish They Taught Money In High School is a great book that will teach you how to become more financial savvy using actionable steps that you previously thought were hard to do.
Among the many things I liked about this book is it talked about money and all its technicalities in a language that the average Juan can easily understand. Finance is a very technical topic; it’s hard to fathom all its terms and concepts. That’s why many won’t bother picking up a finance book. They feel intimidated.
I never read any financial book because they look like college text books. My nose would bleed before I even get through one chapter.
Financial blogs, on the other hand, is a different matter. They contain information that is easier to digest–and understand.
That’s what I felt as I read through the very nice pages of this book.
Speaking of pages, the paper used in the book is really nice. It’s unlike the usual books that have thin papers that have the same color as text books. This one has thick, white, and almost glossy paper that makes turning the pages enjoyable. You can really tell the authors and publisher made sure that readers will love every detail about the book.
The artwork by Tippy Pelayo-Go is superb. They’re very appealing. I have this theory that the artwork is deliberately made that way to appeal even to younger readers who wouldn’t normally want to read a financial book. At first glance, the book would seem like a tween or young adult book.
That serves as a great hook for the younger market–those that really need to be educated financially.
The books is actually a combination of two books written by different authors: Sharon W. Que for I Wish They Taught Money In High School So I Can Start My Own Business Right Away and Clarissa Serina-De La Paz for I Wish They Taught Money In High School So I’m Not Dependent On My Paycheck.
This has something for everyone: the employees and those aspiring to run their own businesses. And that’s a very good thing. There’s no risk of alienating anyone.
So how was the book?
Let’s start with Clarissa’s work.
I Wish They Taught Money In High School So I’m Not Dependent On My Paycheck
This chronicles the author’s journey towards freedom from paychecks. She shares her story on becoming financially independent by utilizing one of the most powerful ways of getting rich: passive income.
After reading it you’ll realize that most of us are doing it wrong; that we shouldn’t be enslaved by our monthly salary. We think that the only way to be financially stable is to have a recurring income from our jobs. That makes us helpless, in a sense, because our financial fate rests on the people we work for.
If something happens, like bankruptcy or we get terminated, we lose everything. We’ll be left with nothing in a snap.
And that’s very scary.
It doesn’t matter whether you have some savings in the bank because they’ll eventually dry up. You need to find another source of income, which means you have to find another job. But what if the same thing happens?
You–we–will always be at the mercy of our jobs.
That’s not very comforting, right?
To avoid going broke, we have to find another way to make money. This book offers the answer: passive income.
The author describes what passive income is and how you can create one in great detail. And to make sure that everyone better understands the ideas to be discussed in the succeeding chapters, the author explained the basic concepts like the myths on money and moneytudes (attitudes about money).
These are all very helpful resources that’ll make understanding the book a lot easier.
Throughout the book, the author stresses the importance of having the right mindset regarding money. This is very important because everything stems from the right perspective. And through her real-life examples and very detailed descriptions and actionable steps, even those who have zero knowledge on finance will become money savvy quickly.
So what are you going to learn? Here’s a quick look:
- Financial terms you need to know like finance, income, expenses, cash flow, investments, assets, liabilities, inflation, taxes, leverage, debt, net worth and others.
- 4 sources of income
- What passive income is
- Groups of people based on their sources of income
- Importance of savings, its challenges, and how to properly do it
- How to gain assets
- Why, where, and how to invest your money
- Money myths you need to debunk right now
- Good and bad debt
- How to make credit cards work to your advantage
- How to work smart
- Right attitudes towards money
- Why gratitude is very important in making your money grow
The author also provided tools that will help you apply all the things you just learned easily. At the end of the book you’ll find:
- Millionaire’s log
- Dream compass
- Inventory of rations
- PACT (Promise to Augment and Compound Treasures)
- Money map
- Gratitude anchor
I Wish They Taught Money In High School So I Can Start My Own Business Right Away
The other part of the book is Sharon Que’s guide on how you can completely take control of your financial future by setting up your own business.
I can’t think of anyone who doesn’t dream of having a business. It’s the culmination of the years of hard work by employees; they save up enough cash to finally have the capital for their dream business.
Speaking of capital, did you know that you can start a business even without enough money?
That’s one of the revelations in this book. Known as leverage or using other people’s money to fund your business, this is a good way to get your foot in the door. With the right people and strategy, you can do it, just like the author.
Her story is inspiring for anyone who wishes to be a business owner. She shares her first foray into business and how years of exposure and training helped her become successful in her ventures.
Growing up in an entrepreneurial family, the author started her on-the-job training at a very early age. Eventually, she imbibed the business mindset and looked for business opportunities which she turned to success.
Sharon shares her first foray into real estate and advertising. Everyone will be able to relate because she started out from scratch. If you’ve been worried about the lack of funds, her story will tell you that you should make the move right now. She didn’t have much (she even didn’t use her own money in one business venture) but it didn’t deter her from realizing her goals.
You’ll know the general steps she took in setting up each business. Among the things you’ll learn about putting up a business include:
- Having the right mindset
- Finding the right team
- Proper planning
- Leveraging on other people’s money
- Formula for putting up a business
- Overcoming challenges
- Multiplying your income
- Growing your money through investments
Just like the first book, this one has tools that you can use right away. You’ll find sample letters like Offer to Buy and steps on how to register your business.
The only thing I noticed about this is a lot of the ideas discussed are a little broad. It would’ve been more helpful, especially to those who have zero money knowledge, because they’d know what exactly to do. Luckily I’ve written about finance for some clients so the concepts shared in the book are already familiar to me.
One concept that struck me is leverage or using other people’s money to put up your business.
Did you ever think it’s possible to build your business and not take out a dime from your pocket? Logic would tell you it isn’t possible. But it is. As you read the book, you’ll see how Sharon successfully did that.
To test that out, I recently teamed up with 3 friends to put up a little business that involved pigs. We’ve been planning it for months and saved up enough cash so we can get the ball rolling. Then, just as we’re about to buy the first batch of piglets we’re going to raise, an amazing opportunity came to us.
A startup will finance 20 piglets and supply the feeds until the pigs are big enough to be sold. All we need to do is raise them and return the investment after they’re sold. We’re only planning to buy 10 because that’s all we can afford but then this happens! It was truly a blessing.
Leverage is real. And it works.
After reading the book, I had renewed inspiration and motivation to become a lot wiser about how I handle my finances. This showed me that we really don’t need to be dependent on others to make a stable income. It’s always been about us and not the jobs we have or how much we make.
This is a very important takeaway: how much you make a month from your job doesn’t matter because it’s all about how much you save, how wise you spend, and how you invest your money.
You could be making a meager P10,000 a month and STILL be able to grow your bank account.
It sucks that money wasn’t taught in high school. Many of us would’ve turned out financially savvy if it was. But that’s alright because there are extremely helpful resources like this book to lead us to the right path.
It’s not too late, after all.
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