20 Reasons You Need Self-Education To Succeed In Life

How well does the school prepare us for the real world? A world where people judge success not by grades but by many stringent criteria; a world where your financial statement is your report card.

One of the pitfalls of society is our massive lack of financial education. We’re taught the Pythagorean Theorem, but not how to balance a checkbook. Or what “APR” means. Or the difference between marginal vs. effective tax rates.

Most people don’t understand how money works.

I am not against formal education; in fact I am an advocate for education. I believe education is more important to our world today more than it ever was. But, without financial education as part of the core curriculum, schools do a huge disservice to us and our children, our country, and the world, failing to prepare us for the real world.

Our education system has made life a struggle for billions of people due to lack of financial education.

I want to share with you today reasons why everyone needs informal education or rather self education to be successful in this world.

1. You Read To Pass

In school you do not have the mentality to succeed you only read to pass your papers, read to get higher grade than the next guy. And, once that session pass all you read also passes with it.

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2. Teaches You How To Maximize Tax

Robert Kiyosaki once writes – ‘when you say to a child, “Go to school and get a job,” you are sentencing that child to a life in the land of maximum taxes’.

The formal education teaches us to work hard, earn more and pay more in taxes, while in contrast the informal education teaches you how to minimize taxes. How to use tax laws to your own advantage. How to earn more and pay less in taxes.

3. Teaches You To Be Alone

Ever heard of the saying – “if you want to go fast go alone, but if you want to go far go in group.” In school, you are train to take tests on your own. If you attempts to cooperate at test time, it is called ‘cheating’. In the real world of business, business owners cooperate at test time, and in the world of business, everyday is test time.

Successful people have flying squadrons of financial planners, tax consultants, attorneys and stockbrokers to work their voodoo and maximize their money for them. To be successful in school, you had to take tests alone. In business, success comes from taking tests as a team, not as an individual.

4. Teaches You Maths

The world is more than mathematics and chemistry, more than sociology and history. When you leave school, you do no longer deal with examination but the universe itself. Formal education teaches you about math, informal education teaches you about man.

The partners you have can make or break you; your knowledge about man is one of the most important tools to succeed in life. The school never teach us how to choose good people; how to find the best partner for your business, how to build the best workforce but rather teaches math.

5. Teaches You How To Count

The school is designed to teach us how to count but not what counts. 80% of the people who pass through chemistry class will not remember its application in their daily lives after ten years. Why? Simply because they are faced with the challenges of figuring what count e.g. marriage, families, raising kids, having financial freedom, going deeper with God etc. Which they were not taught in school or rather what they’ve learnt about it in school was not actually true.

The school don’t teach about an asset and a liability, difference between capital gains and cash flow, how to read your financial statement, different between fundamental and technical investing, how to measure asset’s strength etc.

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6. Teaches You How To Buy

The school is designed to teach us how to create financial crisis not how to solve them. We are taught how to be good buyers not sellers. We are taught to consume not produce.

The school does a good job by teaching us how to acquire liabilities and believe they are asset. Get into debts to make the rich richer.

7. Lack Of Inspiration

In school Numeracy (capacity to think) + Literacy (capacity to comprehend) = Knowledge. Numeracy and Literacy are the two things that take the place of inspiration.

Formal education lacks the necessary information and motivation to get inspiration. Your major motivation in school is to get good grade to get opportunity to a better higher institution or to get a well paid job.

Also we were told to wait for inspiration in school. The school taught us that inspiration is a creative urge and that you have to wait for it to hit you.

In the real world,

Information + Motivation = Inspiration

Inspiration + Application = Achievement, Joy, Health

To wait for Inspiration is to wait forever.

8 Leadership Is By Intimidation

In formal education the main leadership style is essentially intimidation. In business you need inspiration to succeed.

9. You Wait For Success

In formal education people wait for success after certification. We can see over the ages great people are those who go to success regardless of certification. Success does not come to you, you go to it. This is a misconception in formal education.

10. Teaches You To Eat

Formal education teaches you that the stomach needs food every day. Great entrepreneurs know that the mind need books every day. Without the love of books, the richest man is poor; but endowed with this treasure, the poorest man is rich. A house without books is like home without windows.

11. You Learn To Read

In school, you learn to read. But to achieve success in life, you will read to learn. Knowledge is done unto you by ‘teachers.’ This knowledge is not sufficient for the task ahead. So, you have to take over learning. You Do It Yourself (DIY); you are on your own to be successful.

12. It Gives You Knowledge

Formal education gives you knowledge. I know it sound great but knowledge does not bring success; knowledge without accomplishment will give you bitterness. What you need to succeed is wisdom.

There are lot of men and women with wealth of knowledge but lack the wisdom to become successful.

13. Other People Pays

During your school days, your parent or guardians pay the fees. One Nigerian proverb says: ‘that which we sweat to acquire, we retain longer.’ You may not agree with me on this but the knowledge you need to become successful in life is the one that consume at least 5% of your entire earning.

You must invest at least 5% of your income into self education. Abraham Lincoln said: ‘I will study and prepare myself. Sometimes, my chances will come.’

14. Mistake Is Forbidden

One of the differences between an employee and an employer is that employers are allow to and can make mistakes but employees are paid not to make mistakes. Successful people are those that learn from mistakes and not the other way round.

Mistakes are not allowed in our educational system. But, we all know that a child cannot learn to walk if he is punished for falling. You cannot learn to swim unless you get into the water.

You cannot learn to fly a plane by reading a book or listening to lectures. Yet our school system teaches by reading, lectures, and punishing people who make mistakes.

15. Certification Approach

Formal education has Vaccination or Certification approach. You get MBBS, MBA, B.Ed, ACCA, B.Sc. it overlook lifestyle approach.

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16. Graduation Mentality

The happiness of formal education is the happiness of convocation. In school all you have is graduation mentality; meanwhile successful people have Perennial mentality. They have the joy of learning. When you stop learning you start dying, forever living is forever learning.

17. Prepare You To Follow

The contents of formal education prepare you to follow. Formal education is designed to make you a follower; it equips you with the skill necessary to obey orders and commandment of your boss. Successful people are those that prepare themselves to lead. You were born to lead but you must become a leader, just as one may be born a male but must become a man.

18. Ignore Common Sense

Formal education teaches you facts of education but ignore the teaching of common sense. It is a thousand times better to have common sense without education than to have education without common sense.

19. Grant You A Living

Formal education only grants you a living. It can never grant you a fortune. People who had acquired a fortune know the secret lies in self education. This is why I encourage you to join our self education community.

20. You Compete By Striving

When competition leads to excellence it’s a good thing but the school is design that you compete by striving. This steals your inner peace. Competing with others is the worst way to win competition. If the striving oriented tactics you were used to in school is brought into the business sphere, the business is doomed to fail. You should adopt the best tactics to win competition in business.

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Wrap It Up!

This article might have strike the wrong cord in you, if you have the primitive way of thinking. But, to be frank, to be successful you need to go against the tide. The advice – ‘Go to school, then get a good job!’ – is long dead. Dead over six decades ago.

It’s high time you take up your education by yourself. Getting formal education is good but asks yourself how far it can take you.

Over To You

So, what are the other ways you think our education system is not fulfilling its duties in terms of financial education or what you feel as the best approach to education? Please share with us in the comment below. Believe me; I sincerely value your opinion more than mine.

And don’t forget there is love in sharing!

See You At The Top!!!

 

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