5 Powerful Money Lessons Not Taught in School

What's the hardest lesson you've ever had to learn about money? Or the most powerful one?

For many, these lessons come from hard-earned experience.¹

They aren’t taught in a classroom. Instead, many people go to the school of hard knocks. It’s the learn-as-you-go way to understanding personal finance.¹

And those lessons we pick up can shape how we think about and handle money.²

They can also stick with us for life.

So, what are the money lessons that are never too early to know?

Are there any that you still have to learn?

Or get better at?

Let’s find out. These essential finance lessons aren’t typically taught in school, but they’re still incredibly valuable to know as early as possible.

And they can take some people a lifetime to learn.

1. Accountability is Key: 
   Track your progress. Be honest with yourself about your spending. Hold yourself accountable to reach your financial goals.
   
   
2. Pay Yourself First: 
   Automate your savings. Set up automatic deposits to your savings and retirement accounts before you start spending.
   
   
3. Money Isn't the Only Thing: 
   It's about more than money. Find a balance between financial success and your overall happiness. Don't sacrifice your relationships or well-being for money.
   
   
4. Understand Your Money Mindset: 
   What are your beliefs about money? Understanding your financial mindset will help you make better financial decisions.
   
   
5. Don't Be Intimidated:
   You don't need to be a financial expert. With a little effort and a willingness to learn, you can take control of your finances.

Sources:

1. https://journals.sagepub.com/doi/full/10.1177/2167696819861467

2. https://sjes.springeropen.com/articles/10.1186/s41937-019-0027-5

3. https://knowledge.wharton.upenn.edu/article/does-money-buy-happiness-heres-what-the-research-says/

4. https://www.fool.com/terms/m/money-mindset/