you did what you were told you studied got good marks and obtained your degree and here you are poor while that school dropout you used to know he's living the high life now owning his own company driving a foreign car and jetting off around the world how on Earth is this possible the reality is that education teaches you how to make money but not how to keep it grow it or make it work for you in this video I'm going to dissect 10 reasons why so many smart people are still poor and how you can


avoid making the same mist mistakes let's get started one the LIE of formal education since we're young we're instructed study well secure a good job and you will be successful but here's the reality formal education sets you up as an employee not a creator of wealth schools train you in how to memorize facts but how to invest they do not how to take instructions but how to create a business they do not how to draw a paycheck but how to produce passive income they do not that's why so many


degree holders are financially struggling yet entrepreneurs and investors who tend to bypass College become wealthy your degree will land you a job but Financial Savvy is what makes you wealthy two High student debt keeps you stuck and what's worse most graduates start their careers with a mountain of debt the average US student loan debt is over $30,000 many spend decades paying it off by the time they're debt free they've lost years where they could have invested built wealth or started a business


meanwhile those who skipped College learned a trade or started businesses early had a financial Head Start this doesn't mean education is worthless but if you graduate with massive debt and no Financial knowledge you're starting at a disadvantage the key if you take loans for education make sure it's an investment that pays off choose careers with high earning potential or learn money management skills to get ahead three job security is a myth but even after paying off debt here's another


problem your job isn't as secure as you think a degree that once would have assured job security not anymore Ai and automation are killing jobs at an unprecedented Pace whole Industries are Vanishing even doctors and lawyers are not safe from AI the majority of individuals have one paycheck from one employer what happens if that job goes away Rich individuals diversify they start companies invest in property and have numerous income streams if your job is your only source of money your one crisis away from financial disaster four


the job dependency trap and here's where many educ educated people fall into a dangerous trap they depend entirely on their jobs they labor 40 plus hours weekly for a wage feeling safe but reality your boss can fire you at any time your pay can be slashed at any moment your occupation may be automated successful individuals don't count on a single paycheck they create business's Investments passive income sources begin to think outside of your job because your job is never guaranteed five the arrogance of formal


education but even when presented with financial truths many educated people refuse to listen one of the largest pitfalls that smart individuals fall into is intellectual arrogance they believe that since they have a degree they are aware of everything they require to be successful they disregard money advice they condescend to individuals who avoided College they refuse to learn beyond their formal education on the other hand Rich individuals are continuous Learners they learn from mentors business experiences


Financial books real world failures your diploma can get you in the door but practical Financial experience keeps it open it's not what you know that matters it's whether you're willing to keep learning six lack of teamwork skills and here's another floor of the education system it doesn't teach teamwork School trains us to work individually compete for grades do assignments alone but in life wealth is a team effort companies are constructed by teams Investments increase through Partnerships success


arises from networks most educated individuals fail financially because they attempt to accomplish everything on their own meanwhile Rich individuals work together Outsource and take advantage of other people's abilities if you don't know how to work with others you'll always be doing everything yourself seven they spend to impress not to invest many professionals feel pressured to show success even if they can't afford it v they buy luxury cars on loans expensive flashy watches meanwhile millionaires


Drive used cars and invest their money the difference poor people buy liabilities rich people buy assets before you buy something ask is this making me richer or just making me look rich eight the delayed gratification myth we're told work hard now enjoy life later but many people work their entire lives never start a business never invest never assist escape the paycheck to paycheck cycle wealth isn't about working hard it's about working smart don't wait until retirement to enjoy


life start investing early and build passive income now nine lack of financial planning many educated people think earning a high salary is enough but without financial planning even a six-figure income disappears they don't budget they don't save for emergencies they don't invest meanwhile wealthy people strategically manage their money they track expenses they invest in assets they plan for the future it's not about how much money you make but how well you manage it 10 the tax burden on


educated individuals High income earners especially those with jobs pay the most taxes employees pay up to 40% in income tax meanwhile business owners pay lower tax rates and get tax breaks the rich understand tax deductions investment tax benefits how to legally reduce taxes if you don't learn how to manage taxes you'll always be working harder While others keep more of their money education is valuable but it won't make you rich if you don't understand money you'll always work for someone who


does which lesson shocked you the most comment below and don't forget to like subscribe and share for more financial cial success tips