“Why didn’t school teach me more about money?”
That’s a question (or complaint) that I hear quite often. But while many are frustrated that school didn’t teach them more about finance, I think there’s something potentially even more problematic than the lack of financial literacy in schools.
Building wealth is a game that is better played in a team.Credit: Illustration: Simon Letch
I believe there are certain aspects of the academic culture that can actually be detrimental to your wealth-building journey later in life. Specifically, the one where we’re often encouraged to succeed more as individuals than as a group.
While there are group assignments (does anyone actually learn teamwork in these?) and team sports, for the most part, your achievements and grades are individual. In fact, in some senses getting help is actively discouraged as cheating.
I don’t know that this is really the most helpful set-up for the real world.
What I see in many adults when it comes to the wealth-building process is a resistance to asking for help or letting other people support them, a feeling that it needs to be done “all by myself”, and a silent battle with a never-ending mental scorecard of their progress (or lack thereof) against their peers.
Along with building your own capability and confidence, it’s important to build a good team around you and leverage the expertise of others.
I can’t help but wonder if at least some of that is a hangover from the way our academic lives are structured for well over a decade in our most formative years. What I learnt, perhaps after far too long trying to go it alone, is that building wealth is a game that is better played as a team sport.
You can make more progress, faster and more consistently when you can lean on the support of others – professionals (like accountants), mentors and coaches.
Making money is a team sport, so don’t do it alone
13
0
10.04.2024
“Why didn’t school teach me more about money?”
That’s a question (or complaint) that I hear quite often. But while many are frustrated that school didn’t teach them more about finance, I think there’s something potentially even more problematic than the lack of financial literacy in schools.
Building wealth is a game that is better played in a team.Credit: Illustration: Simon Letch
I believe there are certain aspects of the academic culture that........
© The Sydney Morning Herald
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Belen Fernandez
Rami G Khouri
Mort Laitner
Donald Low
Ali Fathollah-Nejad
Nikkei Editorial
