Life can be quite different to what you thought it was going to be when you were at school. If you are one of those people who, just like me, attended a school that has not taught you the basics of getting around in life, then welcome to the club.

Managing personal finances is a fundamental skill required for survival, yet it’s not included in the school curriculum around the world. Here are some things schools should have taught you, and a short guide on how to improve your knowledge today.

Managing your money and budgeting

If you are one of those people who is trying to make ends meet every month then chances are that you were never truly taught how to manage your finances.

“A budget is telling your money where to go instead of wondering where it went.” – Dave Ramsey

Budgeting is not only helping you become aware of where your money is going, it is also the key to improving your financial wellbeing. By creating budgets, you will be able to take control of the cash flow and optimise your spendings to ensure you have enough to afford necessities. We have covered budgeting in one of our blog posts so make sure you check it out.

The importance of savings

Remember the times when you were saving towards buying a bike, your favourite game or even sweets? I am sure you do and you had a bit of a taste of how important having savings and a plan for it is. Saving money is important because it helps you not only save for a greater cause or a purchase you planned. It also protects you in the event of a financial emergency and in the long term, it can greatly contribute to creating your financial freedom.

The importance of scalable multiple revenue streams

If you thought people become rich from working their 9-5 jobs, you were wrong. Studies have shown time and again that riches comes from creating and cultivating additional revenue streams, whether these are investments, profit gains or passive income revenue streams. It’s not only OK to have multiple revenue streams, it is a necessity if you want to create your financial freedom. We have covered passive and scalable income streams in our previous posts.

The importance of investing

Investing is a great way to make the money you have work for you. But how do you do it? Exactly. That’s one of these things that you can only learn from books, YouTube videos, trial and error or by delegating it to a financial advisor or portfolio manager. Whether it is investing in stocks, properties, commodities, bonds, shares or even crypto… these are only some of the areas a fresher straight out of school might want to consider getting involved in but simply wouldn’t know-how. We have written a quick guide to investing and debunked investment myths for you just to help you get started.

Credit scores and how they are calculated

A credit score is an indicator of how good of a borrower you are. It is used by banks and lending institutions to evaluate how likely you are to pay the loan off. The three-digit number that represents your creditworthiness can be more impactful than your age, salary or financial savings when it comes to getting a loan. In the UAE a rating that is above 700 is considered a good credit score. The organisation responsible for issuing credit scores is called Al Etihad Credit Bureau and it was set up to bring transparency to the lending industry. It is also the first post of contact whenever there are any lending disputes. To find your credit score, simply download the app from the Google Play or Apple App stores.

Loans and the fine print

Getting a loan can be quite an overwhelming experience. Endless pages of terms and conditions and fine print are written in a language a lot would not understand – no wonder so many people fall into further troubles because of it. In simple words, a loan is a sum of money you are wishing to borrow from the bank with interest topping it over a certain period of time. Banks offering loans offer different interest rates to attract their customers however it is incredibly important to fully read the terms of the loan and understand the real cost of it.


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