“Formal education will make you a living; self education will make you a fortune.”- Jim Rohn
When you think you have made it and there is nothing you can learn since you’ve got it all figured out then you are out of your mind. We can never stop learning. Take finance for example. Most people don’t bother to educate themselves financially. We call them financially illiterate. People who don’t have a clue on how money operates tend to use it all up or put everything in the bank.
Isn’t putting it in a bank a great idea. Well not really if you consider our inflation rate. When you put money in the bank, you get a 1% to 2% interest rate while inflation rate is 4% to 5% which means you lose money every year if you put it all in the bank. How did I know that?
Well, I’ve read up on some blogs by Randell Tiongson. I’ve finished reading Dave Ramsey’s Total Money Makeover book (click on the link to win a free book). I hang around and ask questions to Chinkee Tan and try to read up on different books on how to grow my money. It is what we call self education.
If you think you can’t afford to learn because of the cost of self education, just think of the high cost of ignorance.