What I wish school taught me

I was taught that passion rules all. In particular, if you want to be a scientist, that’s all that matters.

If you love what you do, then that should be enough. Right?

Up until I was 25, I believed that. I held onto the same dream as when I was a teen: “I want to be a scientist when I grow up”.

And when my uncle chimed in with, “How about money?”, I would never have a good answer.

I was passionate about science, so surely that’s all that matters in a career. Right?

A Realisation

Towards the end of my PhD, I realised I no longer wanted to be a scientist (reasons for another article!) and I should probably think about how I want to make money in the future.

After all, I wouldn’t be living off university scholarships forever.

And while I did my fair share of undergraduate teaching, running physics summer schools, and private tutoring to earn cash here and there, I never had a financial plan.

I also realised I had zero qualifying years for a state pension, as I had only ever been a student.

At this point, I realised maybe I should include “making money” as a career priority.

Post-PhD

With refreshed career priorities in mind, I finished my PhD in September 2021 while starting as a freelancer for a startup in July 2021, which became my full-time job.

As I was self-employed and on a fixed contract with no other benefits, it was the first time I thought about a pension.

Well, my lack of a pension.

I was in my late twenties and felt like I was miles behind other working graduates who had joined companies in their early twenties straight out of university.

I had a PhD, yes, and my mum always taught me the importance of saving, but in terms of understanding investing and pensions? Nada.

At this point, I’m proud to say that I was at least partially aware of what I didn’t know, and sometimes awareness is the first step.

Corporate Life

I’ve been working as a corporate consultant for the past 7 months, and I truly believe that financial literacy is essential for everyone. While I now benefit from company pension matching and other financial benefits, I know that I need to continually seek to improve my financial education.

My Advice to You

I will never understand why the education system does not prioritise financial education. But if you’re feeling underprepared like I was, here’s what I recommend:

1. Self-learn. The internet is a knowledge hub! Pensions, taxes, savings, and investing. Be curious and seek out information.
2. Be confident. Think about all the things you have overcome in your life. Trust that you are able to learn what you don’t know yet.
3. Talk about it. Talk about finances with your family and friends. Why should understanding finances be something only a select few do?

I’m still learning, and there will never be an end to financial education.

Bonus tip

It is never too late to start investing! The effect of compounding can be truly rewarding. You need to start early and invest regularly, even if it is a small amount each month. The power of compounding means that your money will grow exponentially over time, so even a small investment can make a big difference in the long run.

1. Do your research. Before you start investing, it is important to do your research, understand the different types of investment available, and how it aligns with your risk tolerance.
2. Start small. If you are new to investing, start with small amounts of money so you can learn the ropes.
3. Be patient. Investing is a long-term game, and not a get rich quick scheme! Invest regularly and let the power of compounding work for you.

Thank you for reading!