“Why the hell did no one teach me this in school?”
If you’ve ever filed a tax return, applied for a credit card, or tried to save for your future, chances are this thought has crossed your mind. You’re not alone.
Financial education: understanding how money works, how to manage it, and how to grow it, is shockingly overlooked in Europe’s traditional education systems. While we’re taught algebra and Shakespeare, the very foundation of financial independence is ignored. In this article, we’ll explore why that’s a major problem, what you can do about it, and which five powerful books can change the way you think about money.
Why Financial Education Is Missing from Schools
In most European countries, personal finance barely exists in the school curriculum. According to the OECD (2020), fewer than 20% of secondary schools in Europe offer structured financial education. Parents often aren’t equipped to teach it either, creating a cycle of financial ignorance.
The result? Young people make costly mistakes, racking up debt, investing recklessly, or not investing at all.
Why Financial Education Matters
Financial knowledge isn’t a luxury, it’s a life skill.
Without it, you may:
Not understand how interest on debt compounds;
Miss opportunities to invest early and grow wealth;
Live paycheck to paycheck with constant financial stress;
Struggle with budgeting, saving, and future planning;
Be vulnerable to scams, emotional spending, and poor financial decisions.
ING’s 2022 European survey found that nearly 40% of respondents feel stress about their personal finances on a regular basis. On the flip side, people with basic financial literacy tend to save more, avoid unnecessary debt, and start investing earlier.
In short: understanding money could mean the difference between barely surviving and building lasting freedom.
5 Books That Will Transform Your Financial Mindset
Here are five books that are not just educational, but practical and relevant to real-life money management. Each one covers a unique area of personal finance:
1. “The Psychology of Money”, Morgan Housel
Why it’s worth reading
This book explores the emotional side of money: how our decisions are influenced more by behaviour and bias than logic.
Key insight
Being good with money isn’t about intelligence; it’s about emotional discipline and long-term consistency.
Best for
Anyone who wants to understand the hidden forces behind their financial habits.
2. “Your Money or Your Life”, Vicki Robin & Joe Dominguez
Why it’s worth reading
A modern classic that redefines our relationship with money by linking spending to time and life energy.
Key insight
When you stop viewing money as a means to consume, you start using it to create freedom.
Best for
Those interested in minimalism, FIRE (Financial Independence Retire Early), or simply spending more intentionally.
3. “The Millionaire Teacher”, Andrew Hallam
Why it’s worth reading
Written by a high school teacher who became a millionaire through simple, low-cost investing. Hallam explains index funds and ETFs in plain language.
Key insight
You don’t need a high salary to become wealthy, you need a strategy, patience, and low fees.
Best for
European beginners who want to start investing smartly without complexity.
4. “Rich Dad Poor Dad”, Robert Kiyosaki
Why it’s worth reading
An easy-to-read introduction to the mindset shift from “working for money” to “making money work for you.”
Key insight
The wealthy invest in assets, not liabilities. Understanding this can change your entire financial trajectory.
Best for
Young adults and students starting their financial journey.
5. “I Will Teach You To Be Rich”, Ramit Sethi
Why it’s worth reading
A step-by-step system for managing your finances, including credit cards, saving, investing, and conscious spending, no guilt-tripping included.
Key insight
Automating your finances helps you grow wealth without constantly thinking about it.
Best for
Millennials and Gen Z looking for actionable steps and long-term strategies.
Other Ways to Learn Financial Literacy
Not into books? No problem. Here are other effective and accessible ways to build financial intelligence:
1. Podcasts
Podcasts are a passive way to learn while commuting, walking, or doing chores. Some great ones include:
The Financial Independence Europe Podcast – Focused on FIRE in Europe
Bogleheads on Investing – Passive investing, indexing, and smart money habits
Planet Money – Fun, journalistic takes on economic topics
2. Free Online Courses
Many respected institutions offer free or low-cost finance courses:
3. Reddit & Online Communities
Join forums like:
r/EuropeFIRE – For European financial independence strategies
r/PersonalFinanceEurope – Region-specific advice and tax tips
Bogleheads.org – One of the best places for DIY investors worldwide
Step-by-Step: How to Start Your Financial Education
Assess your knowledge
Take a free quiz online like the OECD Financial Literacy Test.Pick one book from the list above
Start with the one that speaks to your current situation.Apply one lesson per week
Set up auto-saving, track expenses, or open a basic investment account.Join online communities
Reddit subs like r/EuropeFIRE or r/PersonalFinanceEurope offer real-life insights.Never stop learning
Money evolves, so should your knowledge.
Concluding words
At 100kPathway, we’re committed to transparency in our own financial journey. We share our wins, losses, and everything we learn along the way. Our own side hustle experiments have reinforced the critical importance of financial education as the foundation for sustainable success. Financial literacy isn’t just a nice-to-have skill—it’s the essential infrastructure that supports everything else.
Want to see exactly how we’re putting these principles into practice? Check out our Insights page, where we document our raw, unfiltered side hustle experiments with real numbers. We share the actual platforms, strategies, and results from our own tests so you can learn from both our successes and failures. We believe in showing our work, not just telling you what might work. Explore our latest side hustle experiments at www.100kpathway.com/side-hustle-insights and accelerate your own journey to financial independence.
