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We'd all like to be affluent. For the most part, becoming self-made millionaires is a far-fetched ambition. But the fact is that accumulating wealth isn't all about hoping for "someday." You can never start creating money too late in life, but if you start while you're young, you'll have a far better chance of amassing a fortune—and more time to let that fortune compound as you become older.

Mika Zisa is the author of How Teens & Young Adults Can Become Wealthy and a teacher at Pennsbury High School in Bucks County, Pennsylvania. We discussed the need — and rarity — of financial education in high schools with our college-bound children. The most crucial lessons that all high school students should know by the time they graduate, according to Zisa, are:

Set a budget to save a rainy day.

Saving money

Start early investment

Use credit cards responsibly

Don’t buy stuff that you can’t afford

Use compound interest

Set a budget to save a rainy day: A budget is basically a forecast of projected revenue and spending for a specific time period, generally monthly. You can keep track of how much money you spend on different things and services by creating a budget. Setting money away each month to develop a cash reserve, often known as an emergency fund, is an important part of a budget. An emergency fund is money set aside for the goal of supplying cash in the event of a life-changing incident. Ideally, you should have three to six months' worth of living costs in your emergency fund. Your emergency fund should be stored in safe, easy-to-access products like CDs, money market accounts, or even a savings account.

Saving money: Saving simply means depositing funds in a bank account such as a savings, checking, or money market account. Cash investments, such as short-term CDs, may also be included (Certificate of Deposits). Savings also implies that your money is incredibly safe and accessible promptly and effortlessly. Investing, on the other hand, is the act of utilizing your money to purchase assets like stocks, bonds, real estate, and other investments that are expected to increase in value over time. Historically, investing one's money has outperformed spending over a lifetime.

Start early investment: This is the point about which Zisa is most enthusiastic. It was the impetus for him to write his book. The sooner you start investing your money, the more time you'll have to let compounding work its magic and build long-term wealth. Consider the following: At the age of 25, if you begin investing $3,000 each year at a 6% annual growth rate, you will have nearly $680,000 by the age of 65. If you wait until you're 35 to start, you'll have around $260,000. When it comes to building long-term wealth, time is the most important factor. Begin investing right now.

Use credit cards responsibly: Credit cards are an essential part of many people's financial lives. Credit cards can also be a source of financial distress. Many individuals have used credit cards to buy unneeded and frivolous products, only to fall into deep debt that is difficult to escape. It's crucial to remember that when you use a credit card, you're borrowing money that you must repay.

Don’t buy stuff that you can’t afford: We live in a culture that desires things, and it desires them now. There's nothing wrong with spending money you have; but, there's nothing wrong with spending money you don't have. Spending money you don't have accumulates debt, which can lead to financial ruin.