74% of millennials believe millionaires inherited their money.
That makes sense because saving a million dollars with a 50 thousand dollar salary is
not easy.
It’s going to take you a lifetime.
Even 100K dollars is not enough.
You have to pay rent, take care of your kids, and put food on the table.
However, it's not a subjective question.
All we have to do is take a look at the data.
Around 80 percent of millionaires are self, and only a small minority of 20 percent have
inherited their wealth.
In fact, just 16 percent of them inherited more than 100K dollars.
That’s nowhere close to the amount that could make you financially free.
Only 3 percent of millionaires inherited more than a million dollars.
In other words, 97 percent of people have put their blood and sweat to be where they
are.
It’s great when your parents can help you financially.
But it’s not enough just to pass you some cash.
At the end of the day, if you don’t know how to manage that money, you are destined
to go broke one way or another.
We have seen countless examples where people didn’t just inherit millions of dollars
but rather billions of dollars, and they managed to go broke.
So, one of the best things your parents can give you is financial education.
However, most people are not financially free, so they end up giving their kids bad financial
advice.
You can’t blame them because they are teaching you what they think is the best.
My parents, for example, I love them, respect them, but they have grown up in the Soviet
Union.
Trade was illegal in that country, money was seen as the root of all evils, and the concept
of financial education didn’t even exist.
So, they grew up with that mentality and did their best to give me the best possible advice.
But that mentality has no place in the capitalistic world we live in.
When I talk to people, it seems like I am not the only one who got so much bad money
advice.
When you grow up in a poor environment with no fault of your own, you start seeing the
world that way so here in this video, I want to share with you 5 dumb money advice my parents
gave me and yours probably as well.
If you are ready, give this video a thumbs up and now let's dive in.
Good grades mean more money
When I was a kid, you have no idea how much my parents emphasized over my grades.
Every conversation I had with my parents would somehow be related to my grades.
I was a terrible student since the day I stepped my feet into school.
I don’t know why but I really hated school with my entire being.
But when you hate the school, the school hates you back.
You know those teachers, when they see a kid doing poorly in class, instead of helping
him to do better, they pressure him to fail.
I mean, your job as a teacher is to help kids improve and not worsen their lives.
Maybe that’s why so many kids hate school.
And here is my favorite part.
For some reason, you are expected to know everything when you come to school.
I am coming to school to learn.
If I knew all of these things, why would I come to school in the first place?
I tried to argue with my parents that school is an absolute waste of time, but my parents
kept telling me how getting good grades will secure me a good future.
The truth is that no one cares about my or your grades?
The world doesn't give a damn about your As or Cs.
Not my employer when I got my first job, not my customers when I started my first business,
nor my real estate clients when I got into real estate, neither are you because my grades
are irrelevant.
All that matters is how interesting or helpful this video is.
That's the only reason you are going to watch this video and not because I got good or bad
grades back in school.
2.
Don’t waste your time with your friends or parties
It doesn’t really matter how much you know.
You can have the entire Wikipedia in your head, but it's not going to help you if you
don’t know how to use that knowledge.
We, humans, are social creatures.
We can’t survive on our own.
We do better when we work together.
Take this channel, for example.
This channel wouldn’t be possible if there wasn’t a team behind it.
Your iPhone or MacBook or Amazon prime wouldn’t exist if it wasn’t for collective work.
So if you want to build something meaningful, you have to learn how to socialize with people
and the best way to pomp your social skills is to spend time with other humans by going
to parties, events or simply going out with friends.
Some parents try to isolate their kids as much as possible.
So they grow far away from other people filled with insecurities and lack confidence.
Going to parties or spending time with friends is a crucial component in forming your character
and skills to be able to either build a successful business or a solid career.
3.
Play it safe No one loves you more than your parents.
You are the most precious thing they have.
They are the reason you are in this world, and they have spent years of their lives feeding
you, taking care of you until you grow up.
When you put so much effort into something, you do your best to protect it.
That’s why parents usually tell you to play it safe.
Don’t take unnecessary risks.
Get into college, then get a job, move slowly through the ranks, and by the time you are
60, you will be successful by traditional standards where you finally pay back your
mortgage and if you are lucky, you will be left with some savings.
However, that’s not how you make money in this world.
There is a simple rule in business, the more risk you take, the more money you could possibly
make.
The less risk you take, the smaller is the reward.
If you invest your money in government bonds, for example, which are super safe, the maximum
that you can hope for is 2 percent which is lower than inflation.
But if you take a slightly higher risk and invest it in the stock market, you can expect
to get 10 percent, but if you want to go extreme and invest in crypto, you might be able to
double your money in a matter of a few months.
This is of course, not financial advice, but the point is, you can’t make real money
by playing it safe.
Neither should you take so much risk that you end up losing everything?
You should find common ground, where you both understand what you are doing, and there is
an element of risk.
4.
You get what you deserve Let me disappoint you.
Life is not fair.
You don’t get what you work for.
You get what you fight for.
I know that it sounds brutal, but that’s the honest truth.
Yeah, sometimes you actually get what you deserve, but that’s an exception.
You could be working in a company for 20 years, and no one would give you a raise unless you
get out there and bring it up, or you might have a boss that cares for you, which is also
an exception.
I have seen countless examples.
Especially in business.
Business is war, it’s literally modern warfare, and war is never fair.
Your competition will use various vicious tactics to crash you.
Your colleague might use Machiavellian tactics to get that position instead of you, who deserves
it more.
I am not saying that you should be super aggressive but forget the idea that life is fair.
It has never been, and it will never be.
Get used to the harsh reality of life.
Learn how to survive in it and use it to your advantage instead of complaining about why
you are not getting what you deserve.
Sorry that your parents lied to you.
5.
Do better than your peers This is probably one of the worst pieces of
advice parents often give their children, and it slowly leads them to financial misery.
When your parents compare you to other kids, when they tell you why can’t you get good
grades like the rest of the kids in school, you start slowing developing that mindset
of comparison, where you start measuring your success by comparing yourself to your peers.
So when your friend gets a better car, you get into debt to drive a better car as well,
although you can’t afford it.
You try to keep an image that you are doing as good as your peers.
But the goal at the end of the day isn’t to look rich but to be one.
Your life, your circumstances are entirely different from everyone else.
You have a different set of strengths and weaknesses, so you should forge your own path
to wealth and not follow what everyone else is doing.
A good place to start would be the stock market.
Investing is the key to financial freedom, but it’s not easy!
That’s why I have created course on Skillshare that will teach you everything you need to
know about the stock market to start investing.
It's simple, straightforward and fully animated.
I have literally answered almost all of the questions you have in your mind.
I strongly recommend it if you are serious about investing.
It will not just teach you how to invest in index funds but teach you how to analyze stocks
and read financial statements, and at the end of the course, you will have to complete
an assignment that I will personally check, and the best part of it is that you can get
2 weeks of Skillshare premium if you use the link in the description and get the course
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the link in the description.
You have everything you need to start.
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Thanks for watching and until next.