Hello Hiveans!
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. When I talk to people, it seems like I am not the only one who got so many bad financial advices. 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 post, I want to share with you seven dumb money advices my parents gave me, and yours probably as well.
So let's get started..........
1.Good grades mean more money
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 you’re a’s or C’s, 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’re 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
We as humans are social creatures. We can’t survive on our own. We do better when we work together. Your iPhone, 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 use 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 lacking 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. 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 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%, 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%. 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’re 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 crush you. Your colleague might use Mak aelan tactics to get that position instead of you, who deserves it more. I’m 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 slowly developing that mindset of comparison, where you measure 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’re 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 and 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.
6. Stick to a safe job and forget about your dreams
They might say, ‘Get a steady job with a regular paycheck and don’t take risks.’ But here’s the deal: following this advice might mean you never get to do what you’re truly passionate about. Sure, having a stable income is important, but it’s not the only thing that matters in life. Don’t be afraid to chase your dreams and take some calculated risks. Sometimes, following your passion can lead to real success and happiness, even if it’s not the most conventional path. So, don’t let anyone hold you back from pursuing what you love.
7. Follow in our footsteps. Don’t stray
That’s a terrible one, for example. They might say, ‘We’ve done things this way for generations, and it’s worked for us.’ While family traditions and wisdom have their merits, it’s essential to remember that times change and opportunities evolve. Especially this last decade has transformed our world and our economy completely. Blindly adhering to the past will limit your potential for growth and exploration. Embrace the chance to forge your own unique path and learn from your experiences. Your journey may lead to unexpected and exciting opportunities that can enrich your life in ways you never imagined.