Introduction
74% of Millennials believe millionaires inherited their money. It’s going to take you a lifetime. Even $100,000 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. Around 80% of millionaires are self-made, and only a small minority of them, 20%, have inherited their wealth.
In fact, just 16% of them inherited more than $100,000. Only 3% of millionaires inherited more than a million dollars. In other words, 97% of people have put their blood and sweat into being 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.
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 best. My parents, for example, I love and respect, but they have grown up in the Soviet Union, where trade was illegal, 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 gets so much bad financial 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 seven dumb money advices my parents gave me and yours probably as well. The only spoiler I give you is that number five is one of the worst ones since this alone is probably the major cause of 99% of people being submerged by debt.
1. Good grades mean more money.![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhrwEakYpmwtkP4yZf1bwP3IpR1OV2kz9Uf02qJL3YHqS-dThIfOucSStQms0HoMalFFbE-08ZesRwcdDdGeu99MJQ-2bZR4pq2p2smFZuMoUx_zDHxonFhKwy_KNLsAv7NYnHP18R1oNbqzfgVyeCBRLeZIkC4nFSNI8ozvTjB0BT4ADMTGC0_pXMqQ9w/s16000/Capture%201.PNG)
Good grades mean more money. When I was a kid, you have no idea how much my parents emphasized my grades. Every conversation I had with my parents was somehow related to my grades.
I have been a terrible student since the day I stepped foot in 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 who, when they see a kid doing poorly in class, instead of helping him to do better, pressure him to fail?
I mean, your job as a teacher is to help kids improve, not worsen their lives. 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.
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 would secure me a good future.
The world doesn’t give a damn about your 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.
All that matters is how interesting or helpful this video is. That’s the only reason you’re going to watch this video, not because I got good or bad grades back in school.
2. Don’t Waste Your Time With Friends Parties
1. Don’t waste your time with friends or parties.
It doesn’t matter how much you know. You can have the whole Wikipedia in your head, but it won’t help you if you don’t know how to use that knowledge. 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 weren’t for collective work. 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.
2. Some parents try to isolate their kids.
Some parents try to isolate their children as much as possible so that they become distant 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.