Unfortunately or not the lesson about money is not being taught in schools. rightly or wrongly, it doesn’t matter. What matters is what you are going to do about it? Are you going to choose to learn about money and it’s management or not?
The question is who to learn from? Our initial teachers are our parents. They teach us about the world, and in it about money. Yes, even if they never talked to you about money direct, there were lessons that you picked up from them before you even got to school! In fact, you would have developed your money inprint before the age of 7!
After that age, you would have received further lessons to support the initial beliefs. Allowances, piggy banks, working in summer holidays… you get the idea.
Some parents do have it figured out, even if they didn’t make millions. Most however, do not! I grew up in a family in the middle of the road, comfortable income and life style, yet the lessons I got from my parents about money was that it is a struggle to get, manage and keep. And my parents are not unique in this way of thinking. It is quite common.
So who are you listening to when you are making money decisions? Your parents? Grand parents? Siblings? Colleagues? Just because you have a relationship with them, doesn’t mean that you have to take their advice. Not on money anyway.
Before you take any money advice from anyone, ask yourself:
- Are they living by the advice they are giving?
- Are they where you want to be financially?
- Are they giving advice from personal experience?
Just like you wouldn’t seek marital advice from a person who’s been divorced several times, you wouldn’t take advice from someone who is broke or goes by the rule ‘do as I say, not as I do’.
Learn from those that are on the same path as you but have achieved success already. It is smart to reach out to different people that you look at as being successful and learn from them. Build a team of trusted ‘advisors’ depending on what it is financially you want to achieve. Some people are good with stocks, others are with real estate. Others know precious metals or even businesses.
And let’s not forget those that can help you get your head in the game, as before any advice can be taken and used, you need to get your head right for them, or there will be no action to make things happen. Or even worse, if something goes wrong, you find yourself in deep regret and blame, with the ‘told you sos’ to follow, for good measure.
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