Success
What We Should Tell Young People about Wealth
Now more than ever, young people feel the pressure to become wealthy. One good thing I have to say about my generation is that they are very entrepreneurial. They have a spirit that pushes them to create the world they want to see.
Although this mindset has its negatives, there is hope for the future. Young people are taking advantage of the platforms available to voice their opinions and create for others. In doing so, they have also influenced many of their peers and even older generations.
I have not spoken to one young person who does not have some entrepreneurial goal in mind. Their ideal jobs are creating value for others and building wealth in a way that they find enjoyable.
However, this wonderful spirit can also lead to pitfalls. There is a lot of false information on the web, and the pressure to succeed can often cause young individuals to make rash decisions.
I am a gen-Z myself, so I understand the desire to create something that is your own. But so do many cunning individuals and misinformed entrepreneurs who tell you they can help you along the way.
Not only are we the generation of creators, but we are also the generation of false information. There are people out there telling you that joining their one-week program will make you a millionaire.
It sounds silly when written in black and white like this. But we all know it sounds convincing in adverts and youtube videos. So, in a world of much false information, what should we tell young people with a desire to become wealthy.
In this article, I will discuss the three things I have learned on my own journey that I wish I was told before.
1. Be Sceptical of All Advice
Most people mean no harm when they give you advice about wealth and growing money. Although we know there are people giving nonsense advice, for the most part, people are genuine.
One of the first bits of advice I received was from my parents. And all they told me to do was buy a house and pay it off as soon as possible. They wanted the best for me, and I followed their advice for years. I would save as much as I could every month and try my best to increase my earnings to get a down payment.
It was not until I decided to question the advice myself I realised that their advice was probably not going to make me wealthy. I had to go on a journey to find advice I could trust. After all, my parents are not financial advisors, and neither are they rich.
Being sceptical about all advice does two things:
- It stops you from falling into the trap of following misguided information
- It increases your knowledge in wealth building
The second one is way more valuable than the first. Yes, it hurts spending $1000 on a course that brought you nowhere. But it hurts more remaining ignorant of facts that could make you wealthier.
Therefore, take every bit of advice you get with a pinch of salt. It may be convincing, and it may be right, but take time to prove it for yourself. That way, you can make better decisions on your journey.
2. Get Rich Slowly
The craze of cryptocurrencies and speculative assets like NFT’s has swept the world thanks to our generation. We are obsessed with wealth, and we are also obsessed with speed. We want things done as quickly as possible with little effort.
There is no wonder why companies like Uber and Amazon continued to make money whilst the world was struggling with COVID-19. We want things quickly, and they help us get that done. Even the content we consume is becoming shorter. We no longer want to sit down and watch a video, we want shorts and podcasts we play in the background whilst we do something else.
So, there should be no surprise that we want to become wealthy fast. We want to climb the corporate ladder as fast as possible and build companies quickly. And if it means sacrificing our mental health, we will do it.
The problem with this way of thinking is that we neglect the process. Not only does it cause us to make rash decisions, but we also do not appreciate the slow and long process wealth creation takes.
The reality is, if something is valuable, it should not be easy to get. And wealth is one of the most valuable things we can obtain in this life. So, why seek to turn it into a sprint?
Getting rich slowly is a mindset that I have only recently inherited, but it has changed my outlook. I feel happier in the present and now value wealth more than before.
So, take time and be patient. If you are already thinking about wealth and how to achieve it at such a young age, odds are, you will get it. Remember, you are young, and time is still on your side.
3. You Need to Fail and Try Again
One thing most people know but do not put into practice is this. We all know that failure is part of the learning process, and it is also part of the journey to success. However, in practice, we get angry and lose self-control when failure comes.
If you are trying to build a business or learning to invest, you need to try new things. You need to practice what you have learned and see if they work.
Application of your learning is the only thing that will make you wealthy. You can know all the things about wealth in the world, but without applying it, you will never become wealthy. And with that application comes failures.
However, those failures do not need to remain failures. They can become lessons. So, be bold to take calculated risks. Some of those risks will work out, and others will end horribly. However, taking those as lessons learned to re-apply is vital to building wealth.
Failing and trying again is something we should be doing when we are young. After all, we can get away with it. People do not expect us to know much. That means they are also more willing to guide us when failures come our way.
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