That makes sense because saving $1 million $50,000 salary is not easy.

It is going to take you a lifetime.

Even $100,000 is not enough.

You have to pay a wrench, take care of your kids and put food on the table.

However, it is not a subjective question.

All we have to do is take a look at the data.

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.

That is nowhere close to the amount That could make you financially free.

Only 3% of millionaires inherited more than $1 million.

In other words, 97% of people have put their blood and sweat to be where they are.

It is 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're 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're 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 did not 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'm not the only one who got so many bad financial advisors.

When you grow up in a poor environments with no fault of your own, you start seeing the world that way.

So here in this video I want to share with you five dumb money advises my parents gave me and use probably as well if you already give this video a thumbs up and let's dive in number one good grades mean more money.

When I was a kid, you have no idea how much my parents emphasized over migrate.

Every conversation I had with my parents would somehow be related to my great, I was a terrible student since the day I stepped my feet into the 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 pressured 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're expected to know everything.

When you come to school.

I'm coming to school to learn.

If I knew all of these things, why would I come to school in the first place?

I try 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 really cares about my or your great, 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, neither are you because my grades are irrelevant.

All that matters is how interesting or helpful these videos are.

That's the only reason you're going to watch this video and not because I got some good or bad grades back in school.

No two.

Don't waste your tribe with your friends or parties.

It doesn't really matter how much, you know, you can have the in charge of Wikipedia in your head, but it is 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 pump up 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 grew up far away from other people filled with insecurities and lack of confidence going to parties or spending time with friends is a crucial component informing your character and skills to be able to either build a successful business or a solid Korea.

Number three, play it safe.

No one loves you more than your parents.

You are the most precious thing they have, they are the reason you're in this world and they have spent years of their lives feeding you, taking care of you until you grew 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 moved slowly through the ranks and by the Charm, you're 60, you will be successful by traditional standards when you finally pay back your mortgage and if you're lucky, you will be left with some savings.

However, that is not how you make money in this world.

There is a simple rule in business, the more risk you check, the more money you could possibly make, the less risk you check, the smaller is the reward.

If you invest your money in government bones, for example, which are super safe maximum that you can hope for is 2%, which is lower than inflation.

But if you take a slightly higher risk and invested in the stock market, you can expect to get 10% for example.

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 a 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.

But you both understand what you're doing and there is an element of risk.

Number four, 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 harsh reality.

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've seen countless examples, especially in business.

Business is war, It is literally modern day warfare and war is never fair.

Your competition will use various vicious tactics to crush you.

Your colleagues might use Machiavellian 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're not getting what you deserve, sorry that your parents lie to you, Number five 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 when you start measuring your success by comparing yourself to your peers.

So when your friend gets a better car, you get in today to drive a better car as well, although you can 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, 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 with.

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That could potentially change your life.

Now give this video a thumbs up that it deserves and make sure to subscribe if you haven't done that yet.

Thanks for watching and until next time.