In addition to the fact that a massive generational change is taking place, another reason why I am not too worried about the financial future of our children is that they are much more financially savvy than we were before.
Thanks to the Internet, there is an infinite amount of free information to consume. The consumption of information compared to my childhood in 1980 (before the Internet) must be 1,000 times greater. In addition, the opportunity to invest small amounts of money is much easier, and access to previously inaccessible stores is much easier.
Previously, you had to spend 5 500 to buy the soft Microsoft Holy shit! Now you can simply register for personal capital, manage your assets and analyze your investments for free. Those who benefited from such democratization far outnumbered those who did not allow themselves to be upset.
Since the stock market has reached an all-time high, here’s an interesting question I got from a 13-year-old cryptocurrency trader who wants to know what financial mistakes to avoid. Maybe you can even give this middle school student some advice after you finish.
Question: I am 13 years old, I live in a middle class family, I have good grades in school and I want to start planning my future now. I want to know the big mistakes other people have made before they can even take the opportunity to do the same.
I run an EBA account dove The money usually ends up in my desk drawer, but I have tried investing in cryptocurrency and have made a $2,200 profit so far.
I know that money comes with work and play, because this is the worst thing you can do. I want to be able to live a happy and prosperous life, and I know that I have all the public services, but I do not know what to do. I’m ready to work and take perils to maintain financial growth, but I don’t know where to start.
If anyone is willing to give me three tips for my future, I will accept them with full consideration. Thank you! Daniel
My answer:
Hello Daniel,
Congratulations! You are one step ahead of your peers when it comes to planning your financial future. Most people in the US don’t care about it until it’s too late. When I was 13, all I did was chase girls, skateboard for hours after school, drink beer and smuggle my parents ‘ car for a ride! It was a hell of a fun time living in Kuala Lumpur, Malaysia, in the late 1980s.
Your parents will shudder at my first tip, but you know your grades don’t count until high school. In other words, having fun in college. You can start the whole first year in high school. The first year is when you really need to start beating the books because your GPA is averaging over the next four years. Better grades mean it becomes easier to go to college and prepare for an easier life.
People today who complain that life is not fair usually do not take school very seriously. Education is what sets you free. Get the best possible grades and test results to give you as many options as possible.
My second tip is to lose money early and learn from your mistakes. It is better to lose 1 1,000 than to lose $100,000. Investing in cryptocurrencies seems like a great way to win everything and lose everything. If you end up losing your $2,200 gain by not taking at least some profits, you will always remember this loss before making any major investments.
The people who are experiencing a rude awakening are those who feel that they simply cannot lose because they only started investing after 2009. Never confuse your brain with a bull market. Study previous bladder implosions to better prepare for the next one.
My last tip is to always focus on building your personal brand. The easiest way to do this is to create an online presence that grows organically over time. What do you want people to think when they search for you online? Don’t post compromising photos of yourself that may haunt you. Don’t write hateful comments, just love or nothing. Focus on helping someone before asking for help. Be resilient. Learn to speak calmly, clearly and professionally. And never fail for lack of effort. If you can constantly lean on the positive, you will surround yourself with other positive people in return.
The abundance mindset will make you much richer than someone who adheres to a wellness mindset. There are janitors and elevator repairmen who earn more than $250,000. There are bloggers who earn more than $1,000,000. You do not need to follow the traditional path to make a lot of money.
Oh yes, and listen to your parents. The easiest way to never say, “I wish I knew what I know now then” is to listen to the people who were there. Find a mentor. Constantly ask yourself if your next purchase will improve or harm your lifestyle and net worth. I have done my best to share my experience and expertise on everything I have experienced, good and bad, through financial Samurai. Don’t miss all the free tips!