It's funny that even if we do not like what our parents did we still become them?
I've had a lot of funny ideas about wealth creation that were my parents, not my own, beliefs that I needed to undo before I actually got some results.
My dad was a wealthy property investor who retired at age 55 with multiple properties, mainly commercial. He taught me the importance of leverage and banks, always said that real estate is your business do not confuse your profession (what you do at uni) with your business that makes money (real estate), he taught me to jump and the net will appear, take risks. He once got me to sign 3 contracts at one time as a 22 year old without finance approval, I was shaking like a leaf but he kept telling me that nothing will put the fire under you like a signature on paper. Believe that the money will come and it will. As scared as I was, it did! For all 3!
These were all great things, they taught me alot and gave me a great head start at a young age.
Then he turned 65 and discovered that he was not entitled to a pension because he had too much money. He thought the whole system was corrupt and unfair and he paid more money in tax in a month than most people earn in a year and why should he not be entitled to a pension??? He developed or always had this entitlement mentality that is so detrimental to wealth creation. It was embarassing.
At the end he sold everything and went overseas to invest in a country that looks after people that have achieved something! (his words not mine, I don't agree with any of this!). He is still there investing in Europe right now!
After all that success, my dad's words of wisdom to me are: Yes it's easy to make money but DON'T BOTHER! The government punishes those that make money and rewards those that are lazy so be lazy
My mum, well she has no concept of wealth creation, she loves the big mansions and antique furniture but has no real concept of how they were achieved in the first place. Her focus was baking buiscuits, and she is a fantasitc cleaner but no wealth creation concepts at all! . She just thought that I should marry a rich man and stay home and bake buiscuits all day!
To create wealth I had to ignore my mum's input all together, ignore my dad's later emerging victim mentality and only take the good wealth tips from when my dad was a prime business man. He still offers some really good business advice now and surprises me as to what he actually knows. Why he decided to sabotage that knowledge with victim thinking I can never work out but it's his descision I guess.
Well that's it, as strange as it is, that's my story! Has anyone here actually been raised by normal parents? Would anyone repeat their upbringing with their own children?
I'm sure my children will also have their own story to tell in due course and will use it as a learning to do it much better with their children but I thought it might be worth a discussion anyway.
What did your parent's believe about wealth creation and what did they teach you?
I've had a lot of funny ideas about wealth creation that were my parents, not my own, beliefs that I needed to undo before I actually got some results.
My dad was a wealthy property investor who retired at age 55 with multiple properties, mainly commercial. He taught me the importance of leverage and banks, always said that real estate is your business do not confuse your profession (what you do at uni) with your business that makes money (real estate), he taught me to jump and the net will appear, take risks. He once got me to sign 3 contracts at one time as a 22 year old without finance approval, I was shaking like a leaf but he kept telling me that nothing will put the fire under you like a signature on paper. Believe that the money will come and it will. As scared as I was, it did! For all 3!
These were all great things, they taught me alot and gave me a great head start at a young age.
Then he turned 65 and discovered that he was not entitled to a pension because he had too much money. He thought the whole system was corrupt and unfair and he paid more money in tax in a month than most people earn in a year and why should he not be entitled to a pension??? He developed or always had this entitlement mentality that is so detrimental to wealth creation. It was embarassing.
At the end he sold everything and went overseas to invest in a country that looks after people that have achieved something! (his words not mine, I don't agree with any of this!). He is still there investing in Europe right now!
After all that success, my dad's words of wisdom to me are: Yes it's easy to make money but DON'T BOTHER! The government punishes those that make money and rewards those that are lazy so be lazy
My mum, well she has no concept of wealth creation, she loves the big mansions and antique furniture but has no real concept of how they were achieved in the first place. Her focus was baking buiscuits, and she is a fantasitc cleaner but no wealth creation concepts at all! . She just thought that I should marry a rich man and stay home and bake buiscuits all day!
To create wealth I had to ignore my mum's input all together, ignore my dad's later emerging victim mentality and only take the good wealth tips from when my dad was a prime business man. He still offers some really good business advice now and surprises me as to what he actually knows. Why he decided to sabotage that knowledge with victim thinking I can never work out but it's his descision I guess.
Well that's it, as strange as it is, that's my story! Has anyone here actually been raised by normal parents? Would anyone repeat their upbringing with their own children?
I'm sure my children will also have their own story to tell in due course and will use it as a learning to do it much better with their children but I thought it might be worth a discussion anyway.
What did your parent's believe about wealth creation and what did they teach you?