Thread by @FinFreeWizard

21 Money truths your parents never knew to tell you

// Thread//

1. Financial literacy is not something taught to you in school.

You have to self learn it.

2. Most of your friends and family are not bothered about your wealth building.

3. Only buying assets and creating passive income can build wealth.

4. Working in a 9-5 for 40 years is not a good choice.

5. Education systems are self preserving and do not show you how to get rich.

6. Use your 20s to try risky projects that could get you rich by 30.

7. Don’t use your 20s to party, travel and waste time.

8. Avoid people or partners that do not have an investment mindset.

9. Learn to live and be happy on a frugal lifestyle.

10. Have a healthy lifestyle.

Eat and drink like a monk and exercise like an Olympic athlete.

11. Build networks of people with a wealth mindset.

12. Read voraciously.

13. Find great mentors.

14. Develop a psychological edge by staying calm in market volatility.

Great investors buy and poor ones sell during downturns.

15. Know that money won’t solve all your issues but will give the freedom to solve the rest.

16. Wear simple clothes.

Don’t spend your time and money shopping for that perfect look.

17. Minimise your 3 biggest expenditures

Accommodation
Transportation
Food

18. Invest consistently and sensibly each month in great companies.

19. Don’t be looking over the fence at your neighbours garden.

You never know how it’s being paid for.

20. Don’t rely on news and media for money advice.

21. Avoid debt like the plague.

If you want to read more

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@FinFreeWizard

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