In this episode, we’re talking about the two kinds of people you should not take money advice from. Now, while there are lots of people you probably shouldn’t take money advice from, there are two main groups who are probably affecting you the most right now.
Don’t take money advice from your family.
Unless you grew up in a home where money was openly discussed in a positive way, you probably shouldn’t take money advice from your family. Statistically speaking, there’s a good chance you probably didn’t hear much about money growing up. Or, maybe you just learned through observation that your family doesn’t really know anything about money.
Unfortunately, this culture of not talking about money has caused generational issues among families. So unless your parents were spectacular money teachers growing up, don’t take money advice for your family.
Don’t take money advice from friends and coworkers.
Chances are your friends and coworkers also did not grow up with positive money examples in the home. Or, perhaps they just haven’t worked through their own stuff yet. Because of this, don’t take advice from your friends and co-workers.
Money is not something where herd mentality makes a whole lot of sense. Let’s take the Bitcoin craze as an example. When Bitcoin was hot, everyone wanted in. If I had a quarter for every time someone had DM’ed me about how to get in on bitcoin, I’d be a millionaire.
Most people were getting in having no idea how to invest, much less what Bitcoin is or how it works. So what happened? A few weeks later, it started crashing.
Who should you take money advice from?
Take money advice from people who’ve accomplished what you want. There are tons of bloggers and financial experts out there who have a wealth of knowledge. Just note that everyone has their own lane when it comes to money. Some people are great talking about managing and saving, but not so great at investing and making money. Because of this, you’ll have to find a few experts so you’ve got your bases covered.
Want more Money Monday segments?
Subscribe to the channel for weekly videos and podcast: http://bit.ly/2KHKY12
Pick up Amanda’s bestselling money book for more personal finance tips: http://bit.ly/mmyhamzn
Check out Amanda’s free class How to Make Your First $100K Online (Even If No One Knows Who You Are): https://www.amandaabella.com/influencer
Follow Amanda on social:
For business inquiries email firstname.lastname@example.org