Lack of Financial Education of Gen Z | they Only Do, What they Loved!

In this article, we’re describing about Financial Education, which moves around between Generation-Z and Money. And I'm so worried abou...

In this article, we’re describing about Financial Education, which moves around between Generation-Z and Money. And I'm so worried about those young people, because one of the biggest mistakes I still hear it today from young people is they don't have to worry. Eventually when one time, such young people getting old, and then never become younger again. So that’s why I’m considering them that why they should talk about Assets and Liabilities.
You Know, One of the most important things you have in your life is TIME;
It is one of your Greatest Assets.
 I just turned 70 and I have friends who have nothing. I mean, they have zero. Now they may they've made a lot of money, but they have nothing here. They have nice houses, nice cars 16 Lives 19 kids and on what they have, you know, I mean, and being young is great, except it can be a liability to you,  because when you're young, he's just having a lot of fun and life's exciting, you know, it's new. So as time passed away, but the thing is, this is the lesson today.

Biggest Mistake of Gen Z | they Only Do, What they Loved
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So many people spend their time focusing here. They want to make a lot of money, and I can hear it in their words. They say, Oh, I want a career. This is a career, or I'm going to start my own business. And this is the chart here, which we'd say this is the cash flow quadrant book number two is the employee s a small business software. Employed or a specialist, like a doctor, lawyer, web designer, be as big business 500 employees or more, and is a professional investor.

So when I was young, I knew I wanted to get here. Let's take time. This is the hardest, you know, this is where the big megabucks are. And Kim and I are here. And the money is massive. But it takes time to get there. The big mistake I see young people make is they focus here. And the words are I want to do what I love. That’s the track.

You'll see in real life. Sometimes you have to do what you hate. Like people think I like to write books. I hate writing books but it fills my purpose in life. It's not my passion, my purpose in life. Because my purpose was to get here. A lot of these guys get trapped here doing what they love.

As we've talked about on earlier episodes of this thing, you guys pay the highest taxes 40% here, and 60% in taxes here, 20% here, and then zero percent here. So when I was in my before my 20s I knew I wanted to go there, and it wasn't doing what I love. I had to learn what I didn't want to learn. I sometimes have to do what I hated. I learned about taxes, I had to learn about debt. I take classes I thought about insurance. So I was doing a lot of things I hated doing so I could come over here.

These guys never do this because what they did that passion, what my passion, the passion is greedy purpose is for other people. So my purpose was to come over here so I could serve more people. So I have employees here and all this. I don't buy stocks, bonds, mutual funds, because as a professional faster I can create my assets. Yeah, if you ask anyone, they all say they want to do what they love. And they're talking about here.

And this week a text like, you know, coming here, I was doing fine over here because I didn't have much money. The government takes all your money anyway right 40% in taxes because nobody's going to sue you. You come over here they sue you, so I had to learn about lawsuits. I hated it. I learned it. So the big mistake for young people is I'm going to do what I love, which is fine over here. But what do you love the most, but I loved my freedom. And I know sounds great, but I love making money. I'd rather have a lot of money than no money. I've been both. I've been broke, beaten down everything but read a lot of money. So it was worth my purpose to get over here.

The big mistake I see young people making here is that they think about what they want to do what they love. And what I'm talking about to the Millennial/X OR Y Generation right now, they only invest in what you love. That's a very big difference.
 
Biggest Mistake of Gen Z | they Only Do, What they Loved
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In other words, think about this site first. Most young people or I say, short-sighted people, they think this is it, or this is it. But this is the one here. So when I was your age, I knew that the assets I wanted to acquire the richest people own businesses over here, this guy's a small business self-employed, you're self-employed if you can't stop working. I stopped working years ago because I have a business's very big difference was painful, like so number one is a business.

So when I was in my 20s, I knew I was going to do whatever tech school study, learn about taxes, death insurance, accounting, lawsuits, and all this through business.



Next is real estate. I love real estate. But most people can't do what I do because they don't have a business. It was catch 22 they don't have enough money to get over here. Your mom just made that switch. But she's other people's money. So the reason I make more money is that it's not what I'm doing, what I love, I do sometimes what I hate, so I can have the assets that I love. I love having a business. And if I didn't have a business, you wouldn't be here. Darren wouldn't be here. I wouldn't have a CEO and President, I wouldn't have accounts I wouldn't have attorneys.

So the business affords me the lifestyle I want, and then I invest in real estate. I've never gone past a real estate piece, a piece of land, or a bill that I did not love. And then what most people invest in from there is paper. And that's Find that stocks, bonds, mutual fund savings. ETFs not my game. I don't love it. I hate it. But these guys are perfect for them to have paper stocks, bonds, mutual funds, ETF, and all that. Because their focus over here, they want to do what they love. They want to climb the ladder, they want their career they want this on becoming president.

 You know, that's not what I wanted on the football star. But that is for the middle class here. That's fine, you can get redshirting. I just don't like it. It's not exciting to me. And then the last one is commodities. And the four basic commodities, a lot of commodities like food. farmers get rich like they provide food, which is good. I invest in food. I invest in avocado farms, like crude oil, gold, silver. I love forcings. I love avocados, you know. So I'm doing what I love. I love trees. I love plants and things like this. So I'm doing what I love here, here and here. I don't like stocks, bonds, mutual funds, ETFs, 401 K's IRAs, I think it doesn't excite me.

You know, it's, this excites me. So I invest in what I love, rather than do what I love. And these guys do what they love. But most of them never get over here. And this is like Steve Jobs. Zuckerberg, Bezos of Amazon, and they have all the money in the world. That was my plan. So as you mentioned, a lot of people are talking about how they want to do what they love, right? And I think you have a very valid point on investing in what you love, because a lot of people just to see it. They're entrepreneurs. They're investing. They're investing in this the whole Bitcoin outrage in the cryptocurrencies, but I felt like I wasn't pursuing what I loved or I was falling off the wagon because I wasn't interested in Bitcoin. But I realized that that's just not my thing. I'm not investing in what I love. If I'm doing that in Bitcoin, what I want to do is invest in real estate. So I love looking at properties. I love looking at houses, fixer-uppers, and looking at the numbers. That's my passion. Maybe I got it from my mom, who knows, but Bitcoin isn't my thing. So I have no reason to feel like I'm not doing what I love just because I'm not investing in Bitcoin.

And that's kind of the attitude in my world, because I see people they chase shiny objects. And want a shiny object means is going to be the official, you throw a lot of little shiny obstacles and the fish comes in, or they jump in. That's what most people do. Bitcoin today. It's a shiny object. I'm not saying you can make a lot of money on it. But most people are chasing shiny objects. They want to make money. They're not building an asset here. The thing the reason they don't do it here This is the highest risk.

Now, This is what I know, the higher the risk, the more education it takes. For example, if I want to know I flew, if I wanted to fly my little Cessna 172 around the place, not much risk in that. But when I had to go to Vietnam to fly, the risk went up. I had to study harder to become better at work harder at it. There isn't most people stay in paper, 401k IRAs, and chasing shiny objects like Bitcoin. Because they don't want to take the risk here. They're huge.

You've got to study this. We have a rich dad's education Mitch, that's coaching. All of you guys are allowed to take courses and all this. If you come here, it takes no intelligence to be here. It takes no intelligence to buy bitcoin. I mean, I have four for Bitcoin, or five Bitcoin. I didn't take you know, just, I don't want to do anything. Over here. I'll do it. On the lot over here, I have no a lot I have to study. So if you want to chase shiny objects like the stock market and all that you can make get rich there. It's really easy to get in here. It's really hard here.

So I do agree with you when you talk about Bitcoin being the shiny object that everybody's chasing, right. And one of my favorite stories that you've told us about your mentor Frank when he sent you to Peru, so you can learn a valuable lesson about maybe something that wasn't such as shiny object and turned into B because shiny objects take change every day.

So I wanted to learn about Icos initial coin offerings. I want to learn about IPOs Initial Public Offering and that's how you take a business and turn it into paper. You turn it into stock. So I went to see my friend Frank who is hardcore here. I'm a company he started taking public And I said Frank, and he didn't know me from Adam. I said I want to learn to do an IPO. He goes to you and everybody else. He says most guys don't have it. They don't have the guts. They don't have the determination. And they're wimps. I said I want to learn just how bad this is up here in Scottsdale, Arizona. I said badly, he says, Okay, this is Wednesday. Be in Lima, Peru.

I went on Saturday, and we were shooting the video for the cash flow game, you know. It says, How bad do you want it so badly. He says, as you know, you meet my president in the lymph. Frank never traveled. You meet my president and lymph that find out how bad you want it. So that was Wednesday, Wednesday night, I was on a plane to Lima, Peru.

At the pay full boat. I paid my way. Most employees can't stand that. They don't have any money. I flew into Lima, Peru, I went to look at three gold mines. With Frank's president, it was an experience and education I've never had. I would never have I didn't show it up. It cost me probably 15 to $20,000 for airfare on that thing. I get back on Tuesday to talk to Frank and I said, Frank, there's nothing there. He says, I could have told you that. Then why'd you send me with a fan? how badly you want to learn this, most people don't have it. They want a job. They want job security, they want a paycheck, they want a 401k. And that's why they don't get to come here.

That's why they don't get to come over here. I think right or wrong, you know. I don't ever want it to be here. I knew knows your age. I want to come here. But the higher the risk, the higher the returns, but also the higher dedication, education, and study had to go through. So today I'm making millions and millions I make more a day than most people make a lifetime. But it was worth it. If I lose sometimes Yes, but it was worth it. You go to school here, you take no risk. That's why my poor dad was poor. He didn't like to make mistakes.

I love that story. Robert, thank you for sharing it. Olivia, one last word that's very, very important for people to understand a young age, and the word is called liquidity.

The reason this is better for most people, is because it's liquid, you can buy a stock, you make a mistake, you go out, you buy an ETF make mistake, you gotta. It's not as good as important. The moment you go into real estate, you're not liquid. That's why you're going to be smarter going in. Because you make a mistake. You can't get out and buy a bad piece of property.

You write it down. And the same as businesses, you end there. You're Sol you can't Get out. Like if Rich Dad Amherst has gotten in trouble, you know what? Money all businesses are. I can't quit. Employers have quit, they leave the run like little rats, you know. But if you're in here or here, you can't get out. So that's why liquidity is crucial.

 It's very important which means that we have rich dad's coaching which does education with all our programs on all this, but most people are not willing to do this study because they want to do what they love rather invest and acquire what they love. That makes sense totally, So stocks, bonds, mutual funds, ETFs savings I got because our liquid make a mistake and get out these things. Hard to get out of including gold Gold's hard to get out.

Sometimes. Goals more liquid than this. Oil is tough to get out of you make a mistake there you're gonna write that baby down in a soap is pretty easy, but the word is liquidity. less liquid, the higher your financial IQ, you've got to be so much smarter. And most people, they have it. They have that ability to be that smart, but they'd rather do what they love rather than invest in what they love. So of course. Thank you, Robert. And I also want to give you things for sharing this topic on investing in what you love. Because I hope that this can be a guide for every millennial out there, as opposed to what we're traditionally taught in doing what you love.

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Beyond Narrative | Blog Where Every Single Word Matters: Lack of Financial Education of Gen Z | they Only Do, What they Loved!
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