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Money is such a sensitive topic but it's important to realistic about whatever financial situation you're in.
I remember always feeling less than because I didn't have as much as some friends, and now that I'm older I've learned a thing or two about why.
(Thread.)
I remember always feeling less than because I didn't have as much as some friends, and now that I'm older I've learned a thing or two about why.
(Thread.)
First, no matter how hard a person has worked or how much money they have, A LOT of it has to do with their early development. Nearly all my friends who are wealthy have these things in common: early access to resources, expertise, and play around money.
A LOT of wealth is acquired by what isn't said: no student loans because parents paid their tuition, early help with necessities like rent and cars and food, that sort of thing.
But all of my friends who are 30+ in age and have:
- Healthy savings
- Retirement
- Assets like property
- Financial smarts
Were taught at an early age about money. Especially credit and portfolio building.
- Healthy savings
- Retirement
- Assets like property
- Financial smarts
Were taught at an early age about money. Especially credit and portfolio building.
They weren't necessarily given a huge check from their parents when they turned 18, but they were taught the skills they'd need to be smart with their money early on. So when they started being a high earner they knew what to do with their money (i.e. not spend it instantly).
It's so easy to accumulate debt very early in adulthood, and it completely boggles my mind that we aren't taught the severity of it and long-term impact in school.
Like how is it possible that a teen can apply and get a credit card without even knowing what a credit score is?
Like how is it possible that a teen can apply and get a credit card without even knowing what a credit score is?
The whole point of this is to say that if you're not in great financial shape it very well could be because you weren't given the same access that some of your friends had. The system is stacked against poor kids, and when you become an adult the system takes advantage of that.
DON'T FEEL BAD if you are in your 30s and still have no savings, no assets, no nothing. If you have a terrible credit score it's because the system is rigged.
BUT ALSO KNOW that you can crawl out of this! Other folks just have years of practice and you're just getting started.
BUT ALSO KNOW that you can crawl out of this! Other folks just have years of practice and you're just getting started.
Here are some things that have happened to my friends that have stealth wealth:
1. Was gifted a penthouse when they got their MBA from Stanford because they had exhibited enough smarts to manage an asset. Their dad wanted them to have an early start on their real estate portfolio
1. Was gifted a penthouse when they got their MBA from Stanford because they had exhibited enough smarts to manage an asset. Their dad wanted them to have an early start on their real estate portfolio
2. Parents would discuss how the stock market worked over dinner each week and then set them up with a broker who helped them invest wisely early on. But my friend’s early access to info about the market has made them very financially smart. They know exactly what they’re doing.
