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Why Does It Feel Like Everyone Has More Money Than You?
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Self-Made Millennials
Millennials who claim to be ‘self-made’ get support from their parents and in some cases, enjoy the privilege too, but are reluctant to admit the same. They have to show the world that they are abl...
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The Truth About Millennial Money
- It’s important to share your real struggles, support and fundings once you find success, or it gives a distorted and false impression to those struggling without any resources. There shouldn’t...
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SIMILAR ARTICLES & IDEAS:
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"Rich Dad, Poor Dad" is Fiction
John T. Reed, a real estate investor, looked into the accuracy of Kiyosaki's best-selling book and found it inaccurate:
- The Rich Dad is most likely an invention. It's unlikely for an entrepreneur to succeed in construction, restaurants, and convenience stores. Authors history also doesn't match up.
- Previously Kiyosaki named at least 2 other people as "the best teacher I ever had", making the same claim about the "Rich Dad" sound false.
"Rich Dad, Poor Dad" contains dangerous advice
According to John T. Reed the famous book is filled with bad advice:
Dangerous advice
- "If you're gonna go broke, go broke big"
- Convinces people that college is for suckers
Law-breaking advice
- Advocates committing a felony: have rich friends for trading stock based on non-public inside information, he says "That's what friends are for."
- Recommends tax fraud by deducting vacations and health club dues
- Brags about using a partner weasel clause in which his cat is his partner
Kiyosaki is making money from a personality cult
Many critics pointed out that Kiyosaki is selling a cult, not financial advice.
He is accused of tapping into the fantasies of the masses & being short on specifics, both attributes of religious cults.
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Impostor syndrome
The impostor syndrome is the sense that our accomplishments are in some way underserved, no matter how consistent the evidence is to the contrary.
Impostor syndrome is an epidemic
There are several reasons why the impostor syndrome seems to have become an epidemic.
- We have given the phenomenon a name.
- Our preoccupation with it is the result of profound social change. Many people work in the service economy, where we create impressions rather than tangible items.
- Professional life today leaves us straining to redefine ourselves; we sometimes promise things we don't yet know how to do.
- We are no longer born into a role.
- We can constantly compare our experiences to those of others online.
- We can create an outward persona we know to be untrue.
The paradox of being an impostor
In order for you to believe in yourself, you need to convince someone else to believe in you. Once they believe in you, you feel more confident to believe in yourself.
When you're an impostor, you expect to be exposed at any time. You feel that at some point, someone might appear and see you for the fraud you think you are.
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3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
- Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing.
Budgeting Like a Pro
- Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
- Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
- Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
- Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
- Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
- Set specific financial goals stating the reason, the way, numbers and dates.
- Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
- Love yourself. Taking control of your finances is part of that.
- Make bite-size money goals. Make the bigger ones but also small step goals to get there.
- Don’t be a financial fatalist, and switch to more positive mantras.
- Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
- Appreciate what you have now, instead of being a consumerist.
- Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.