Love your parents but don’t listen to them – Now that is a dramatic headline and I left off 10 extra words
IF YOU WANT TO BE RICH AND THEY ARE NOT
So the complete statement is ‘LOVE YOUR PARENTS BUT DON’T LISTEN TO THEM IF YOU WANT TO BE RICH, AND THEY ARE NOT’
By the way that applies to all your friends also.
If you want to be a great fisherman, then listen to someone who is a great fisherman.
If you want to be a great cook, then listen to someone who is a great cook.
If you want to be wealthy, then listen to someone who is wealthy.
I know that sounds like common sense but sense is not that common
What is even more important is the opposite to “listen to an expert” and that is “Not to listen to a non-expert”.
So before you decide whether to listen to someone or not, just look at their track record.
Again I know that’s common sense but how often have we been influenced by our friends and what their well-meaning advice has on us.
How many times have friends or family told us we were crazy to buy property when they don’t have any themselves and really have no idea about it?
How many times have friends and family told us how to get rich, when they themselves are not rich? We love and trust them so what they say tends to have more of an impact than the words of strangers.
However for example if your parents are not financially wealthy and you listen to them then you will end up exactly where they are.
If you listen to everyone instead of being selective about whom you listen to than you will get completely confused.
Regards Ed Chan
(Non-Executive Chairman and Co-Founder of Chan & Naylor)
PS So just remember always ask yourself when someone gives you advice “what track record does this person have in that area” and if they have no track record and they are a friend just politely nod your head with a smile and move onto another topic.
Like and love them but don’t listen to them.
Disclaimer: This article contains general information. Before you make any financial or investment decision you should seek professional advice to take into account your individual objectives, financial situation and individual needs.