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Updated almost 5 years ago,
Talking to your dad about money
Hoping I can get some input on how other members have tackled this situation that I've been finding increasingly more difficult.
Starting with some back story of the current situation:
Im 22 years old. I've had a business like, capitalistic mindset since I've been 3 years old being raised in a family business. My dad is an entrepreneur in my definition as he has started a couple businesses but never had the mindset to bring them to the NEXT level, if you know what I mean. That's where I feel a somewhat disconnect with his mindset vs. mine... I talk with him everyday about trying to implement sales techniques, strategies, and the mindset to explode his business to a level we could never imagine. He even agrees with what I'm saying but he always downplays it claiming he's comfortable with where he's at and doesn't care to make anymore money. But at the end of the day, he thinks comfort, I think HUGE. I was taught my whole life to go to school to get good grades, to get into college, so I could get a good paying job where I can work at for 40 years, and hope to be able to live off my 401k someday. Then potentially, if the opportunity presents itself some day I could start my own business of some sorts. The more I learn about real estate and financial independence the more I realize that whole concept of thinking is utter bullsh*t. I love my dad, I have a crazy amount of respect for him and owe him so much for how much he's taught me about business but I feel like this disconnect is starting to affect our relationship every time we talk about money.
Now to bring this full circle:
Ever since reading Rich Dad Poor Dad 3 years ago my mindset on money, greater so the idea of financial independence, has dramatically changed my life. Shortly after that I discovered bigger pockets and have listened to the podcast series front to back multiple times. I've accumulated so much information that it's insane how ready to go I am, just waiting for some stars to align in my personal situation to put my plan into action. Then 2 months ago I got hardcore reintroduced to Grant Cardone, and holy crap did this guy just bring my mindset of the possibilities in real estate to a completely different level. The guy literally 10X'ed my vision lol.
My question with all this being said:
After learning so much information in the last 3 years I keep trying to share this with my dad. Not to hate on him for teaching me the non financially smart way to go about life, but to help him find true financial success in his own life. I want to help him understand there's much smarter alternatives then his 401k to be investing in, being real estate. Every time I try to talk to him about his situation and for him to maybe consider getting into the real estate investing game I feel like I come across as an a**hole who's talking down upon him for how he has built his retirement fund the last 40 years.
I hope you guys are able to piece together the situation I've described. Hopefully some of you have dealt with this type of situation in your own investing career and could give me some input on how you handled it.
Thank you for any responses or advice in advance!