Bad advice from parents: how we deprive our children of a chance to succeed

It's senior season, which means many parents will be observing a sacred rite: handing out terrible life advice to their children. What are these terrible recommendations, and how to avoid mistakes in planning your future, reports CNBC.

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The 2023 edition will enter the labor market during one of the worst periods of uncertainty since the 2008 financial crisis

“I have lived through similar crises, from growing up in poverty, to dropping out of high school to care for my disabled mother, to working two jobs while pursuing college and law degrees,” says Matt Higgins, investor and CEO of RSE Ventures. He began his career as the youngest press secretary in New York City history, where he helped manage the world's press response to 11/XNUMX.

Throughout his ordeal and his journey to becoming a millionaire, best-selling author, CEO, and investor, the only key to prosperity was taking risks.

On the subject: Seven financial rules that can never be broken

Here are the worst and most outdated tips that young people should ignore:

1. "You need a backup plan"

A Wharton study found that simply thinking about a back-up plan can significantly reduce the likelihood of Plan A coming to fruition, as well as the motivation to even try.

There are only a few things that can be broken at 20 but can't be fixed at 30. The only way to be the next Taylor Swift is to believe that you will be and not worry about what happens if you fail.

Trust your ability and discretion to figure out if Plan A doesn't work.

2. "Reduce screen time"

Screens are the future of work. Playing video games for 10 hours straight might not help, but you can learn all sorts of lucrative new skills online.

Whether you're looking to start a part-time job, write a business plan, launch a website, or sell a product or service, the resources you need are right there, often at low or no cost.

3. "Don't worry about the little things"

Partially incorrect. While crippling anxiety should be addressed, not all anxiety is a problem. In fact, research shows that the most successful entrepreneurs use anxiety and make it work for them.

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They maintain what is called a state of "optimal anxiety": a balance between just enough anxiety to catalyze concentration and improve performance, but not so much that it hinders perfection.

4. "Go work for a large stable company"

It used to be wise advice to start a career at giants like Facebook, Google, Lyft, Netflix, and Disney. But even companies that once promised 30-year careers are now facing mass layoffs.

Instead of going with a big name, choose the right role. Make sure your interests and skills match the position you want, even if it's a small startup or mid-sized company.

Even better, use your skills and passion to start a business. It may sound crazy, but in a week of intensive work, you could use AI to launch a business that makes $10 a month. And then you don't have to worry about layoffs.

5. "Buy a house and settle down"

Finally, the most important piece of advice every young person should know is that cash is everything.

Save money and keep as much liquidity as possible. If it means rent, that's fine. The housing market is facing a major correction that could take years to recover.

You may be interested in: top New York news, stories of our immigrants, and helpful tips about life in the Big Apple - read it all on ForumDaily New Y.

And in conditions of high inflation, saving money is more important than accumulating debt. Credit card debt among people aged 18 to 25 is also the highest of any age demographic, so be more careful about spending too much.

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