The way to make money

My parents have had a huge impact on my life. They are the reason that I am so passionate about personal financial planning and development. Here are some ways you can learn from your parents.

These photos are of my parents and not stock photos!

When I was young, I can remember going to department stores with my mother and watching her bargain for everything. It didn’t matter what it was, a new shirt or laundry detergent from the grocery store. She was always willing to take on the challenge and negotiate a lower price.

My dad is also extremely financially smart — almost to the point of being a genius. As he negotiated with a salesman to get a lower price for a car, he once took me along. The best part? He was about to sign papers for the car when he stopped and asked the salesman for free floor mats. then walked away from them.

It took me a week to bargain them down to a fair price. Then, he walked away from the dealership when they refused to throw in floor mats that he could have purchased for less than 50 dollars at Walmart. As we left the dealership, I was confused and wide-eyed. It felt like I had just completed three tours in ‘Nam.

Let me explain. Here are two things:

My dad and mom are extremely Indian.
Your parents have a greater impact on your life than you could ever imagine.

What is the most valuable thing you learned from your parents?
I was asked this question by a student a while back. I loved it so much, that I decided to share it with the entire IWT community.

She asked members of one of the Facebook Groups about what they had learned from their parents and what they are grateful for. Below is my response.

The question got me thinking: What is some things my readers learned from their parents? So I asked you … and I got a TON of answers back.

Here are 10 of my favorite ones that I have found today.

Lesson #1 for parents: Choose a better band
Your father’s a wise man, Scott. He also echoed a few mantras that another wise man likes to harp on (i.e. me). Punching above your weight class is something I always talk about when it comes to negotiations — namely, the door-in-face technique when it comes to getting a better salary.

His best advice is “Go find a better band.” It’s my favorite. We need to surround ourselves with people who can help us learn and grow. It’s important to both improve your social skills and be open to finding someone to mentor you.

Lesson #2 for parents: Sometimes, the worst things can be great
After more than a decade of running IWT — which includes producing dozens of courses, hundreds of articles, and an email list of thousands — I’ve made my fair share of mistakes …

Okay, so I have made many mistakes. I can tell you that these mistakes have taught me more about building a business than any article or book.

I think the best thing about it is that these lessons stuck with me more because of my mistakes.

It doesn’t matter if your goal is to get out of debt or start your own business. If you want to be successful in your life, then you have to embrace your “failures” as hidden victories. You’ll be the most successful if you do that.

Parents lesson #3: Punctuality from a German father
Sounds like your parents’ German side has served you well, Rebecca! Not many people can say their families gave them the ability to set concrete goals and put time on the calendar to get things done. Building solid habits like those are essential if you want to find success in life and your career.

I can recall how I was terrible about finding the time to focus on my development and that of my company. This is when I realized that I needed to schedule a time to focus solely on research and strategy. This meant:

No meetings
No calls
No emails
It worked miracles. One of the best IWT courses did not happen. It is still one of my favorite habits.

Parent lesson #4: Stuff isn’t important
If you’ve been reading my blog for a while, there’s something that you’ve heard me mention before: Anyone can be rich .

That being said, being rich ISN’T all about money. It is about you and what it means to be rich.

Being rich doesn’t depend on how much stuff you have or how much money you have. My belief has always been to get good at something and then pass it on. This is my way of being wealthy. Since so many people are reading this, it’s a very rich man.

A Rich Lifestyle is much more than just money. You start by making your own money, and then you help others to make it rich.

Parent lesson #5 – Learn from our mistakes
I love this idea of a “negative example” and it goes to showcase the important idea that you should always feel confident in striking out and finding a job you love — whether it’s in your dream job or by starting your very own business.

However, I can see why it’s so frightening. It’s against everything society has taught you to be willing to put your feet down and pursue something that interests you.

Our goal is to complete the degree, then work the 9-to-5, and finally retire in our sixties in a Florida condo. These are the invisible scripts that we have had throughout our lives. It’s important to recognize these invisible scripts for what they are: bullshit.

Parent lesson #6 – Never underestimate the power and importance of a thank-you note
One hard truth to swallow is the fact that there are no hard and set rules for SO many things in life. For example: Building your own business. You can follow all the how-to guides out there, buy all the courses, read all the books, and you still might end up watching your hard work crash and burn.

But if you are willing to do the extra work that 99.999999% don’t want to do, you will receive disproportionate rewards.

This is why I love the fact that you were taught not to underestimate the power of a thank you note. It’s one small detail that can make or break situations such as a follow-up interview for a job.

Parent lesson #7 – Find value in delayed satisfaction
Rome wasn’t built in a day, and the same goes for your Rich Life. That’s why it’s so frustrating whenever I get an email from someone who says something to the effect of, “I started your course on freelancing a week ago and still haven’t gotten a single client! What gives?”

The amount of time it takes for something to become valuable is directly related to the value it brings. The longer it takes to win, the greater the reward. If you are willing to persevere and take the time necessary to achieve your goals, you will see results.

Parent lesson #8: Imagine if you were smart …
I love Angela’s dad’s way of approaching situations. It’s exactly what I suggest to people if they want to get past the crippling barriers stopping them from accomplishing their goals.

Confidence comes from mastering micro-steps. Let’s suppose you want to be more confident in public speaking. This comes with its own set of obstacles:

What happens if I use the wrong term?
What if everyone laughed at me?
What if they get bored all the time?
This is enough to make mistakes many times. It is a self-fulfilling prophecy.

But, you might ask, “What if this domain were my absolute control?” What would you do?

It’s unlikely that you would feel overwhelmed if you practice your speech in front of family members and friends. You would be happy to work on it with people you trust until the words are perfect. To become a better public speaker, you would do whatever was necessary. This is a great way to increase your confidence over time.

Parent lesson #9 – Be truthful, no matter how harsh it may seem
Yes, Khuram, I agree.

I believe brutal honesty has a lot of power, especially when directed at yourself. How many of us know things that our friends don’t tell us?

Perhaps you are socially awkward. Perhaps you aren’t as good at cooking as your girlfriend thinks. Do you find it difficult to be on time and have a million excuses?

When we are not called out on these matters, it is a sign that we accept our place in life. We believe that this is who we are and that nothing can change it. This is what is known as “learned helplessness”. It is the root cause of many people’s failure to succeed.

We can begin to be honest with ourselves and focus on the important things.

Parent lesson #10 – “Take advantage of all the education.”
If there’s one thing that I hope my readers have gained from my blog, it’s that you should always be in a state of curiosity. Be inquisitive. Ask questions when you don’t understand something and don’t be afraid to seek out more information through books, courses, or schooling.

Every parent will tell you to get a great education to land a job. It’s not easy, however, for those who are in the workforce.

This cheat sheet will show you exactly how to land your Dream Job in the shortest time possible.