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Writer's pictureOdetta Rockhead-Kerr

How Taking Advice from Broke Friends Keeps You Poor: The 5 Truths You Need to Hear

Tired of hearing get-rich-quick schemes from your broke friends? This is your wake-up call! I'm here to reveal why taking financial advice from people who aren’t financially successful is a recipe for disaster. Learn how to spot bad advice, find mentors who actually know what they're talking about, and start building the wealthy mindset you need to achieve your financial goals. Don't miss out on this game-changing advice – take control of your financial future today!


Introduction

Would you take advice from an overweight personal trainer on how to lose weight? Imagine walking into a gym and seeing a personal trainer who is clearly out of shape. Would you feel confident in their ability to help you achieve your fitness goals? Similarly, would you go to a dentist with a mouthful of cavities? Picture sitting in a dentist's chair and noticing your dentist's teeth are in worse shape than yours. How comfortable would you be trusting their dental care?


Or consider hiring a financial advisor who is deeply in debt. Imagine seeking financial advice from someone whose own financial situation is in shambles, with mounting debt and poor money management skills. Would you trust their ability to guide you toward financial success? It sounds absurd, right? Yet, many people fall into the trap of taking financial advice from those who aren’t financially successful themselves.

Let’s delve into five compelling reasons why you should be very careful about whose advice you follow:



1. Lack of Real-World Experience

People who aren't financially successful often lack the practical experience needed to give sound advice. They might have read books, attended seminars, and memorized theories, but they haven't walked the walk. Imagine trying to learn to sail from someone who’s only ever read about it in books but never actually been on a boat. Their theoretical knowledge won’t help you navigate real storms.

Consider lecturers in college or even your parents or guardians. Real-world success is built on experience, not just ideas. When you take advice from those who haven’t achieved financial success, you risk following strategies that may not work in real-life scenarios.



2. Different Mindsets

Successful individuals possess a mindset geared toward growth, resilience, and innovation. They see opportunities where others see obstacles, and they remain steadfast in the face of challenges. Taking advice from someone who hasn't cultivated this mindset can steer you in the wrong direction and stunt your growth.


It’s like asking for directions from someone who’s never left their hometown – they simply don’t have the broader perspective required to guide you effectively. A limited mindset focuses on obstacles rather than opportunities. For example, someone might ask in the comments, "Has anyone made money doing this?" Why would you leave the decision of trying something new to a stranger, especially when it's free to try and you have little to lose?

Successful entrepreneurs aren’t hanging out in the comments on YouTube waiting to answer your doubts. They are busy exploring new opportunities. Don’t allow someone’s limited mindset to prevent you from realizing your full potential.


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3. Negative Influence

Broke people often have a scarcity mindset, which leads to fear of loss and overly cautious behavior. Success often requires stepping out of your comfort zone and trying new things, which you might avoid if you're constantly worried about losing what you have.


A scarcity mindset focuses on limitations rather than opportunities. This negative focus can lead to feelings of inadequacy and hopelessness, which they will pass on to you when you take advice from them. This negative influence can prevent you from recognizing opportunities and leveraging your strengths.


Broke people might unintentionally encourage fear, doubt, and caution, rather than the confidence and boldness needed to seize financial opportunities. It’s like getting investment advice from someone who always plays it safe and avoids risks, potentially causing you to miss out on lucrative opportunities.



4. Misalignment with Your Goals

If the person giving advice hasn't achieved what you're aiming for, their perspective may not align with your goals. They might not understand the nuances and strategies required to reach your specific objectives.


Imagine asking a marathon runner for tips on sprinting. While they understand running, their training and strategy are entirely different from what you need. The marathon runner's training regime focuses on endurance and pacing, which is essential for marathon running but not for sprinting. Sprinting requires explosive power and different techniques. Taking advice from someone misaligned with your goals can be a formula for failure.


5. Risk of Misinformation

There's a significant risk of receiving inaccurate or misleading information. Well-meaning but uninformed advice can lead you to make poor financial decisions, costing you time and money. It’s like trying to fix a car using advice from someone who’s never held a wrench – their lack of expertise can do more harm than good.


In conclusion, be discerning about whose advice you follow. Seek guidance from those who have achieved the level of success you aspire to. Learn from their experiences, adapt their strategies, and stay focused on your goals. Surround yourself with mentors and advisors who have walked the path and can provide valuable, proven insights.


When I told a colleague I was going to start a YouTube channel where I sat down and shared with viewers without vlogging everything happening in my life, they told me those types of channels don't do well. In less than two years, I got to a million subscribers with single videos making close to $100K after only six months. And it’s mostly me, you, and the camera as my family have a camera phobia. Can you imagine if I had taken the advice?


Conclusion

Thank you for reading, and remember: the quality of your journey to financial success depends greatly on the quality of advice you choose to follow. Be wise, be selective, and always aim for greatness.






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