Parents, you will not like this article. I have been tough on parents over the last three years, and today the tradition continues.
Don’t worry; I am a parent of two kids, 16 and 12. We all want the best for our children, but most people forget to do the most crucial thing—learn.
Fixed versus growth mindset. When our kids are small, we do everything for them and with them. As they age, they eventually outgrow our wisdom—they know more than us at a smaller scope.
Don’t Work Hard for Money
However, we still understand the big picture better than our children. We tend to forget that we have 20 years in the workforce, not them.
Most parents have a fixed mindset (from the book “Mindset”). This term means you believe your intelligence is locked from birth.
However, we can all convert to a growth mindset, meaning we can learn anything. Why do we need a growth mindset for our kid’s path toward becoming a doctor?
Mentorship is dead. Your kid will be lucky to find a mentor in their profession (medicine or any other highly-skilled career). Who is best suited to help them at the 5,000-foot level? You.
Retirement Plus: Use Rents to Supplement Your Retirement
You must get involved. You need to understand the changing landscape of the workplace in general. You can do this by following podcasts and reading books like “From Paycheck to Purpose.”
What’s happening in medicine today? There is an eternal battle between insurance agencies and doctors. Many doctors are quitting because of the bureaucracy. How did I know that? I watched a YouTube video.
How much does becoming a doctor cost? How long will your child be in school? What is the average starting salary, and what cities have the highest growth potential for doctors?
These are questions you can begin to answer now but follow over time. Remember, becoming a doctor is a long, arduous journey—one that many don’t complete.
Choose Your Passive Income Adventure 3
The ultimate cheerleader. I left home at 18 to become a US Marine. I stayed in the Marines for 24 years, and my parents never learned what rank I held.
I am not here to complain because, ultimately, I don’t care. However, wouldn’t it be awesome if my parents followed my career like their own?
You see that in college and professional sports. Parents go out of their way to assist their kids in any way possible. Is it because there’s money involved in pro sports?
Most parents are intimidated by intelligent children moving into high-skilled work. However, you still have more experience.
The Metaverse 113: The Metaverse vs. Your Job
You can predict so many things that may happen years before they occur. Over ten years, your doctor will fall in love and have to make tough choices. They will incur vast amounts of debt to continue their education. They will burn out at some point.
Asking the tough questions. Being a parent is about asking tough questions, not dictating terms.
Nobody else on the face of this planet will ask them the questions you will ask them. Once you pose your questions, you can leave them to mull over the answers. Some questions you can predict:
1) What do you look for in a spouse? Would you consider having a doctor/doctor relationship?
2) How will you pay for doctor school?
3) How long do you want to be in the workforce?
4) Are you becoming a doctor for money, prestige, or to help others?
5) Would you consider working for the government to repay your student loans?
Of course, your child won’t know the answer to these, but they can help be a light in the darkness.
The Magic of Cash Flow
Planning ahead. You can do some things on your side—financial planning is a huge one.
You can assume roughly $200,000 in student loans for the doctor portion of their education. What can you do now to assist them through this school?
Can you take on roommates during their bachelor’s degree to start saving money? Can you start a business or sell your home? This is all about working as a team, which is rare nowadays.
Working as a team. Rich people work together. Yes, the kids don’t like their parents directing them through a career, but the parents have planned thoroughly to get things right.
Overcoming Limiting Beliefs 102: Investing in the Stock Market
We middle-class people leave our kids to the wolves. We let them fall prey to credit card debt, automobile loans, and massive student loan payments.
We need to do better. I once had my mentor observing me go through an inspection in Japan. My unit wasn’t doing so well, and he said, “figure it out.”
It pissed me off to no end because it wasn’t specific guidance. However, he was absolutely correct. I needed to think critically about how to overcome this stupid inspection.
So here is my unsolicited, non-specific guidance to parents: Do better. It’s not enough to brag about your kid becoming a doctor; help them become doctors.
How to Make $500/month in Dividends
Start learning the different tracks they can take in medical school. Follow the YouTube channels they follow. Understand the romantic scene in their age group.
I blame the parents. We are so caught up in our marriage and financial bullshit that we are letting the world take our children. It’s time to stop and think.
Conclusion. Before, parents owned businesses. They would send their kids off to become lawyers and doctors so that they could work the family practice or business.
Today, we expect big corporations, big education, and big pharma to do all the parenting instead of us. Let’s stop this nonsense today.
Series “I” Bonds vs. Roth IRAs
Don’t brag about your kid being a doctor unless you can explain (in detail) their educational path. Don’t brag about their starting salary unless you know their actual take-home pay after taxes, expenses, and student loans.
Don’t brag about them becoming an all-star unless you give them a path to homeownership. The days of our kids growing and building their wealth are over—they need our help. The individual American dream ended with the pension and 401K eras.
Luckily, you are a great parent, so you are reading this. However, this should be the first of many books you should read. I challenge you to read one book on medicine monthly and subscribe to multiple doctor YouTube channels.
This will be the start of something great. You don’t need to give your child unsolicited advice; you only need to ask questions. Their mind will do the rest, and they will thank you for it. Good Luck!
- PDF of the Month: Don’t Gamble with Retirement 9 (Free 394-Page PDF)
- Free PDF Downloads: Download FREE PDF LIST here
- Financial Mindset: Become CEO of Yourself 2 (Free 196-Page PDF)
- Retirement Planning: Your Retirement Planning Guide 2 (Free 255-Page PDF)
- Investing: How We Plan to Retire on Dividends 4 (Free 139-Page PDF)
- Cryptocurrencies: Counting on Crypto 2 (Free 159-Page PDF)
- Real Estate: Financial Independence through Real Estate 4 (Free 112-Page PDF)
- Business: Retire Rich, Retire Comfortable with a Business 4 (Free 149-Page PDF)
- Latest DGWR: Don’t Gamble with Retirement 9 (Free 394-Page PDF)
- Everything!: The Biggest Book on Passive Income Ever 3! (book)(Web Edition)(Art Edition)
- Writer’s Comparison: M1 Macbook Air vs. GalaxyBook3 Pro 360
- Read My Books for Free: Free Kindle Books Schedule
- Book Design: Design Tips on YouTube
- Kindle Unlimited: Why I Finally Subscribed Kindle Unlimited (learn more)
- Book Reviews: 505 Takeaways from 101 Books (pdf)
- Writing: The Publishing Chronicles (Part 1, Part 2, Part 3, Part 4, Part 5)
- Best REIT- Fundrise: REITs vs. Homeownership (Join Fundrise)
- Follow us: On our Facebook Page and Join our Facebook Group
- Support the Channel on Cash App: $Kingmarine1981
- For more detailed analysis, join my Youtube: MFI YouTube Channel
Monthly Dividend Tracker Template: Buy on Etsy
Disclosure: I am not a financial advisor or money manager, and any knowledge is given as guidance and not direct actionable investment advice. I am an Amazon Affiliate. Please research any investment vehicles that are being considered. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it. I have no business relationship with any company whose stock is mentioned in this article. All Right Reserved Military Family Investing
Leave a Reply