Diversification is the way

Diversification is the most wrongfully used buzzword used by fund managers and financial advisers alike, “this method of investing is for the unprofessional investor” , this statement is made by no other than the infamous Warren the Buffet himself, ever wondered what would have happened if the Musks, the Bezos and the Jobs of this world would have diversified? none of these gigantic conglomerates would have existed today, all esteemed investors took a very concentrated bet on an item they deemed valuable, and stuck through hell and high water because they believed in it. Charlie Munger himself stated that many times his lifetime, he took a 100% of his net worth on a single position investment.
Diversification is hedge for when your money is resting, i.e waiting for the next valuable item to take a concentrated position.

Debt is bad

We all heard of the horror stories of those who went bankrupt and had all their assets seized and foreclosed by the bank, but we never hear of the glorious stories of those who succeeded while carrying lots of debt on their balance sheets.
It is a human nature, misery is over amplified and way more scarring and easier to remember, while there Is no glory nor action drama for a dry cleaning business that is managing their debt efficiently, remember capital or working capital is always needed to scale the business, managing the debt is unique skill that is rarely discussed and almost not taught in our institutions, and somehow banks are villainized when they foreclose on a family, but never celebrated for all the wheat that was financed to make the bread for the same family they had for breakfast. Ray Dalio emphasizes on how debt is valuable tool of growth for individuals and businesses, but of course, if used wisely.

Get a Good paying job

The most common advice for fresh graduates is “Get a good paying job” this is the worst career or financial advice ever given to young professionals, at that phase of life, money earned compared to future earnings is insignificant to be a determining factor for a career.
As opposed to joining an establishment where it believes in mentorship, personal growth and interpersonal development, the focus should be learning a CRAFT, obtaining a unique skillset that renders all the employee’s current and future jobs with tenure status, the label “job security” is something that the employee creates not something that is offered by the employer, this must be highlighted to the young professionals, as we now see a lot of older professionals are miserable in careers and they despise their work lives, only because they went after money at one point or the other, which they thought was a lot back then, and now stuck in frame of skills that limits their options to break free.

Saving will make you wealthy.

This is another behavior that is over glorified, saving funds aside is for two reasons only, emergencies, and investing, saving will not make you wealthy, investing will make you wealthy, if you are not making concentrated bets that will scale and compound yearly, you will never become wealthy.
The average individual earns $68,000 dollars in the US and 30,000 pounds in the UK, so if this individual saves ALL his/her salary after taxes, he/she will need 29 years of saving to have a million dollars. This scenario is only possible if this Individual lives in his parent’s basement and every now and then invades their fridge.

I find financial literacy is an essential skill that all the community must attain, not only by opting to learn it, I find that it must be an enforced expertise pushed to people in all walks of life, the collective gain from such skill will have an immense flourishment effects on the masses and thus the entire economy will thrive as well.