You may want to reconsider cutting ties with your parents. Most times whatever the disagreement is can be resolved. While you may notice you’re feeling the emotional effects of not having your parents around, you may not realize how it’s also making it harder for you to flourish financially.
According to Forbes, estranged children are more likely to be forced to be financially independent because most times they’re unable to live at home while building a career or getting an education. Not having a parent to depend on for financial help can have a lifelong effect on a child’s earning potential.
Running away from your parents or cutting ties also influences how you show up at work or when trying to start your own business. Your solution to solving relationship issues by leaving can impact your ability to work with a team. Parents are also your boost in self-esteem and self-image. Cutting off that mental support can cause a lack of self confidence which can limit your career choices and upward mobility.
The first thing you should consider is fixing your relationship with your parents. Instead of trying to build wealth on your own, you could enlist your family to help create wealth for generations to come. Numbers do show that some family businesses don’t make it to the third generation. While odds may be against you, you have examples of how it can work. Family Capital ranks the world’s top 750 family businesses. Number one on that list is Walmart. The Walton Family started Walmart in 1962 and is now a retail tycoon. Other family businesses topping the list are Berkshire Hathaway, Ford Motors, and Comcast Corp. If you’re just starting, here’s a few pieces of advice to ponder own while starting your family business. Walmart founder, Sam Walton gave this quote, “We’re all working together. That’s key.” SpaceX and Tesla founder and most recent owner of Twitter once left this quote, “Life’s too short for long term grudges.”
Add comment