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The self-made millionaire says these are the 5 worst pieces of advice parents give their kids

The self-made millionaire says these are the 5 worst pieces of advice parents

Matt Higgins/ It's graduation season, which means many parents will be observing a perennial ritual: giving their kids terrible life advice.

I went through many difficult challenges, from growing up in poverty, dropping out of high school, caring for my disabled mother, holding down two jobs while getting my college and law degree.

Throughout my trials and my journey to becoming a self-made millionaire, the one key to thriving was to dare.

Here are the worst pieces of advice young people should ignore and what to do instead:

1. "You need a plan B."

A Wharton study found that just thinking about a backup plan can significantly reduce the likelihood that Plan A will work, along with the motivation to even try.

The only way to be a successful businessman is to believe that you will be and not worry about what will happen if you fail.

2. "Reduce screen time."

Screens are the future of work. Playing video games for 10 hours straight may not help, but you can learn all kinds of new profitable skills online.

3. "Take it easy and don't worry."

Partially untrue. While chronic anxiety needs to be addressed, not all anxiety is problematic. In fact, studies show that the most successful entrepreneurs harness anxiety and make it work for them.

They maintain what is called a state of "optimal anxiety": the balance between having anxiety to catalyze focus and improve performance, but not enough to hinder excellence.

4. "Go work for a big, stable company."

It used to be wise advice to start your career at giants like Facebook, Google, Lyft, Netflix and Disney. But even companies that once promised 30-year careers are now facing mass layoffs.

Instead of going for a big name, go for the right role. Make sure your interests and skills match the position you want, even if it's at a small company.

5. "Buy a house and settle down."

Finally, the most important piece of advice every young person should know: Money is king.

Save money and maintain as much liquidity as possible. If that means renting or living with your parents, that's fine.

In a high inflation environment, saving money is more important than accumulating debt.

*Matt Higgins is an investor and CEO of RSE Ventures.