I've been reading a lot of books lately to gain more knowledge of investing, and a prime example of a good habit was: buying cash flow assets.
My mom told me all that is bullshit, although she struggles financially from all the consumer goods she buys. Are assets really BS?
I'm not here to trash talk your mom but I love investing and I'm getting ready to invest within a tax lien sale. I sold a few inflation protected Ibonds from www.treasurydirect.gov. The tax sale is taking place across the country(back east) within a few cities and states that I know very well. Also check into tax deeds, you could obtain a home 25-80% of home value..
You should invest and begin investing young.
Get a vanguard total stock market index fund and a vanguard Roth IRA.
When you begin working you should obtain a 401k or 403b from your place of employer especially if they are providing a match. Never pass on free money..
When you get 18yrs old, you are consider grown and could do what you want with your money. Once you turn 18,you do not have to tell mom or discuss everything with your mom.. You should be using working income to buy assets so that you will not have to work forever. You can't get rich simply by working.
Best of luck..
So your mother, who doesn't buy assets and is (presumably) bogged down with debt, is telling you that generating cash flow is BS? Makes sense….(NOT).
They're a risk, so they can be. It's just like calling playing poker BS. It all depends on your wisdom, skill, and a little bit of luck.
Is your mom rich? If not, don't take money advice from her.