Don’t Listen to Your Parents

Millennial Friends are PSAs: When it comes to career advice and money, parents have a myriad of opinions, mostly based on what they’ve done or would like their friends to know what you are doing. I’m here to say don’t listen to them.

I’m sure they are well-meaning and very smart, but chances are that their views on housing, investment, study, savings and more simply will not apply to your life now (if they are, say, not a CPA – then you should listen to their advice).

Look at the economic condition we are living in because of the boom: stagnant wages! Astronomical healthcare costs! $ 1.6 Trillion in Student Loan Debt! Lack of housing because God forbid this much-needed affordable apartment complex block the 50-something view!

But beyond these generational flaws, your parents’ advice is also limited by their experience and knowledge (and, in some cases, by their political affiliation). They could be overly conservative in their investments, pay unnecessary and egregious fees, or have outdated expectations about how their careers and finances perform in 2018. Whoever was able to buy a home for$ 120,000 in 1990 saw an eight percent profit on CD. and struggled with debt for student loans in the amount of 37,000 dollars in the production, not the one who has the answers that will help you now.

Instead, you can get better quality advice online, in books from financial professionals, or even on online platforms like Ellevest or Acorns. More importantly, you need to do what is right for you in your current financial situation. If you live in a city where rents eat up more than half of your wages, buying a home at age 25 is probably not an option, as it was for some people in an earlier generation. This does not mean that the rent is wrong or irresponsible, it is a byproduct of the current financial system in which we live. We need to be honest with ourselves about this system as we set goals and work towards a better future.

That’s all to say, parents mean well, but what worked for them won’t work now. Tell them that you value their advice, but in the end you need to make your own financial decisions.


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