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    Should You Take Money Advice From Mom and Dad?

    1. Amanda @ centsiblyrich

      October 31st, 2016 at 1:58 pm

      My dad once said to me when I was in my early 20’s, “You will always have a car payment”. He meant that it doesn’t really matter if you upgrade your car and take on more debt, because the payment will be there no matter what…as if a car payment is a fact of life. Before I finally woke up and realized debt is not a fact of life, I bought, financed and traded several cars (I’m guessing 7 or 8). Question everything!

    2. Stefanie

      October 31st, 2016 at 2:02 pm

      SUCH a good example – and couldn’t agree more. EVERY expense can be reduced, rethought or renegotiated.

    3. Bill Dwight

      November 1st, 2016 at 11:44 pm

      Another thing to remember when talking to your parents about financial advice is that the financial world evolves (and is doing so ever more rapidly). So, back when they were in your shoes, the financial opportunities you have at your disposal today may not have even existed! Here a some of the financial opportunities we take for granted today that did not exist when I was a kid growing up in the 60s and early 70s: online banking, automated bill pay, personal finance mgmt software, real time text message alerts for accounts, 401(k)s, Roth IRAs, 529s, low cost index funds and ETFs, automated saving apps, personal finance blogs/podcasts/videos (like this one!) Personal finance is a moving target, so we always need to be learning at every age 🙂

    4. Stefanie

      November 3rd, 2016 at 3:33 pm

      This is SUCH a great point Bill. I imagine it will continue to evolve too, so when I become a parent, I need to be mindful that what I did at 20 might not work for my kids at 20.

    5. Millennial Money

      November 11th, 2016 at 8:26 am

      It’s so funny because my parents taught me about money until I was about 25, and then I got reallyyyyyyyy into personal finance and investing. Fast forward 5 years later and now at 30 I am teaching them about money. I just helped my Dad re-balance his 401k plan to get ready to retire. I also helped my Mom navigating a pretty complex insurance issue. I’m just trying to pay back the love! I agree with you that you should listen to your parents advice if it aligns with your values – but listen to yourself if it doesn’t. Very true.

    6. Stefanie

      November 11th, 2016 at 1:29 pm

      Wow, that’s awesome, it’s like the ultimate model for healthy financial dialogue. It’s great that your parents were transparent about $ convos from the start. Sets a good precedent.

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