When it comes to personal finance advice, it’s only natural to turn to your parents first. Most young people don’t receive any kind of personal finance education in school, and your parents have the benefit of age and experience to guide them in financial matters.
But if you’re relying on your parents for financial advice, you may be surprised to learn that, in many ways, they don’t know what they’re talking about. It’s not that your parents lie to you about finances intentionally; it’s just that the economic landscape has changed considerably since they were your age. Let’s take a look at some of parental words of wisdom that you may want to take with a grain of salt. [Read more...]