8 Money Rules You Learned From Your Parents That Are Totally Wrong Now

Your parents probably had good intentions when teaching you about money, but times have changed. Some of the advice they followed doesn’t hold up in today’s financial climate. Here are eight outdated money rules that you’re better off leaving in the past.

Keep All Your Money in a Savings Account

Your parents probably told you to save every penny in a bank account—which made complete sense back then. Savings accounts used to offer decent interest rates, but now they barely keep up with inflation. Letting your money sit there means it’s losing value over time. Instead, look into high-yield savings accounts, CDs, or low-risk investments to help your money grow.

Credit Cards Are Dangerous—Avoid Them

Many parents saw credit cards as a fast track to debt, but avoiding them entirely isn’t the solution. Used responsibly, credit cards can help you build a strong credit score—something you’ll need for loans, mortgages, or even renting. Treat your credit card like cash and only spend what you can pay off in full each month.

Renting Is Throwing Money Away

For past generations, owning a home was the ultimate dream. But today, buying isn’t always the best financial choice. Homeownership comes with extra costs like maintenance, taxes, and insurance. Renting can be a smarter option, especially in expensive markets where buying doesn’t add up. It’s less about following tradition and more about what works for your budget and lifestyle.

Stick to a “Safe” Job With Good Benefits

The old idea of sticking with a 9-to-5 job for decades and earning a pension doesn’t fit today’s reality. Pensions are rare, and staying with one employer can hold back your earning potential. Changing jobs strategically or trying side hustles and freelance work can help you earn more and open new doors.

Pay Off Your Mortgage as Quickly as Possible

Parents often stressed paying off your mortgage as quickly as possible. But this isn’t always the best move. Mortgage rates are usually lower than potential investment returns, so investing extra cash could be a better option. Keeping your mortgage while growing retirement or investment accounts might leave you better off in the long run.

Buying New Is Better Than Buying Used

“Buy new so it lasts longer” used to be common advice, but it doesn’t always make sense now. Cars, electronics, and even furniture lose value quickly after purchase. Buying gently-used items can save you a lot without giving up quality. Certified pre-owned cars and refurbished electronics are great options that offer reliability without the high price tag.

College Is Always Worth the Cost

For many parents, college was seen as the sure path to financial success. But today, not every degree is worth the cost. Student loans can take years to repay, especially for degrees with low earning potential. Trade schools, certifications, or community colleges often lead to great careers without the heavy debt. In some cases, skipping traditional college altogether can be the better choice.

You Don’t Need To Worry About Retirement Until You’re Older

This is a big one. Many parents believed retirement savings could wait, but starting early makes all the difference. Compound interest works best when your money has time to grow. The longer you wait, the harder it is to catch up—and you might never fully recover. Make your 401(k), IRA, or other retirement accounts a priority now.

Times Change, and So Should Your Money Rules

Your parents meant well, but their financial advice doesn’t always hold up today. The world has changed—financial systems have evolved, technology has opened new doors, and the cost of living is not what it used to be. Adjusting how you view money to reflect today’s reality can help you build a better financial future. Letting go of outdated rules isn’t wrong—it’s how progress happens.

I’m Frugal. Here Are 55 Ways I Save Every Day

This huge list of more than 50 frugal living hacks teaches you how easy it can be to live frugally and intentionally. Some of these tips will save you some serious money, and some might only save you a few dollars, but those savings, compounded over time, can have a huge impact on your budget. I’m Frugal. Here Are 55 Ways I Save Every Day

10 Post-Retirement Careers That Pay Well and Keep You Active

You don’t have to stop working or doing what you love once you retire. Many retirees take on jobs that keep them active, help them meet people, and bring in extra income. Whether you’re pursuing a passion or just staying busy, there are plenty of opportunities to explore…here are ten examples. 10 Post-Retirement Careers That Pay Well and Keep You Active