Aren’t we always told what our folks did was wiser? Whether it’s regarding important decisions in life or managing the household, we’ve been taught to look up to our parents. But the truth is, times are changing, and so are the situations.
Modern lifestyles are leaps and bounds ahead of the ways our parents have seen. And that’s why we need to make our own rules now. Not saying we should disrespect our elders’ wisdom. All that needs to be done is have a new perspective.
Let’s talk about money, for instance. Gone are the days when people could invest in property, get a high return and lead a happy life. Today, you’ve got to be smart and you’ve got to find other ways. And the first step towards that is to unlearn what we’ve learnt over the years.
Let’s have a quick glance at some of the traditional money advice we’d be better off ignoring today.
Ignore when someone says “Investing in real estate is the best”
Investing your hard-earned money in buying a house is the most common advice you’ll get from your parents. And they’re actually telling you that from their good experience with real estate. But have you ever tried having a look at your friend’s balance sheet who invested in real estate? Well, we can tell you that you’ll find most of their money tied up in their home!
That’s why we’d suggest that, as a millennial, buying your own house is probably not the greatest idea. Why? Because to see substantial returns you’d have to hold on to the property for several years, and by any chance, if the market crashes, your whole investment will go to ashes.
Plus, there are a lot of hidden costs associated with buying a house. It includes registration, maintenance, taxes, insurance, and whatnot. So you can say goodbye to a hefty amount of your earnings there, my friend! Trust us. You’re better off investing elsewhere.
Read – Genius Investments That Don’t Involve the Stock Market
Ignore when someone says “Don’t use credit cards”
Here’s another advice you’ll be getting all along your way. Your folks won’t forget to remind you of all the downsides of credit cards for financial management. As per them, credit cards are the reason why most youngsters are in debt. While we agree with the thought that it isn’t wise to be under unnecessary obligation, that advice isn’t entirely acceptable.
Instead of following the traditional methods of spending hard cash and accumulating savings as your parents did, you can improvise your savings as investment capital to make sure they become a mode of earning for you. Technologies and methods have changed for everyone and in every field. There are a lot of ways to manage credit intelligently and make profits out of it.
Read – 15 Ways You Can Easily Invest In Stocks
Wrapping it up
We’re not advising you to ignore all that your parents say about your financials. We just want you to take action after conducting thorough research on the subject. Keep your mind open to ensure you don’t miss out on amazing opportunities.