So my mom told me last week that I should “just walk into businesses and ask for a job” and I literally laughed out loud. Like, Mom, that’s not how it works anymore. You apply online, wait three weeks, maybe get an email back, probably get ghosted. Walking in with a resume and a firm handshake isn’t going to cut it in 2025.
But then I realized—a lot of the money advice our parents give us is like this. Some of it is actually solid and timeless. Some of it is completely outdated. And honestly? It’s hard to tell which is which when you’re just trying to figure out how to not be broke.
So here’s what I’ve learned about my parents’ money advice: what’s still relevant, what needs a major update, and what’s just… wrong.
What My Parents Got RIGHT ✅
“Pay yourself first”
Okay this one is actually genius. My dad has been saying this forever and it took me way too long to understand what he meant.
Basically: when you get paid, the FIRST thing you do is move money into savings. Not the last thing after you’ve spent everything else. The first thing.
Even if it’s just $10 or $20, you save it before you do anything else. Because if you wait until “after you’ve paid for everything,” there’s never anything left.
Why it still works: Human nature hasn’t changed. We’ll spend whatever money we see in our checking account. Out of sight, out of mind actually works.
How I do it: I have an automatic transfer set up. $50 goes to savings the day after my paycheck hits. I don’t even see it in my checking account, so I don’t miss it.
“Don’t buy things you can’t afford”
I know this sounds obvious, but my mom says this about credit cards specifically and she’s so right.
She’s told me horror stories about her friends who racked up thousands in credit card debt buying stuff they couldn’t actually afford. And now they’re in their 40s still paying it off.
Why it still works: Credit card debt is REAL and the interest rates are insane (like 20-30%). If you can’t pay off your card every month, you’re just paying the bank to borrow money to buy stuff you probably didn’t need.
The modern version: This also applies to “buy now, pay later” apps like Afterpay and Klarna. They make it so easy to split payments that you don’t realize how much you’re actually spending. It adds up FAST.
“Emergency fund = peace of mind”
My parents are obsessed with having an emergency fund. Like, it’s basically their favorite topic.
And honestly? They’re right.
I thought it was boring old-people advice until my car broke down last year and I had $600 saved up. Being able to fix it without panicking or asking for money was such a relief.
Why it still works: Emergencies still happen. Cars break, phones crack, unexpected expenses pop up. If you don’t have savings, you’re either going into debt or asking people for money.
The goal: Start with $500, then build to $1,000, then eventually 3-6 months of expenses. It’s not exciting but it’s so worth it.
What My Parents Got WRONG ❌
“Just save your money in a savings account and it’ll grow”
My parents are confused about why I’m interested in investing. They’re like “just put it in savings, it’s safe!”
Yeah, it’s safe. It’s also making like 0.5% interest while inflation is at 3-4%. My money is literally LOSING value just sitting there.
Why it’s outdated: In their day, savings accounts paid actual interest—like 5-7%. Now? You’re lucky to get 4% even with a high-yield savings account.
The modern version: Yes, keep an emergency fund in savings. But once you have that covered, learn about investing. Index funds, Roth IRAs, investing apps—there are so many ways to actually grow your money now.
Real talk: I’m still learning about this stuff, but putting money in the stock market (long-term) beats letting it sit in a regular savings account.
“College is worth any amount of debt”
This is the big one. As an Asian parent, they are CONVINCED that college is always worth it, no matter the cost.
And I get it—college worked for them. But they graduated with like $5,000 in debt. I’d be looking at $50,000+.
Why it’s outdated: College costs have gone UP 180% since 1980, while wages have barely moved. Taking out $100,000 in loans for a degree that might get you a $45,000/year job is not the same equation they faced.
The modern version: College can be worth it—but it depends on the major, the career, the cost, and whether there are alternatives (trade schools, certifications, community college first, etc.). You have to actually do the math.
My take: I’m not anti-college, but I am anti-debt. If I can go to a cheaper school or get scholarships or start at community college, I’m doing that. Graduating with less debt is smarter than graduating with a “prestigious” name on your diploma.
“Just get any job to get your foot in the door”
My dad loves this advice. “Take any job, work your way up, show them what you’re worth!”
And like… that’s not really how it works anymore?
Why it’s outdated: Companies don’t promote from within like they used to. People who stay at the same company for years get smaller raises than people who switch jobs. Loyalty doesn’t pay like it used to.
The modern version: Yes, get work experience. But be strategic about it. Build skills that transfer. Don’t stay somewhere that’s not paying you fairly just because you’ve been there a while. Job hopping every 2-3 years is actually smart now.
Also: Internships and side projects matter more than they did before. Your resume isn’t just your job—it’s your portfolio, your online presence, your network.
“Don’t talk about money—it’s rude”
My parents HATE when I talk about money with friends. They think it’s inappropriate.
But like… how are we supposed to learn what’s fair if we don’t talk about it?
Why it’s outdated: The secrecy around money only benefits employers and keeps people (especially women and minorities) underpaid.
The modern version: Talk about salaries with your peers. Compare rates if you freelance. Discuss what internships pay. Share what you’re saving and learning. The more transparent we are, the less we get taken advantage of.
Real talk: I’m not saying announce your bank balance at dinner. But talking about money openly with people you trust is how you learn and grow.
What Needs a Modern Update 🔄
“Work hard and you’ll get ahead”
My parents believe if you just work hard enough, you’ll succeed. And I want that to be true, but… it’s not the full story anymore.
The truth: Hard work matters. But so does working SMART. Networking matters. Being in the right place at the right time matters. Luck matters.
The modern version: Work hard, but also work strategically. Build skills that are in demand. Network. Learn how to negotiate. Advocate for yourself. Hard work alone isn’t enough—you have to be smart about it too.
“Save at least 10% of your income”
This is good advice, but it needs context for our generation.
The update: Yes, save 10% if you can. But also:
- Pay off high-interest debt first (credit cards)
- Contribute enough to a 401(k) to get employer match (free money)
- Build that emergency fund
- THEN focus on saving more
For a lot of us starting out, 10% might not be realistic right away. Start with 5%, or even 1%. The habit matters more than the amount when you’re just starting.
“Buy a house as soon as you can”
My parents bought their house in their 20s and think everyone should do the same.
But housing prices are INSANE now. In their day, a house cost 2-3x their annual income. Now it’s more like 5-8x.
The update: Buying a house can be a good investment—but only if:
- You’re staying in one place for 5+ years
- You can afford the down payment without draining your emergency fund
- You can handle maintenance, taxes, insurance on top of the mortgage
- The market actually makes sense
Renting isn’t “throwing money away” if buying would stretch you too thin. It’s okay to wait.
The Bottom Line
Our parents aren’t wrong about everything. A lot of their money advice comes from real experience and wisdom. But the world has changed, and some of that advice needs updating.
The best approach? Take what works, update what’s outdated, and add in new knowledge that fits today’s reality.
What still matters:
- Save money consistently
- Don’t buy what you can’t afford
- Have an emergency fund
- Work hard (but also work smart)
What needs rethinking:
- Where you put your money (savings vs. investing)
- How much debt is acceptable
- How careers actually work now
- Being open about money
At the end of the day, our parents are trying to help. But we’re navigating a different financial world than they did. It’s okay to take their advice, question it, and make it work for us.
What money advice have your parents given you? What’s been helpful and what’s been totally off? I’d love to hear your stories.
Because every penny matters—and so does every piece of advice we choose to follow (or not).