Every time the GOAT debate in sports comes up, the conversation inevitably turns to eras. Could Jordan dominate in today’s NBA? How would LeBron handle the physicality of the ’90s?
Now, take that same energy and apply it to financial advice. Could the strategies that worked 30 years ago hold their own in today’s economic landscape? Same question, different game.
Let’s just admit it: your parents mean well. They really do. But if their financial playbook is stuck in the pre-Spotify, pre-Venmo era, it might be holding you back. Times have changed, and clinging to outdated advice could cost you big in the long run. It’s time to take the reins and build a strategy that fits your life—not the one your dad swears worked back in 1985.
The Generation Gap: Why Their Advice Doesn’t Translate
The financial world your parents lived in? Completely different from today. Back then, saving every penny, waiting until 65 to live it up, getting a healthy pension plan through work, and sticking with a “steady” 9-to-5 might have been the move. Now? Our generation is prioritizing experiences, side hustles, job hopping, and a work-life balance that isn’t just a corporate slogan.
While their advice comes from a good place, the reality is it might be out of sync with modern challenges, like stagnant wages, insane housing prices, and student loans that feel like a second mortgage.
Why Modern Financial Advice Is a Must
Here’s the deal: the financial game has evolved, and you need a strategy that evolves with it.
- Markets Are Different Now: What worked for your parents—like socking money away in CDs or avoiding the stock market—might be too conservative for today’s long-term growth needs. In 1989, the year I was born, interest rates were 12.75%.
- Your Life Is Unique: Your financial goals (early retirement, buying a house, or just finally paying off that credit card) aren’t the same as theirs. A cookie-cutter approach won’t cut it.
- Tech Is Your Secret Weapon: From apps that round up your spare change to robo-advisors handling your investments, today’s tools make managing money easier than ever. Your parents didn’t have that. You do.
Where to Actually Get Good Advice
Forget what Uncle Jom said at Thanksgiving about GameStop and DOGE (not the Department of Government Efficiency) Here’s where you should be looking:
- Hire a Fiduciary Financial Advisor: A fiduciary advisor has one job—to put your interests first. Find someone who can map out a financial plan tailored to your goals, not just someone who wants to manage your investments and take a cut.
- Podcasts That Don’t Suck: So Money with Farnoosh Torabi: Finance made relatable.
- Books That Slap: I Will Teach You To Be Rich by Ramit Sethi: This is the GOAT of modern personal finance. A Random Walk Down Wall Street: It’s dense but worth it. Think of it as a solid workout for your brain.
- Financial Literacy Courses: Whether online or in person, these courses are gold for leveling up your money game. Start with organizations like the Financial Planning Association of Canada.
The Bottom Line
Look, your parents’ advice came from a different time. That doesn’t mean you have to follow it blindly. Take the best parts—like being disciplined with saving—and ditch the rest. Your financial goals deserve a modern, tailored strategy that works for you.
Key Takeaways for the Win
- Your parents’ advice? Probably outdated. Their era isn’t your era.
- One-size-fits-all plans don’t work. You need a personalized playbook.
- Use today’s tech, tools, and resources to crush your financial goals.
- Keep learning, stay flexible, and remember: you control your financial future.
The TL;DR? Respect your parents’ advice, but don’t let it box you. Build your own game plan and start playing to win.
ay!