Should You Take Money Advice from Your Parents?

Hey Simplifiers,

Your parents taught you how to ride a bike, tie your shoes, and maybe even balance a checkbook. But should you still follow their advice when it comes to money in adulthood? Let's talk about the hidden risks (and rare benefits) of taking financial advice from family.

⚠️ 1. The Risks of Relying Only on Parental Advice

• Outdated Information: Financial rules change fast. Advice that worked 20–30 years ago might not apply today (think rising student loans, housing prices, or investing trends).

• Personal Bias: Parents may offer advice based on their experiences, fears, or limitations — not necessarily what’s best for your situation.

• Missed Opportunities: Relying solely on one source of advice (even trusted family) can prevent you from pursuing strategies that could better build wealth or protect your future.

🌟 2. When Parental Advice Can Be Helpful

• Foundational Habits: Teaching basic budgeting, saving early, or living below your means is timeless advice.

• Sharing Real-Life Lessons: Hearing about their financial wins and mistakes can offer wisdom no textbook can match.

🚫 3. When to Definitely Seek Outside Help

• If they discourage investing or only promote "safe" savings without growth potential

• If they suggest putting off retirement savings to "focus on bills first"

• If their advice feels fear-based rather than future-focused

• If their advice contradicts current tax laws, investing principles, or debt strategies

Bottom Line:

Respect your parents' wisdom, but always get a second opinion regarding your money. Financial advice should grow with you, not keep you stuck in someone else’s past.

Have you ever gotten money advice from family that didn’t quite hit right? 🧠💭
Reply and tell me — I'd love to hear your experience!

Talk soon,
C 🩶
The Founder of The Simple Adult