2024 Author: Malcolm Clapton | [email protected]. Last modified: 2023-12-17 03:44
Mom and Dad want the best, but the economic situation has changed a lot.
Parents' views on housing, investment and savings are most likely not applicable to modern life. Unless they work in finance.
Usually, parental advice is limited by their personal experience and sometimes by political views. They are often conservative about investments and overpay for services. Spend a lot on cellular communications when you can communicate online. They do not trust electronic payments and give money for a commission. They also have outdated ideas about careers and finances. For example, it is advised to join the labor exchange if you have lost your job, or stay in one company for a long time, because it is safer that way.
Those who have not faced modern difficulties are unlikely to be able to give relevant advice today.
Nowadays, it is easier to find useful information on the Internet or in the books of financial specialists than to seek advice from relatives.
Do what works for you in a particular situation. If you live in a city where more than half of your earnings have to be paid for a rented apartment, it is impossible to buy your own home at the age of 25. Although representatives of the older generation can advise you this.
The fact that you are renting a house does not mean that you are irresponsible. This is a consequence of the modern financial system. You need to be clear about how this system works, as well as be honest with yourself when you set financial goals and strive to improve your future.
Remember that your parents want to help, and thank them for the advice. But still, make your own financial decisions.
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