We live in a world where free advice might not benefit you as much as before. The fast revolving world needs new approaches to everything; hence here is some old advice you need to let go of.
Let's face it, as children, we all received a mixed bag of advice from our parents. They were trying to assist us then but do not work for us now. They were our age when the world changed, and some advice doesn't work for us as it did for them. The following is some advice to steer clear of, which you undoubtedly received from your grownups.
Try And Save As Much Cash As Possible
Every family talks and teaches about saving money. Unless inflation is hovering around 6.5%, saving 20% of your income would be good advice. An emergency fund, vacation, down payment on a house, or other major purchase should be among the many uses for the money you now have on hand. All of your money that isn't immediately needed should be invested to ensure that your purchasing power isn't eroded by inflation.
Pay Off The Mortgage As Soon As You Can
Mortgage rates ranged from 6-10 percent when our grandparents were in our position. Paying off your home is a no-brainer when interest rates are as high. It's a different story now since interest rates are 2.5 and 4 percent. Because interest rates are now so low, you may also want to invest heavily rather than paying off your low-interest debt rather than focusing on paying down your mortgage. When your parents gave you this advice, it was based on what they thought you should do, but today's low-interest rates mean it doesn't make as much sense.
Keep Your Employment For At Least Two Years
As a piece of employment advice, many parents tell their children to stay at each job for at least two years on their resumes. Changing jobs frequently gives the impression that you are a dissatisfactory employee, and no employer wants to deal with that. If you're not satisfied with your current employment, don't feel pressured into staying just because it will seem better on your resume, except for someone who has a history of changing jobs. As the last point, if a better chance presents itself, don't hesitate to accept it. Your present employment should not be a factor in whether or not you leave because of the amount of time you've been there on your resume.
