The older generations have had a pretty great time enjoying the easiest wealth accumulation.
However, times have changed (inflation, lifestyle etc) and it’s time to really look into some of their financial advice and see if they fit to real life right now.
Don’t be a Job-Hopper
If you’re a fresh grad, your parents must’ve told you to stick to one job as long as you can – even if you’re downright miserable.
Sure, you’ve seen your parents and grandparents hold onto their jobs for years (decades even) but that was the norm and culture back then.
Lay-offs weren’t common and job-hoppers were considered to raise red flags. However, things today are different.
‘Loyalty’ is no longer the main criteria but skills and talent are what’s really attractive to an employer. In fact, contract jobs are an upcoming especially since the pandemic. And if you agree that getting the right fit is key, check out Happyer to discover your next career!
Buy the Best Car and House
For older generations, buying the best car and house might be the mark of success. Our parents have lived with this deeply-ingrained concept, and are now selling this idea to us. They emphasise on buying bigger homes and cars for your future family.
However, don’t make these huge purchase mistakes. Buy a house or car that you can afford. You might not need as much space as you think you do. Buying the priciest house or car can doom you financially.
Measuring material wealth is a thing of the past and can be heavy on your shoulders. For instance, living paycheque to paycheque will leave you short on cash, hurt your retirement plans, and is definitely not worth the stress for the average common man.
Grab the Highest-Paid and Safest Job Offer
Your parents might strongly prefer you working for an established company as compared to a start-up. For them, joining a well-known company was the ‘ultimate’ goal and start-ups weren’t a part of the mix.
However, since the pandemic has hit us, even ‘safe’ jobs no longer provide high job security. They are going through layoffs and are walking on a tightrope during the pandemic.
As a fresh and new grad, you need to understand that the two paths are very different and carry their own rewards and benefits. If you’re ambitious enough and a hard worker, focus on optimising your learning curve instead of job security. So, go for the riskier job and take on greater responsibility early on in your career.
Start-ups are high risk but highly rewarding; and working for one could possibly define your career and translate into greater opportunities.
But Wait... Don't Leave It All
At the end of the day, your Boomer parents or older friends and relatives have your best interests at heart, so don’t blame them and know that they have your backs.
They may have a library of life lessons but consider breaking free from some of their outdated advice to truly gain financial freedom.
Photo Source: Ketut Subiyanto from Pexels
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