6 bad money rules I’ve heard over and over that I refuse to pass down to my children

The author, Ariana Arghandewal. Growing up, the No. 1 money rule I heard was “save, save, save” — but I never learned to invest.

I was also told student loans are bad, even though they get you access to an education, something I value highly.

Other bad advice I’ve heard: don’t talk about money, and slash “non-essential” spending.

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My generation — millennials — has an interesting relationship with money. We came of age during the Great Recession , when all the “safe” financial institutions were on the verge of collapse and conventional financial advice was being questioned. In the years since, financial literacy movements popped up that aimed to empower weary folks with accessible financial advice.

Since re-educating myself on money using resources from the FIRE movement (Financial Independence/Retire Early) and elsewhere, I’ve realized that much of the money advice I learned in my younger years was dated and, in some cases, downright harmful. Here is all the bad money advice I learned in my younger years that I refuse to pass down. 1. Save, save, save

Since I can remember, most financial advice I received emphasized saving over investing. Most of that came from my immigrant family, which imparted the importance of putting money aside for emergencies, buying a home, purchasing a used car in cash, etc. The financial education I received at my public school wasn’t much better. As long as I can recall, we were taught to save rather than invest.

So I put my hard-earned cash into high-yield savings accounts , earning a meager APY. This led to a lot of missed opportunities for growth. Investing didn’t even cross my mind. Part of that was because I graduated from college during the Great Recession . It was scary to put money into the stock market after millions of people lost their retirement nest eggs betting on it.

I eventually caught up to the importance of investing through various online financial communities and began doing so immediately. I just wish I’d started earlier. 0.85

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Citi Priority Earn up to $1,500. Open a new eligible checking account with required activities. 0.80%APYMember FDIC360 Performance Savings No fees No minimums Open in about 5 min Sponsors of Advertiser Disclosure 2. Have at least 6 months of expenses saved up before you quit your job Having at least six months of expenses saved up sounds like solid advice. In my case, I’ve never followed it when leaving a job and it’s worked out every time. It’s terrible advice because it can hold you back from leaving a stressful job and prevent you from earning a higher salary as a freelancer or in another position. This advice is also no longer relevant, with the gig economy creating income opportunities beyond traditional jobs.When I left my “dream” job with a six-figure salary last year, countless people told me I was making a mistake. That I should save up more and have another job lined up before leaving. It’s what kept me in that role months after I was ready to go. But I soon realized that I was limiting my income potential by staying in that job. As soon as I left, I not only recouped my monthly income with freelance work (often exceeding it), but I worked fewer hours and had more freedom. 3. Cut back on ‘non-essential’ spending For years, the $5 coffee has been demonized as the root of every millennial’s money woes. In my 20s, I started cutting out non-essential purchases like my daily coffee habit and dining out. The result? I was miserable.While these expenses are not necessary, they made my days working multiple jobs more bearable. Treating myself to a frozen iced coffee at the end of a long day gave me something to look forward to and helped me avoid burnout. You can’t just work to live — sometimes, you have to enjoy the fruits of your labor.This was when I got some contrarian advice from a financial expert: “Don’t spend less; earn more.” It sounds like “Let them eat cake,” but it’s excellent advice. […]

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