10 Bad Money Habits You Learned From Your Parents and Need To Break Now
Cynthia Measom Tue, April 27, 2021,
An “Invest in You” savings survey by CNBC and Acorns found that some Americans are harboring what could be viewed as bad money habits. For example, 27% of Americans rarely discuss their personal finances with family. And 75% of Americans manage their own money, whereas only 17% hire a financial advisor. So if these Americans aren’t forming their money habits based on help from a financial advisor, who is their financial role model? According to the survey, 37% of respondents said it was their parent.
Does that mean that the financial habits your parents have are bad? Maybe so and maybe no. It depends on what those financial habits are. Some bad money habits are glaringly obvious. You know, like paying only the minimum on a maxed-out credit card each month or always spending extra money on wasteful items. But some aren’t so obvious — especially if you’re following the example set by a parent who serves as your financial role model.
To find out where you stand, check out these 10 bad money habits people learn from their parents, and see if any of them ring true for you.
Focus On Saving Your Money
Kristin Burton, founder of Strive Coaching, believes that one bad money habit learned from parents is to save your money.
“At first glance, this looks like great advice, but if you dig deeper it is missing a fundamental piece of wealth building,” Burton said. “Saving money should be reserved for an emergency fund (three to six months of monthly expenses set aside for unforeseen events) and “sinking funds” (money set aside for large, planned purchases). Aside from that, you can never save your way to wealth! You have to be investing. All money that is not specifically for an emergency fund or sinking fund should be invested, not saved.”
Max Fund Your 401(k) Instead of Paying Off Debt
Chuck Czajka, founder of Macro Money Concepts, said that max funding your 401(k) when you have credit card debt or student loans is one on a long list of bad money habits taught by parents.
“The 401(k) earns interest, but the whole account is taxable when you take the money out,” said Czajka. “So, you’re losing interest to credit card debt and student loans, and going to continue losing in the future to taxation on your 401(k) or IRA. It’s better to pay off that debt first, then save for retirement.”
Be Ashamed of Money Mistakes
Gretchen Caldwell, CFP and president of Pure Planning, believes that one bad money habit parents teach is to be ashamed of money mistakes.
To continue reading, please go to the original article here:
https://finance.yahoo.com/news/10-bad-money-habits-learned-110038180.html
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