Stop Taking Investment Advice From Your Parents

Stop Taking Investment Advice From Your Parents - Stash Wealth
Photo by Charles on Unsplash

If you’re anything like our team here at Stash Wealth, you’ve probably butted heads with your parents from time to time. This is all part of getting older, and as Millennials creep toward middle age, those conversations can get more and more fraught if your parents continue to treat you like a child. 

 

The generation gap is very real and very wide. Need proof? Google “Okay Boomer,” or better yet, bring it up at Thanksgiving this year. No matter how you slice it, older generations like to give advice to younger, more naive, idealistic young people like us. But when it comes to your finances, please, stop taking investment advice from your parents. 

 

There is one exception to this rule, and that’s if your parents are financial advisors. But even then, it is essential that you learn where to get financial advice for yourself. Your parents have a limited scope of experience, a very specific lens, and probably still see you as their child. All those things are just fine, but they aren’t the recipe for your kickass financial future. 

 

So if you aren’t going to the parentals for money talk, where exactly are you going? Here are some great options. 

 

A Financial Advisor

This is not just the top of the list because we’re a financial advisor. In fact, at Stash Wealth we decided to specialize in financial management for HENRYs™ [High Earners, Not Rich Yet] because we believe this is the surest way to financial success. 

 

It is a financial advisor’s job to help guide you toward your brightest financial future. Your financial prosperity is literally their job*, and not enough millennials are taking advantage of the resource of financial advisors. Perhaps it’s the DIY nature of our generation, or maybe it’s that a lot of us just don’t see the cost benefit to paying someone to manage our money. Whatever the reason, consulting a financial advisor to get your sh*t together almost always pays off. However, it isn’t a substitute for leveling up your financial knowledge. 

there are more tools now than ever for investing in your future, and most of them offer educational content as well to help you learn as you go. 

Remember, managing your money is not the only thing Financial Advisors do. Steer clear of financial advisors who are only interested in managing your money. If they lead with their money management skillz, they’re probably not the right fit for most HENRYs™. 

 

*Quick note. Not everyone who calls themselves a financial advisor has to give you conflict free advice. Check out our piece Fiduciary: A Finance Word Every H.E.N.R.Y.™ Should Know for more about who you should trust with your money and what responsibility they have legally and ethically. 

 

Online Money Experts

We live in a digital age, take advantage of it! From money blogs (like the one you’re reading right now) to podcasts to online courses, there is a wealth of knowledge out there, pun intended. 

 

Some of our favorites here at Stash:

 

So Money Podcast with Farnoosh Torabi. You can even catch our CEO Priya Malani on Episode 902.

 

Planet Money, We think you’ll particularly like Episode 688: Brilliant vs Boring It’s a great episode on investing and whether Warren Buffett’s famous 2006 bet on the market paid off. 

 

The Side Hustle Show. This podcast is about all the things you need to do so you quit your day job and achieve true financial freedom. 

 

Books

Want to get old school and sit down with a book? Here are some of our top picks:

 

I Will Teach You To Be Rich, Ramit Sethi. This book is the real deal, and our number one place to start your financial reading list. 

 

The Millionaire Next Door: The Surprising Secrets of America’s Wealthy You’ve probably heard of this one. Stash Wealth doesn’t stand by 100% of the principles in this book, but it’s a great read to help balance our desire to keep up with what we see on Instagram.

 

A Random Walk Down Wall Street: The Time-Tested Strategy for Successful Investing. This is an oldie but goodie. The content is definitely on the dense side, but we think you can handle it. It’s as eye opening as it is informative.

 

Apps

If you’re determined to go DIY, or want to supplement the knowledge you’re getting from your financial advisor, there’s an app for that. In fact, there are many. From Stash Invest to Acorns, to Robinhood and Betterment, there are more tools now than ever for investing in your future, and most of them offer educational content as well to help you learn as you go. 

 

Organizations

Finally, you can go super old school and take a class. Many cities have local nonprofits and organizations that help people with basic financial planning. This is especially true if you are self-employed or a small business owner. The Financial Planning Association is one such organization that can help you level up your financial game online and IRL. 

 

We’re not saying that you shouldn’t talk with your parents about money, in fact, there are some super important financial conversations you need to have with your parents. We are saying that your parents are only one source of information, and although some of their advice may be helpful, there is a big wide world of financial information out there, go find it!