12 Financial Tips from Boomers You Should Ignore

A couple looks stressed out as they sit on the couch reviewing their bills.Photo bybaranq via Shutterstock

“Okay, Boomer,” scoff millennials as they hear yet another outdated piece of advice from their boomer parents. Here are the worst pieces of advice about money and work that Boomers can’t let go.

Put All Your Money In Savings

Boomers made a ton of money in the 1980s and 90s when interest rates on savings accounts surpassed yields on investments. Though interest rates are rising, you’ll still get better returns with stocks.

Go To The Company

Boomers got tons of work by marching right up to the boss and demanding a job. It doesn’t work that way anymore.

Get a Loan to Pay Your Loan

When interest rates are lower than your current rate, it can make sense to consolidate your loans. Boomers continue to give this advice despite the rapid increase in interest rates over the past few years.

You Have to Justify Your Raise

It’s Boomer’s fault wage compression exists. They think they have to justify a raise when the rising cost of living and changes in fair market value for a specific job are justification enough.

Give Your All To the Company

When Boomers were young, hard work paid off. Nowadays, hard work only gets you more work. Your boss won’t promote you for going above and beyond; they’ll hinder your opportunities, so you can’t leave.

You Must Go To College

Millions of Millennials listened to their parents, who said college was the only option. They’re now saddled with outrageous debt they can’t escape and still can’t find a good job.

Anything with a Degree

Boomers also think degrees are as rare as they once were. They can’t believe their kids can’t find good jobs when they have a degree!

Get Rich Quick

Why do Boomers always have a hot new business venture? They’re all about making a quick buck without any work. No wonder scammers constantly target them.

Women Shouldn’t Work

Misogynistic Boomers still think women belong at home. They’ll deride women who choose to work but also think any young couple can afford to have one partner stay home.

Move Someplace Cheaper

Do Boomers not realize that housing costs are rising exponentially across the United States or that the most expensive cities also have the jobs?

You Could Afford a House if You Stopped X

When “X” is any five-dollar luxury that makes life just a tiny bit better. Saving five bucks a week should give us enough for a 10% down payment on a house in about 160 years.

Stay at that Job

Boomers with pensions can’t imagine why younger folks would want to job-hop. They didn’t get the memo that most companies no longer have pensions, and most people make more money when they switch companies.

Saying No One Wants To Work

The common boomer refrain derides younger generations for refusing awful working conditions. Are they right?

Find out why no one wants to work anymore.

Save Money on Basic Living Expenses

You have to live, but it doesn’t have to cost a fortune. Here’s how to save money on living expenses.

This article was produced and syndicated by Partners in Fire.