Debate: Did your parents give good advice or bad advice about money?

My dad always told me to never use credit cards, that they're a trap. So for years I only used cash and debit cards, paid off my student loans early, and I'm debt free. But I also missed out on building credit history for a mortgage and any rewards or protections. Now my buddy swears by his credit card points and swears I've been foolish. Who's right here - the cash-only approach or using plastic wisely? Anyone else been told conflicting money advice from family?

3 comments

3 Comments

the_anthony1d ago

Man that's a tough spot, it's hard when your parents' advice kept you safe but maybe held you back too.

hannahsingh1d ago

My daughter just turned 16 and I've been seeing this play out between her and her grandmother. I used to think my mom was just being old-fashioned and overly cautious, but now I'm starting to see the wisdom in a lot of what she said. It's not that she wanted to hold me back, it's that she knew which doors were actually dangerous and which ones were safe to walk through. I guess it's about finding the balance between being careful and letting them make their own mistakes.

the_amy9h ago

lol "which doors are actually dangerous" i guess grandma has a list somewhere with a red X on the ones that lead to bad decisions. probably includes "door to the tattoo parlor" and "door to the punk rock concert at 11pm" but honestly the 16 year old is gonna find a window anyway. my mom tried that whole "i'm just trying to protect you" thing and i just rolled my eyes until i had my own close call with a terrible ex. it's like you gotta let them trip over the curb a few times before they start watching where they're going.