Our parents are our role models. We learn so much from them. We pass down traditions generation to generation. We consider them wise and experienced. However, there may be things that our parents did that we should avoid ourselves. Learning what not to do from our parents can help us make better decisions and minimize financial burden.

Invest

My parents didn’t invest much. They were the type to work their job and put their money into regular savings accounts. Back then the savings rates were much higher than they were today but they missed out on investments that could have produced a larger return. At least they took my advice to put their money into a high yield savings versus their regular savings accounts.

Financial Talk

My parents didn’t teach me about the value of money. I feel that I could have learned much more much earlier if we had communicated more around this topic. One thing I’m doing now is trying to teach my kids early so they understand they value of money and the importance of knowing how to handle money. If I had a better understanding, I might have avoided some of the big purchases I regretted like spending $900 on a leather jacket.

Life After Passing

No one wants to talk about death. It’s a tough conversation when it comes to that topic especially with children. When both my father and father-in-law passed away, it was too late. Burial or cremation? How to pay for it? What to do with assets? Is there a will? Who are the beneficiaries? There were so many questions that were tough to answer but realistically, we needed to know in order to properly handle especially with their assets and financials. Have those conversations.

When to Downsize

My parents have lived in their house for over 40 years. Now it’s time to sell their house and it’s not in the best shape and it’s going to cost to have it repaired. I have to figure out what to do with all their stuff. Most likely it’ll be going to the dumpster. Going through this experience, I want to limit the burden of my children so downsizing can help reduce the burden and any financial burden also. Whether it’s moving to a smaller home or getting rid of things you don’t need, I think downsizing will help.

There are many things that our parents probably taught us, some good some bad. Some things that our parents did may not be financially positive. So, learning what not to do from our parents is something to keep in mind. If you are interested in following my journey, email subscribe to get alerts of latest posts or follow me on Facebook, Instagram, and Pinterest.

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