There was a time when the classic money rules made sense—buy a house young, avoid debt at all costs, stick to one job until retirement, and you’ll be set. That time was several decades ago. Yet many Baby Boomers continue to hand down this advice with the confidence of people who lived through a very different economy. Meanwhile, Millennials, saddled with student debt, sky-high rent, and stagnant wages, find themselves wondering why these time-tested strategies are failing them.
The problem isn’t that Boomers want to lead Millennials astray. Quite the opposite: they believe they’re offering wisdom. But the financial system they succeeded in no longer exists. Housing isn’t affordable. Jobs aren’t stable. Education doesn’t guarantee economic mobility. In fact, some of the most common boomer-era money principles are now dangerously out of touch with economic reality.
