You learned a lot about the world from your parents.

From minding your manners to using a can opener, your parents have imparted much of their wisdom on you. But not everything they taught you may be helpful, particularly when it comes to financial advice.

Whether you’re a millennial, Gen X, or even the young and fresh-faced Gen Y, you’re dealing with a whole new financial world than the one your parents experienced. You might even be digging through your couch cushions to find money for rent.

1.    Save Everything Right Now

Parents often teach their children to save as much as possible. These lessons often begin early with piggy banks and continue through adolescence as the word ‘no’ applied to most requested purchases.

The idea is that if you’re able to save everything now, you’ll have more money both when you need it and in the long-run.

But saving everything isn’t a good strategy. It tells us to prioritize saving the same way we should be prioritizing pay off debt. It stretches your already thin finances too far and you’re unable to make a dent in either goal.

Start by paying off all debt. Then, save up an emergency fund. Once you’re there, then you can start thinking about how much you want to save.

2.    Buying is Better Than Renting

Becoming a homeowner was part of the American dream for previous generations. Housing costs were low, credit was easy to come by, and buying was the right thing to do for a generation with the economic and social security to put down roots.

Becoming a homeowner comes with a lot of attachments that renting doesn’t that many people don’t consider when they’re saving for a deposit.

If the windows are leaking, the insulation is thin, or the paint is chipping on your rental, you need to get in touch with your landlord. But if these things are happening in your home, the repairs come out of your pocket.

If you’re ready to buy, be sure you’re ready to deal with what it means to be a good homeowner.

Want some help crunching the numbers on the rent vs. buy debate? Check out this calculator from the New York Times.

3.    Financial Advisors Are for Rich People

Parents tend to teach us self-sufficiency – and that’s a good thing.

But if your parents tell you that balancing your checkbook is the only financial advice you’ll need, they’re wrong.

First, no one uses checks anymore. Second, there’s only so much you can do to prepare for the future on your own.

When you’re at a place where you’re ready to start thinking seriously about your money, professional help will make all the difference in the world.

4.    Debt Is Bad, Bad, Bad

Too much debt is a bad thing because it means you’re unable to use your salary responsibly.

But debt, and debt instruments like credit cards, aren’t bad on their own. Using them is somewhat essential for building your credit, which is also important for renting a home.

Rather than avoiding anything related to credit cards and eventually going in blind when you have a financial emergency, take the time now to learn about how credit cards work, what the best credit cards for debt-averse people are, and strategies for keeping your spending in check.

Then, when you’re ready for a credit card, you’ll be able to use it not only responsibly but wisely. Who knows, you might even be able to reap those coveted credit card rewards.

Looking for Financial Advice That Actually Works?

Your parents taught you a lot about life, but these four financial tips need to be left by the wayside.

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