When it come to our parents, they can give us a lot of valuable life advice. Unfortunately, when it comes to money and personal finance many of us have received terrible advice from our parents.

It’s okay, many of them don’t know what they don’t know or they’re simply passing on what they’ve learned from who knows where (e.g. the media, their parents/family, other sources they “trust”, etc.).

Regardless, just because they give us advice it doesn’t mean we should act upon it. We must do our due diligence because after all they’re OUR personal finances.

Let’s be honest, personal finances tend to be the afterthought that we promise to handle in the future.

What many don’t realize is that time matters, especially when talking about our finances. That’s because personal finances can either compound in your favor or against it. The longer we prolong the health of our finances the more damage that will be done over time.