Some of the earliest financial lessons we learn come from our parents. Advice like “pay off your mortgage as quickly as possible,” “avoid debt,” and “buy income-producing investments” has shaped generations of investors. While many of these principles were sound when they were first passed down, today’s financial landscape is very different than the one previous generations experienced.
That’s the focus of Jordan Rosenfeld’s recent article, “The Bad Financial Advice Your Parents Gave You That’s Actually Costing You Money,” featured by AOL and MoneyLion. The article explores how rising life expectancies, lower mortgage rates, evolving investment markets, and changing economic conditions have made some long-held financial beliefs worth reexamining.
Our Chief Investment Officer and CEO, Steven Rogé, contributed several important perspectives to the discussion. He explained that homeowners with historically low mortgage rates may benefit from balancing debt repayment with long-term investing instead of paying off their mortgage as quickly as possible. He also noted that many investors mistakenly attribute their financial success to income-producing investments, when disciplined saving is often the real driver of wealth. Rather than chasing dividends or interest income alone, Steven emphasized focusing on total return, combining investment growth with income, to help support stronger long-term financial outcomes.
The article ultimately reinforces an important principle: timeless financial habits like living within your means, saving consistently, and investing for the long term remain valuable. But applying yesterday’s strategies to today’s economy without considering current opportunities and individual circumstances can sometimes do more harm than good. When creating a comprehensive financial plan, it’s important to understand your own goals, evaluate today’s economic environment, and build a strategy that’s appropriate for your unique situation.
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R.W. Rogé & Company, Inc. is an independent, fee-only financial planning and investment management firm serving clients locally and virtually across the country, with Long Island, New York, and Beverly, Massachusetts office locations. R.W. Rogé & Company, Inc. was founded on a “client first” culture and proudly commits to acting in your best interest as a fiduciary. We have helped clients Plan, Achieve, and Live® the life they want since 1986. To learn more about how we do this, as well as our process, explore our detailed overview of services and approach.
