The last several decades have seen drastic changes in the personal finance realm. From the rise in debit cards and direct deposit to the decline of paper checks and carrying cash – not to mention cryptocurrencies, online banking, and Venmo – how people today manage their money is quite different from the way our parents and grandparents did their banking, paid their bills, and saved for rainy days. The retired generation is fond of passing on their financial advice to folks in their 20s who are just starting out, but how much of that wisdom of the past is now outdated?
#1: “Keep All Your Important Documents in a Filing Cabinet”
A generation or two ago, sage advice was to hold onto every important or potentially important piece of paper. Newlyweds were told to get a filing cabinet to keep all their documents organized. As one filing cabinet filled up with receipts, invoices, copies of bills, and check stubs, another was added. And another … until your home office looked like the National Archives.
