At 35 years old, you might have a mortgage, two kids, a six-figure salary and an MBA degree hanging on the wall.And you still might want to call your parents before making a major financial decision.That isn't a walk of shame.
It might actually be financially savvy.Somewhere along the way, we decided that becoming an adult meant we were supposed to have all the answers about money.By 35, you're supposed to understand investing, mortgages, taxes, insurance, retirement, college savings and how much house you can afford.THE RICH HAVE ONE FINANCIAL HABIT MOST AMERICANS IGNORE AT THEIR PERILReally?Asking your parents for financial advice is a smart move.
They have more financial knowledge and scars, and they also know you better.(iStock)You can have an MBA and still make terrible money decisions.
I see people do this every day.I've met incredibly successful executives who couldn't explain their 401(k).
Entrepreneurs who built multimillion-dollar businesses but carried ridiculous credit card debt.Highly educated professionals who bought way too much house because the bank told them they could "afford" it.COLLEGE GRADS EXPECT TO EARN $80,000 A YEAR, BUT THE MATH ISN’T MATHINGEducation gives you knowledge.
Experience gives you scar tissue.And your parents may have 30 or 40 years of financial scar tissue you haven't earned yet.They've lived through recessions.
Stock market crashes.Housing booms and busts.
Layoffs.Inflation.
Raising kids.Unexpected medical bills.
Bad investments.Good investments.
Maybe even a financial decision or two they wish they could take back.THE GREAT WEALTH LIE: MILLENNIALS ARE RICHER THAN YOU OR THEY THINKYou can't download that from ChatGPT or learn all of it in business school.So why wouldn't you ask?The mistake is confusing asking your parents for financial advice with asking your parents for financial support.
Those are two completely different conversations.The Wall Street Journal has explored how the Bank of Mom and Dad increasingl...