“Just don’t buy lattes.”

“Credit cards are necessary to build credit.”

“Own a home as soon as you can — renting is throwing money away.”

If you’ve ever read a personal finance article, chances are you’ve heard some version of these tired tropes. They’ve been passed down for decades like sacred scrolls — often by well-meaning people who learned them from someone else who also never questioned them.

But here’s the truth: a lot of the most common money advice is outdated, oversimplified, or just flat-out wrong.

And while your great-uncle Bob may have meant well when he told you to always pay cash and never talk about money, that advice doesn’t hold up in today’s financial landscape — where interest rates fluctuate weekly, student debt is crushing an entire generation, and the average emergency expense could wipe out most people’s savings.

As a professor of accounting, financial coach, and former corporate finance exec, I’ve spent years teaching people not just how to “do money,” but how to think critically about money. Because sometimes, the problem isn’t that people aren’t trying — it’s that they’re following a playbook that stopped working years ago. And I’ve seen how money has changed – from cash in your pocket to debit cards and touchless payments.

So today, we’re going to debunk some of the most common pieces of outdated money advice — and I’ll show you what to do instead. Practical, real-world advice built for today’s economy.

Let’s manage your money better — and start living smarter.

Outdated Advice #1: Credit Cards Are Essential to Build Credit

This one’s so widespread, it’s practically financial folklore. Somewhere along the way, we started treating credit cards like a rite of passage: get one young, use it often, and “build credit” like it’s a game you’re supposed to win.

But here’s the truth: credit cards are just one of many tools — and they’re often the most dangerous one in the box.

Yes, credit cards can impact your credit score. But relying on them as your main strategy to build credit is like using a chainsaw to trim your bangs. It works — but the risk is high, and one wrong move can leave a scar that lasts for years.

Why This Advice Doesn’t Hold Up

• Most people aren’t taught how credit cards work.
  They get lured in by points or starter perks, but end up carrying balances that accumulate compound interest faster than they can keep up.
• One missed payment can tank your score.
  If you’re still learning to manage money or your budget is tight, a credit card can turn into a financial trap — not a stepping stone.
• Credit dependency hides deeper issues.
  If you need a credit card to “get through the month,” that’s a budgeting issue, not a credit-building strategy.

What To Do Instead

• Build credit through smart, low-risk habits:
  • If you have student loans, make consistent payments.
  • Use services like Experian Boost to get credit for paying things like rent or utilities.
• Focus on budgeting and saving first.
  Credit should serve your goals, not dictate them. A budget that works and an emergency fund that protects you will do more for your financial freedom than a shiny new rewards card.

Outdated Advice #2: You Should Own a Home as Soon as Possible

Buying a home has long been considered the ultimate adulting milestone — right up there with getting married and learning to cook more than one pasta dish. For generations, homeownership was synonymous with financial success.

But here’s the catch: “as soon as you can” doesn’t mean “as soon as you’re legally allowed.”

In today’s market, this advice can backfire fast — especially for people trying to skip ahead to “Freedom” without fully mastering their financial “Foundations.”

Why This Advice Doesn’t Work for Everyone

• Homes are not guaranteed wealth-builders.
  The idea that “real estate always appreciates” isn’t a promise — it’s a hope. Housing markets fluctuate, and if you buy before you’re ready, you might end up house-poor — cash-strapped with a fancy front door.
• Upfront and ongoing costs are often underestimated.
  Down payments, closing costs, property taxes, insurance, HOA fees, maintenance, and repairs… it adds up. Fast.
• Mobility matters more than ever.
  Many people change jobs, cities, or even entire careers within a few years. If your home locks you into a place you no longer need to be, it’s not freedom — it’s financial concrete.

What To Do Instead

• Buy a home when it supports your purpose — not just your pride.
  Your home should fit into your broader life and money plan, not derail it. Ask:
  • Is my income stable?
  • Do I have at least 3–6 months in emergency savings after the down payment?
  • Can I comfortably afford the mortgage and the maintenance?
  • Am I planning on staying here for at least the next 5 years?
• Renting isn’t “throwing money away” — it’s strategic flexibility.
  If renting allows you to save aggressively, stay mobile, or invest in your education or business, it’s a smart financial move — not a shameful one. I am currentlya renter, because in this season of life, it’s the better option.  I travel freely when I want, I’m not responsible for repairs, and I can move if an opportunity presents itself.  I owned houses for years before I realized – why!?  This wasn’t what I wanted, and it wasn’t best for my checkbook (House in Augusta with the flooding in the yard that cost tens of THOUSANDS of dollars to deal with, I’m looking at you!).

Outdated Advice #3: Debt Is Just a Normal Part of Life

This one’s sneaky because it sounds like realism. “Everyone has debt,” they say. “It’s just how life works.”
But normalize something long enough, and people stop questioning whether it’s actually helping them.

Here’s what I teach my students and clients:
Just because something is common doesn’t mean it’s wise.

Debt has been marketed to us as a tool, a stepping stone, even a status symbol. But in reality? Debt is a drag on your dreams. It limits your options, delays your progress, and increases your stress.

Why This Advice Keeps People Stuck

• Debt eats your future income.
  Every dollar spent paying off debt is a dollar you can’t invest, save, or use to build freedom. That’s not neutral — that’s expensive.
• Most “good debt” is actually risky for the average person.
  Student loans with no clear ROI. Credit cards for “points.” Car loans with 7-year terms. The system isn’t built to benefit the borrower.
• It trains people to live above their means.
  Instead of building skills like budgeting, saving, and delayed gratification, debt becomes the default. Credit cards weren’t even in existence until the 1950s, and they’ve been leading to growing economical and financial concerns in families since then.

What To Do Instead

• Build a life that doesn’t depend on debt.
  Start by budgeting every dollar — not just for bills, but for joy, emergencies, and goals. (That’s what I call purposeful budgeting.)
• If you already have debt, don’t panic — but don’t normalize it either.
  Create a strategic, structured payoff plan. Use methods like the Debt Avalanche (paying off the highest interest debt first) or the Debt Snowball (paying off the smallest balance debt first) depending on what keeps you motivated.
• Treat debt like fire: powerful, but dangerous.
  Use it only when it’s purposeful, contained, and paired with a clear plan for payoff – like buying a house or covering an emergency. And never mistake access to credit for actual wealth.

Outdated Advice #4: Don’t Talk About Money

This one might be the most damaging of all — because it doesn’t just mess with your bank account, it messes with your relationships, your confidence, and your ability to grow.

Somewhere along the line, money became a taboo topic. We were taught to treat it like politics at a dinner table: private, impolite, even shameful to discuss.

But secrecy doesn’t protect us — it isolates us. And silence keeps people stuck in systems they don’t even know how to question.

Why This Advice Is Harmful

• It prevents learning.
  If no one talks about salary, savings, or strategy, how is anyone supposed to figure it out without making costly mistakes? (And yes, you CAN discuss salary – it is illegal for employers to ban you from discussing salary.  Talk about it.  Find out if you’re underpaid.  Fight for what’s yours!)
• It fuels shame.
  People assume they’re the only ones struggling — when in reality, most of us were never taught money skills at all.
• It blocks equality.
  Women, people of color, and first-gen professionals are especially harmed when money conversations are off-limits — because they’re less likely to have informal financial mentors or insider access.

What To Do Instead

• Create safe, honest spaces to talk about money.
  This could mean a conversation with your partner about budgeting, a check-in with a trusted friend, or joining a financial literacy group online or in your community.
• Teach the next generation differently.
  Let your kids, students, or mentees see how budgeting works. Talk about values. Invite questions — and admit what you’re still learning, too. My daughter sees me budgeting every month, has heard me talk about money since she was an infant – and at 15, she’s already very financially responsible. It’s never too late to start!
• Lead with curiosity, not shame.
  You don’t have to know everything. You just have to be willing to talk, ask, and keep growing.

Because here’s the real truth:
Talking about money isn’t rude. It’s revolutionary.

What To Do Instead: Foundations, Finances, Freedom

If there’s one thing I want you to take away from this post, it’s this:

You don’t need trendy hacks or outdated hand-me-down advice. You need a financial foundation that actually works — for you.

And that’s where the Financial Independence To Purpose™ framework comes in.

Instead of chasing shortcuts, we start at the root:
Foundations → Finances → Freedom.

Because lasting change doesn’t come from ignoring lattes. It comes from:

• Budgeting with intention
• Eliminating toxic debt
• Saving with purpose
• Investing with clarity
• Living aligned with your values

This isn’t about becoming a spreadsheet robot or grinding your way to burnout.
It’s about building a life where money isn’t a constant source of anxiety — it’s a tool that supports your purpose.

Whether you’re starting out, starting over, or starting again, your next step isn’t to memorize more outdated “rules.”
It’s to unlearn what’s not working — and build a system that actually works, one that will grow with you and equip you to adapt as the “money rules” continue to evolve.

And you don’t have to figure it out alone.