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5 pieces of financial advice from older generations that are officially obsolete

The economic landscape has changed. A lot.

money, finance, cash, economics, financial advice

What made financial sense decades ago doesn't necessarily make sense now.

Economics can be complicated, but there's one simple truth that's undeniable—today's financial landscape looks vastly different than it used to. Not only has the economy shifted in ways that make basic living more expensive, but the way money even works has changed a lot in just one generation.

Cash is out. Crypto is in (maybe, sometimes, depending on who you ask), and credit cards have become the standard form of payment for everyone. No one balances a checkbook anymore, and young people don't even know what that means. Sewing your own clothes used to be a way to save money, but now the cost of patterns and fabric have made sewing a somewhat expensive hobby, not a frugal hack.

A lot of the financial wisdom previous generations held dear simply doesn't apply anymore, as evidenced by people's responses to a question, "What financial advice from our parents' generation is officially dead?"

from Frugal

Here were some of the most common responses:

1. Get a college degree because it'll guarantee you a good job

"My parents didn’t say this but plenty in their generation did: “It doesn’t matter what your degree is in, just get a degree and there will be plenty of jobs available when you graduate.”

"The Millennial experience was being told we have to go to college; find something you enjoy doing and expect jobs in it; don’t worry about loans, there’s plenty of money out there. And then being yelled at and mocked when we come out with debt, dumb degrees and shitty jobs."

"My parents told me to just get a college degree and not worry about finding the perfect major. For them, just having a college degree opened doors. My advice to my son will be to be very intentional in the degree he chooses. Today you need to make sure your college degree will lead to employment."

college, graduation, diploma, jobs, college degree A college diploma isn't the golden ticket it used to be. Photo credit: Canva

Current reality: With the cost of college tuition skyrocketing over the past few decades and wages not keeping up with cost of living expenses, "college will guarantee financial comfort" simply isn't true anymore. A college degree might result in a well-paying job, but it might not. Indeed reports that Bureau of Labor Statistics data shows that "on average, those with four-year degrees still earn more than their trade school-educated counterparts," but with trade jobs being in high demand and some of them earning high salaries, college isn't necessarily the best path to financial success for everyone.

2. Keep a stash of cash under your mattress or in a shoebox

"The old classic 'shoebox under the bed' has been dead for a while, but people still do it. If you want to keep a couple hundred bucks in cash for an emergency, knock yourself out.

But my mother in law has like 20k stashed in my wife's childhood room and has had it there for years and years. Absolutely kills me but she won't even consider any other options."

"I had a friend who had $15k in cash stashed in her house, and then she got robbed. Of course, the thieves found the cash. Guess what homeowners' insurance doesn't reimburse you for when your house gets robbed? They paid her back $1000 of the $15k and that was it."

cash, money, stash of cash, money under mattress, savings People. used to keep money under their mattress "just in case." That's not really the best advice these days. Photo credit: Canva

"Back when I was doing finance at a car dealership I had a couple come into my office, finish all the paperwork, and then set $27,000 in a plastic shopping bag on my desk. I about crapped my pants. They had been carrying this bag of money throughout the sales process. I advised them to never do that again. They just hated banks."

"That 20k invested in an S&P index fund at a yearly average return of 10% would be $134,550.00 after 20 years. Left in a shoebox it’s…. 20k."

Current reality: A federally-insured bank is the safest place to keep your money. The need for actual cash has become less and less relevant as credit and debit cards are accepted almost everywhere, and keeping a large amount of cash around is risky. If cash is stolen, there's nothing you can do about it. If someone steals from your bank account, there are protections in place. Plus, keeping lots of liquid cash means missing out on investment returns.

cash, money, banks, investments, liquid cash, credit, debit im rich cash money GIF Giphy

3. Be loyal to your company—it'll pay off

"'Loyalty pays off in the end' and 'Don’t change workplaces; try to stay at one place for your entire career' also 'Only change positions if it’s a vertical move. Don’t change positions if it’s a lateral move.' None of this is true any longer."

"A lot of people believed this at my last job. So much so that many stayed on for 20+ years. Earlier this year, this group became known as ‘highly tenured’ and was offered a voluntary retirement package. In many individual instances (such as mine) it wasn’t exactly ‘voluntary’. Maybe loyalty meant something at one time but definitely not anymore!"

"'Stick it out and put in your time' at a job you hate. The implication being, of course, that if you work hard for an employer and stay the course, you’ll be better for it. Those days are over.

company man, loyalty, jobs, working, employment Company loyalty doesn't pay like it used to. Giphy

Current reality: Millennials and Gen Z have gained a reputation for "job hopping," whereas previous generations were rewarded by staying with the same company long-term. But even in 2014, Forbes reported that “staying employed at the same company for over two years on average is going to make you earn less over your lifetime by about 50% or more.” Current wisdom says that job hopping will help you earn more.

4. You shouldn't be living with your parents after college

"I feel like the conventional wisdom about moving out on your own has changed since I was a kid. When I was growing up it was understood if you were still living at home past your early 20s/college graduation that meant you were failing at life. These days I know people in their 40s still living at home because they can't afford to move out in today's environment."

"Yup. I know a few people who have adult kids living with them because they can’t afford to live on their own after college. Rentals in my state are absolutely insane, and when you combine that with college loan repayments? Forget it."

"As someone who is living at home in her thirties the stigma has dropped like a rock since COVID. I was given more shit for living at home at 22 than I was at 32. My parents had a car accident this year and the doctors were over the moon there was an adult kid at home to sort everything out."

"That's one practice I am grateful my immigrant parents never assimilated, and the fact I have a good relationship with them. Their was no expectation to move out until I was engaged / married. Multi-generation households make so much sense when it comes to saving money and pooled resources."

living at home, multigenerational household, living with parents, new economy, cost of living Lots of adults are living at thome after college. Giphy

Current reality: According to data from Sallie Mae, 64% of college grads are still living with their parents within the first two years of graduation, and 35% are still at home between three and five years post-grad. Living at home has become a financially wise and socially acceptable decision—it no longer means you're a lazy loser without the ability to support yourself.

5. Stay away from stocks (or even 401Ks)

"The advice from my depression-era parents. Stay away from stocks, they will always crash and you will lose your shirt. Guaranteed."

"My boomer mother: 'Putting your money in a 401k is gambling. You might as well take it to the casino or throw it away.'"

"My grandmother refused to try to understand why we had 401ks that were invested in stocks. 'All those Wall Street crooks do is steal your money!' She also couldn't understand why we didn't just keep all our money in a savings account in the bank, even when we explained that our bank savings account was only giving us .03% interest."

"That was also the advice I got from basically all my coworkers when I first started work after college in 2009 regarding a 401k. I had enough sense and luck to ignore them and still contribute, but I did put less in than I could have. I don't think I would have been able to retire yet, but would have been much closer than I am now."

401K, investing, investments, retirement, savings Investing for the future looks a bit different now than it did a couple of generations ago. Photo credit: Canva

Current reality: Some people who advise against investing in the market came from the Great Depression or felt the sting of some other major downswings in the stock market during their lives. For sure, all kinds of investments are risky to varying degrees, but in the absence of pensions, if you ever want to retire, investing is pretty much the only way to do it. The stock market isn't the only way, of course, but it does have an average 10% return overall over the past century. And 401Ks aren't necessarily tied to the stock market; there are lots of safer ways to invest your retirement funds these days.

One commenter wrote of our elders' financial advice that's aged like milk, "Almost all of it. Because the world their advice is based in no longer exists." That's really the crux of it. We can look to our parents and grandparents for all kinds of wisdom born of experience, but when it comes to financial advice, best to look to the experts who have a better understanding of our current economic landscape.

the great depression; Florence Thompson; Mona Lisa of the Great Depression; Mona Lisa; the depression; depression era
Photo by Dorothea Lange via Library of Congress
The woman from the famous Great Depression photo didn't know about her fame for 40 years.

It's one of the most iconic and haunting photos of all time, up there with the likes of Hindenburg, The Falling Soldier, Burning Monk, Napalm Girl, and many others. It's called simply Migrant Mother, and it paints a better picture of the time in which it was taken than any book or interview possibly could.

Nearly everyone across the globe knows Florence Owens Thompson's face from newspapers, magazines, and history books. The young, destitute mother was the face of The Great Depression, her worried, suntanned face looking absolutely defeated as several of her children took comfort by resting on her thin frame. Thompson put a human face and emotion behind the very real struggle of the era, but she wasn't even aware of her role in helping to bring awareness to the effects of the Great Depression on families.


It turns out that Dorothea Lange, the photographer responsible for capturing the worry-stricken mother in the now-famous photo, told Thompson that the photos wouldn't be published.

Of course, they subsequently were published in the San Francisco News. At the time the photo was taken, Thompson was supposedly only taking respite at the migrant campsite with her seven children after the family car broke down near the campsite. The photo was taken in March 1936 in Nipomo, California when Lange was concluding a month's long photography excursion documenting migrant farm labor.

the great depression; Florence Thompson; Mona Lisa of the Great Depression; Mona Lisa; the depression; depression era Worried mother and children during the Great Depression era. Photo by Dorthea Lange via Library of Congress

"Migrant worker" was a term that meant something quite different than it does today. It was primarily used in the 30s to describe poverty-stricken Americans who moved from town to town harvesting the crops for farmers.

The pay was abysmal and not enough to sustain a family, but harvesting was what Thompson knew as she was born and raised in "Indian Territory," (now Oklahoma) on a farm. Her father was Choctaw and her mother was white. After the death of her husband, Thompson supported her children the best way she knew how: working long hours in the field.

"I'd hit that cotton field before daylight and stay out there until it got so dark I couldn't see," Thompson told NBC in 1979 a few years before her death.

the great depression; Florence Thompson; Mona Lisa of the Great Depression; Mona Lisa; the depression; depression era A mother reflects with her children during the Great Depression. Photo by Dorthea Lange via Library of Congress

When talking about meeting Thompson, Lange wrote in her article titled "The Assignment I'll Never Forget: Migrant Mother," which appeared in Popular Photography, Feb. 1960, "I saw and approached the hungry and desperate mother, as if drawn by a magnet. I do not remember how I explained my presence or my camera to her, but I do remember she asked me no questions. I made five exposures, working closer and closer from the same direction. I did not ask her name or her history. She told me her age, that she was thirty-two. She said that they had been living on frozen vegetables from the surrounding fields, and birds that the children killed."

Lange goes on to surmise that Thompson cooperated because on some level she knew the photos would help, though from Thompson's account she had no idea the photos would make it to print. Without her knowledge, Thompson became known as "The Dustbowl Mona Lisa," which didn't translate into money in the poor family's pocket.

In fact, according to a history buff who goes by @baewatch86 on TikTok, Thompson didn't find out she was famous until 40 years later after a journalist tracked her down in 1978 to ask how she felt about being a famous face of the depression.

@baewatch86

Florence Thompson, American Motherhood. #fyppppppppppppppppppppppp #historytok #americanhistory #migrantmother #thegreatdepression #dorthealange #womenshistory

It turns out Thompson wished her photo had never been taken since she never received any funds for her likeness being used. Baewatch explains, "because Dorothea Lange's work was funded by the federal government this photo was considered public domain and therefore Mrs. Florence and her family are not entitled to the royalties."

While the photo didn't provide direct financial compensation for Thompson, the "virality" of it helped to feed migrant farm workers. "When these photos were published, it immediately caught people's attention. The federal government sent food and other resources to those migrant camps to help the people that were there that were starving, they needed resources and this is the catalyst. This photo was the catalyst to the government intercepting and providing aid to people," Baewatch shares.

- YouTube www.youtube.com

As for Lange, Migrant Mother was not her only influential photograph of the Great Depression. She captured many moving images of farmers who had been devastated by the Dust Bowl and were forced into a migrant lifestyle.

"Broke, baby sick, and car trouble!" is just one of her many incredible photos from the same year, 1937.

She also did tremendous work covering Japanese internment in the 1940s, and was eventually inducted into the International Photography Hall of Fame and Museum and the National Women's Hall of Fame.

the great depression; Florence Thompson; Mona Lisa of the Great Depression; Mona Lisa; the depression; depression era Families on the move suffered enormous hardships during The Great Depression.Photo by Dorthea Lange via Library of Congress

Thompson did find some semblance of financial comfort later in life when she married a man named George Thompson, who would be her third husband. In total, she had 10 children. When Thompson's health declined with age, people rallied around to help pay her medical bills citing the importance of the 1936 photo in their own lives. The "Migrant Mother" passed away in 1983, just over a week after her 80th birthday. She was buried in California.

"Florence Leona Thompson, Migrant Mother. A legend of the strength of American motherhood," her gravestone reads.

Pop Culture

Communication expert shares 3 simple 'power moves' to not take criticism personally

“If I hear something that’s offensive, I’ll be like ‘okay, that’s trash.’ In my mind, I grab it with my right hand…and throw it.”

jefferson fisher, conversation, conversation tips, communications expert, podcast, jefferson fisher podcast, winning an argument

Standing your ground in a peaceful way is possible.

Even the most skilled small talkers among us might struggle when receiving negative feedback that feels like a personal attack. The temptation to fight back or stonewall is understandably strong. Our darker emotions become ignited, which sets off rejection stories in our mind before any clear thinking can take place.

The result: we dish out the same energy we’re given. Or, we shut down completely. Either way, we don’t get a lot accomplished.


But personal injury attorney and communications expert Jefferson Fisher, who shares all kinds of simple conversation tips, argues that keeping your cool in these heated moments all comes down to three “power moves.”

During a clip of his Jefferson Fisher podcast, the conversation guru first offered up a handy visualization: during moments of facing criticism, he imagines a giant trash can next to him, which collects all the negative feedback. He then “sifts” through the words, separating any snark as “trash” to get to what’s actually worth responding to.

“If I hear something that’s offensive, I’ll be like ‘okay, that’s trash.’ In my mind, I grab it with my right hand…and throw it.”

That concept alone might be enough to avoid getting your feathers ruffled in many sticky situations. But below are the three easy strategies that can go a little further when someone is being offensive.

Power Move #1: Silence

Not saying anything after getting a snarky comment gives the other person the chance to take in their word choice, which Fisher argues often prompts them to apologize on their own.

“You’ve just exposed instead of covering it up…If you just let that silence sit there, oftentimes they go ‘sorry I shouldn’t have said that.’”

Power Move # 2: Acknowledge that the feedback could be true, rather than that it is

In these instances, Fisher encourages saying “Maybe you’re right,” which embraces humility without being a doormat.

Power Move #3: Holding off on the timing

In other words, this means not responding when you are angry and triggered.

To initiate a later time, Fisher suggests saying something like, “Let’s have this out…I don’t really have my thoughts together on that. Why don’t we talk about that at noon tomorrow?”

- YouTube www.youtube.com

Fisher added the caveat that context about who this person is in your life will determine which of these steps you might take. Overall, the main goal stays the same: asserting your value while steering the conversation towards what’s actually productive to discuss. No fighting back required.

You can find more cool tips just like this one on Fisher’s YouTube, Instagram, and TikTok.

Pop Culture

In an iconic 1975 clip, a teenage Michael Jackson stuns Cher during hypnotic robot dance duet

The clip marks a turning point in Michael Jackson's iconic public persona.

jacksons, michael jackson, robot dance, Cher, 1970s TV

Cher and The Jackson 5 doing the robot dance.

One of the most distinctive aspects of Michael Jackson's mega-stardom was that he grew up almost entirely in the public eye. He began performing with his brothers at age five and remained a significant figure in American pop culture until he died in 2009.

He burst onto the scene as a child with an incredibly soulful voice. He became an electrifying performer as a teen before rocketing to superstardom at 20 with the release of his first solo album, 1979's Off the Wall. One of the pivotal moments when the public witnessed this transformation came in 1975, when 16-year-old Michael performed with his brothers, The Jackson 5, on The Cher Show.


The Jackson 5 and Cher performed a medley of the band's biggest hits, including "I Want You Back," "I'll Be There," and "Never Can Say Goodbye." But the most memorable moment came when Michael and his brothers broke into the robot dance during "Dancing Machine," and Cher did her best to keep up.

The Jackson 5 and Cher do the robot dance

It's fun watching Cher try to fall in line with the Jacksons, while Michael absolutely kills it, gyrating like an animatronic on hyperdrive during his solo.

- YouTube www.youtube.com

The Jackson 5 may have helped bring the robot dance into the public consciousness by incorporating it into performances of their 1973 hit "Dancing Machine." But it traces back to mechanical "mannequin" dances from the early days of film. In the 1960s, Robin Shields, a popular mime, performed as a robot on late-night talk shows. By the 1970s, dancers had set those moves to music on shows such as Soul Train.

- YouTube www.youtube.com

In a 2003 interview, Cher said she had to learn the moves on the fly from the Jacksons.

"Think of how hard it was for me to learn to do that, and the guys just knew how to do it. I've been working all day, and they just came on and said, 'Okay, sure, this is how you do it,'" Cher recalled. "I had a lot of fun on that show. It was a lot of work, but I had a lot of fun. You know, and I got to work with some great people."

What's also notable about the performance is that Michael's voice had changed, and he sang in a deeper register than he had as a child a few years earlier.

Things changed for Cher and the Jacksons in 1976

By the following year, things had changed for both The Jackson 5 and Cher. Cher reunited with her ex-husband, Sonny Bono, for The Sonny and Cher Show, which ran until 1977. In 1976, The Jackson 5 left Motown Records for Epic Records and changed their name to The Jacksons. Jermaine Jackson temporarily left the group to pursue a solo career, and he was replaced by his brother, Randy.

Here's The Jackson 5's complete performance on The Cher Show from March 16, 1975:

- YouTube www.youtube.com

Joy

The two ways people who may not be naturally funny can show they have a great sense of humor

A great sense of humor is one of the most likable traits a person can have.

man luaghing, woman laughing, laughing on date, wine, happy couple

A man and woman laughing on a date.

A sense of humor is often ranked among the most desirable traits in a romantic partner, with women rating it higher than men. Studies show that, in heterosexual relationships, the more times a man tries to be funny and the more a woman laughs, the greater the chance that the woman is interested. If a couple laughs together, the greater the chance of true love.

Why is a sense of humor so attractive? It makes people more enjoyable to be around, helps people bond, and makes awkward or even painful moments more bearable. On a deeper level, humor is a great way to determine whether someone is a creative thinker with a novel approach to solving problems.


But what about people who aren't comfortable cracking jokes and don’t have their brains constantly tuned to the “be witty” channel? Vanessa Van Edwards, a communications expert and author of Captivate: The Science of Succeeding with People, says there are two ways to show they still have a great sense of humor.

@vvanedwards

Is Humor More Attractive Than Looks? | @The Diary Of A CEO

Van Edwards shared her thoughts on an episode of the Diary of a CEO podcast. During the podcast, she noted that there are two roles people can play in a conversation: a driver and a passenger. The driver is the person steering the conversation, while the passenger is along for the ride.

How do people who aren’t great at cracking jokes show they have a sense of humor?

1. Be a great laugher

"So, you are going to be the best passenger ever. You're going to laugh at the joke. You're going to bang on the table. I love table bangers. You know, I have people in my life who are not very funny, but they love to bang on the table when I tell a funny joke, and that makes me feel so good. They don't need to be funny. I'm happy to try. Right? So, if you're not funny, just be very good at hyping up other funny people."


2. Be a great curator of humor

"You also could be a curator of funny. You find the best funny gifts. You find the best funny clips. You share the best funny posts. Like, you don't have to be funny to be a curator of funny. Like, I have a friend who's not that funny, but he has the best clips and memes that he sends me. And so I think of him as funny even though he's never told a joke."

Watch the entire segment here.

- YouTube www.youtube.com

Van Edwards added that if people genuinely want to improve their sense of humor, they can take an improv class to learn how to be funny in the moment. “A lot of humor is just trying things and seeing if they land. So if you're not funny and you want to be and like something good to work on, take an improv class and work on being funny on stage.”

Van Edwards' advice is excellent for those who thought they would never be seen as funny. Her words are a great reminder that even though many great communicators seem to have talent that comes naturally, it's a skill set, and like anything else, there are always ways to learn and improve.

Animals & Wildlife

Fascinating 'Dark-fly' experiment has finally allowed scientists to measure evolution in real time

The long-running experiment has tracked changes in over 1,500 generations of fruit flies since 1954.

science, scientists, evolution, adaptation, mutation, genes, DNA, fruit flies, humans, health, futurology

An experiment running since 1954 has taught scientists valuable information about how evolution really works.

Evolution usually occurs so slowly that it's imperceptible to the naked eye. Simple adaptations can take thousands of years to take hold, far too long for any of us to notice. But just because it's slow doesn't mean it's not happening. Humans, for example, aren't growing wings or gills (as far as any of us can tell), but we are evolving "faster than ever before," mostly in subtle ways such as food tolerance, disease resistance, and brain size.

One fascinating project that was started decades ago has allowed scientists to track and measure evolutionary changes in real time by speed-running evolutionary adaption in a heavily controlled lab setting.


In 1954, Japanese ecologist Syuiti Mori launched what would become one of the longest-running active experiments in the world. He enclosed a colony of fruit flies in glass bottles, covered them with cloth, and placed them in complete darkness.

They would remain there for the next 72 years and counting.


science, scientists, evolution, adaptation, mutation, genes, DNA, fruit flies, humans, health, futurology Dark flies and wild fruit flies look almost identical, but have significant genetic differences. Photo by Luke Peterson on Unsplash

Fruit flies are often used in this type of research because they reproduce incredibly quickly. Eggs typically hatch into maggots within a day or two. Within two weeks, they mature into sexually active adults that begin mating and laying eggs. New generations can cycle rapidly, which makes fruit flies the perfect candidate for tracking genetic changes over time.

Perhaps more surprisingly, fruit flies actually share quite a bit of DNA with humans. Researcher Stephanie Mohr tells Harvard Health that fruit fly genes are about 60% similar to human genes, with even greater overlap in disease-related markers. That makes them a surprisingly effective model for studying human genetics at a simplified level.

Mori's flies bred in complete darkness, rapidly producing generations that had never seen the light of day. Today, the experiment continues under successive generations of leading researchers, during which the colony has produced more than 1,500 generations.

Researchers access, feed, and study the flies using a weak red light that the flies cannot detect. For decades, they've been able to perfectly control the conditions from generation to generation. The Genetics Society of America writes: "The stock of flies has now spent more than 1,500 generations without light. In human terms, that would be like sequestering generations of our ancestors in the dark for 30,000 years."

Adaptation is slow, but that is more than enough time to measure changes, if any occur.


science, scientists, evolution, adaptation, mutation, genes, DNA, fruit flies, humans, health, futurology The project has been passed down from researcher to researcher for 70 years. Photo by CDC on Unsplash

The research team quickly discovered that after several generations, the new variety they had created, fittingly called "Dark-fly," performed better in darkness than wild flies.

The two subspecies look nearly identical, but the Dark-fly has longer head bristles used for sensory perception, a stronger sense of smell, and a tendency to lay more eggs in dark conditions.

Researchers even created mixed colonies of wild flies and dark flies, allowing them to interbreed in darkness, and found that Dark-fly DNA was more likely to be passed on to future generations.

In 2012, the full genome of the Dark-fly was sequenced by Naoyuki Fuse, who had taken over the project a few years earlier.

According to Bioedonline.org, "Fuse and his colleagues sequenced the dark-fly genome, identifying 220,000 single-letter differences in its DNA and several thousand larger DNA insertions or deletions, compared with a normal fruit-fly strain."

The team was able to pinpoint which genes changed over time and how, offering rare insight into how evolution works.

Scientists are quick to note that living in darkness does not directly cause changes in the flies' DNA. Instead, natural selection favors mutations and traits that help the flies thrive, making them more likely to be passed on to future generations. Some differences may simply be due to random chance, or genetic drift.


- YouTube www.youtube.com

Adaptations in extreme environments have been observed before. Some insects, including bedbugs, are becoming resistant to pesticides. The Mexican tetra, also known as the blind cave fish, has lost functional eyesight after generations of living in pitch-black caves. And a number of animals have adapted to rapidly warming climates.

But recording and measuring these changes in a controlled laboratory environment is extremely rare. Outside the Dark-fly experiment, other long-running studies have tracked colonies of E. coli and yeast under various conditions. But there's something incredibly exciting about observing a living, breathing species as it rapidly adapts to thrive in unnatural conditions.

One day, studies like this one could help scientists rewire human brains and genetics to protect against disease, among other amazing applications.