Much of the money advice many people were given growing up doesn’t really work anymore. Buying a home in your 20s and marrying rich might’ve made sense back then, but times have changed.
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Gen Z finance creator Taylor Price is helping people rethink the old-school money mindset. In one of her recent TikToks, she broke down 11 traditional money rules and replaced them with more realistic strategies for building wealth.
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Old Rule: Don’t Spend More Than You Earn
Price’s new rule: Don’t let your lifestyle inflate with your income.
Living within your means is important, but you should also be aware of lifestyle creep. That’s when your expenses rise every time your paycheck does. Instead of upgrading your car, apartment or wardrobe every time you get a raise, keep your core expenses the same and funnel the extra money toward investing or saving.
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Old Rule: Save 10% of Your Income
Price’s new rule: Invest at least 20% of what you earn no matter what.
Saving won’t get you far if your money is just sitting in a low-interest savings account. Price’s advice is to invest at least 20% of your income into something that grows. The average savings account rate is 0.38% as of August 7, 2025, per CNBC, while the stock market has seen an average return of about 10% annually, per Experian.
Old Rule: Stick to a Budget
Price’s new rule: Build a spending plan that supports your goals.
Budgets can feel pretty restrictive, whereas a spending plan can feel more empowering and teach you to be intentional with your money. With a spending plan, you can allocate money toward things that actually matter to you, like travel, investing or building a business, while still covering your essentials.
Old Rule: Avoid Credit Cards
Price’s new rule: Utilize credit cards in a responsible way.
Credit cards can be beneficial if you actually know how to use them. If you use them correctly, they can help you build credit and earn rewards. Just make sure to pay off your balance in full every month and never spend more than what you can afford.
To use credit cards responsibly, Capital One recommended understanding your card’s terms, monitoring credit limits and reviewing monthly statements.
Old Rule: Buy a Home ASAP
Price’s new rule: Buy a home only when it adds freedom, not stress.
Owning a home used to be the American dream, but it may not make financial sense for everyone. Don’t feel pressured to buy if it’s going to leave you house poor or lock you into a place you don’t love.
And how do you know if you’re ready to buy a home? Zillow explained that some signs you may be ready include having a stable source of income, good credit and a down payment ready.
Old Rule: Cash Is King
Price’s new rule: Use liquidity as leverage.
Liquidity is the ability to convert an asset to cash. When you have liquidity, it means you have access to cash or assets you can easily tap into. This could be money in a high-yield savings account, stocks you can sell, or a brokerage account with exchange-traded funds (ETFs) or mutual funds.
Old Rule: Shrink To Fit Your Budget
Price’s new rule: Design a life that pays you back.
Instead of penny-pinching, think about how you can build a life that funds itself so you don’t have to keep shrinking your lifestyle to fit your budget. That could mean starting a business, buying an income-producing asset or creating a digital product. The point is to stop thinking only in terms of cutting costs and start thinking about generating income.
Old Rule: Marry Someone With Money
Price’s new rule: Don’t wait for a financial savior.
This mindset puts your future in someone else’s hands. Instead, focus on becoming financially independent and powerful on your own terms. Even if you’re married, you’ll want to have a solid financial foundation so you can always support yourself if things go south.
Old Rule: Pay Off All Debt Before Investing
Price’s new rule: Learn the difference between debt that’s toxic and debt that’s strategic.
Not all debt needs to be paid off right away. Credit card debt with high interest is definitely a burden and should be tackled as soon as possible. But other types of debt, like student loans or a mortgage with low interest, don’t always need to be the top priority. If you can invest and earn a return that’s more than you’re paying in interest, that money might be better used elsewhere.
Old Rule: Keep Money Conversations Private
Price’s new rule: Talk about money.
Being open about things like income, debt, saving and investing creates space to learn, grow and feel more in control. The more we normalize these conversations, the easier it becomes to make confident choices and build real wealth. In fact, as reported by Medium, the odds are better that you’ll be more successful with your finances if you get comfortable talking about money.
Old Rule: Retire at 65
Price’s new rule: Create your own version of financial freedom.
Retirement doesn’t have to mean waiting until you’re 65 to finally enjoy life. Work toward financial independence so you can choose how and when you want to work. That might mean working fewer hours, finding a part-time job doing something you actually enjoy or not having to work at all.
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This article originally appeared on GOBankingRates.com: 11 Money Rules To Unlearn and Upgrade To Grow Your Wealth, According to a Gen Z Money Expert
