Financial advice parents should give

Finances and managing money are struggles that most people face. The Finra Investor Education Foundation reports that 55 percent of Americans spend more than they earn or, at best, break even. Parents should equip their kids with the financial education they need to live financially responsible lives. To be fair, many of them came into adulthood unprepared. Fiscal responsibility is a topic that could fill numerous books. Here are a few pieces of financial advice your parents should have given you:

You can’t have it all right now Kids can't expect to live in the manner to which they have grown accustomed under their parents' roofs. By the time children come along and become aware they don't see the struggles, sacrifices and delays that parents go through to reach a certain lifestyle. Young adults need to understand that they don't need to buy everything they see or want, according to the Long Beach Patch. Wait to purchase items, even ones that may seem like a necessity, such as a sofa, a headboard for the bed or a car. If you can't afford it and are getting along fine without it, you can wait until you've saved enough money, even if it would be nice or convenient to have it right now.

A new car, or small house Speaking of not setting your sights on living Mom and Dad's lifestyle—when you're starting out you may have to resign yourself to not buying a new car every year or two. New cars look great and can be a lot of fun, but new cars are expensive and can cost the same amount of money as a small house. That doesn't mean you have to settle for a junker, though. Visit the used car section on Kelley Blue Book to get an idea of what's available. Once you have a type of car and a price in mind, start putting money away each month to buy the affordable car of your dreams.

Don’t keep balances on your credit card You may have read somewhere that carrying a balance on your credit card will improve your credit score, but your parents should have told you that information isn't true. Daily Finance reports that the only thing keeping a balance on your credit card does is cost you money through accumulated interest. It's OK to keep a credit card for true emergencies, but don't reach for it every time you have an impulse to buy something you can't afford. And when you do pay for something with credit, pay off the balance with the first statement or as soon thereafter as you can.

You may have to work (temporarily) out of your field Yes, you spent two or more years going to school to get your certificate or degree, and you really know your stuff. If your parents didn't prepare you for the possibility of a lack of openings in your field, they should have. Those who don't graduate with a job offer on their plate shouldn't waste time sitting around waiting for the headhunters to find them. The Art of Manliness advises that you recognize having a terrific degree doesn't guarantee you won't have to wait tables, man a cash register or dig ditches. No job is below you, and you can do your best to wait the heck out of those tables at the local pizza joint. At least you'll be earning an income to pay your living expenses. Meanwhile, there's nothing to stop you from continuing to look for a job in your field.