Money-Saving Tips: Conventional Wisdom You Should Ignore 03/08/2013 11:03 am ET | Updated Mar 10, 2015 By Amy Shearn What used to be bedrock money advice for your parents' generation might not be the best strategy in the 21st century. Here's how to keep pace with the brave new post–piggy bank world. Money Lessons You Don't Need To Follow Money Lessons You Don't Need To Follow 1 of 6 Old Lesson: Pay Off Your Mortgage ASAP Here's what I've been taught about money: It's not good to be in debt, and therefore it is good to pay off debts as quickly as possible, including a mortgage. Turns out, this conventional wisdom is a holdover from a different time. Carmen Wong Ulrich, the president and co-founder of ALTA Wealth Management, told me: "People think that it's a good idea to pre-pay a mortgage and/or pay a mortgage off ASAP." What's wrong with that? "This advice comes from a previous couple of generations who had horrible interest rates on their mortgages," says Ulrich. "In the 1980s, the average mortgage interest rate was in the teens. Imagine: My dad, who had great credit, was paying 17 percent on his mortgage. That's expensive. Today, mortgage rates are at incredible lows -- you should be in no rush." Share this slide: Thinkstock Keep in touch! Check out HuffPost OWN on Facebook and Twitter. Related on HuffPost: Coupon Tips Coupon Tips 1 of 12 Don't Buy In Bulk Don't buy items in bulk. It's not cheaper! That's a myth. Share this slide: kamcityblog.com More: Career & Money OWN Empower Yourself Savings OWN Simplify Your Life Money Saving Tips FOLLOW HUFFPOST facebook twitter Suggest a correction GET THE NEWSLETTER Enter your email address to get top stories and blog posts emailed to you each day. CONVERSATIONS FOLLOW HUFFPOST HuffPost HuffPost HuffingtonPost Available on the App Store Android App on Google Play Get it at Blackberry App World HUFFPOST NEWSLETTERS Enter your email address to get top stories and blog posts emailed to you each day. Get top stories and blog posts emailed to me each day. Newsletters may offer personalized content or advertisements. Learn More.