"Prove all things; hold fast that which is good"
- 1 Thess 5:21
Over the years I've applied time to the study of numerous family histories. There is much to recommend them, for history is largely composed of the testimonies of eyewitnesses, and much of our personal history comes through these channels.
Family traditions also become mangled with time. People consciously or inadvertently embellish the story, and these additions can expand such that they overwhelm the essential events.
It's important to look objectively at your own family history before using it as the basis for research. Most traditions started with an essential truth. Look for elements you can prove before moving events and relationships out of the speculative category. Sometimes that proof will be very hard to obtain, but it's best never to assume something is true simply because everyone, including family, believes it.
There is a difference between recording family traditions and stories and using them as the basis for genealogical research. Use your time gathering as many stories as you can--they will be priceless in later years, but look skeptically on them when it comes to research.
Remember that your family will likely not share this enthusiasm for accuracy--worthy though it may be. People simply dislike having their treasured memories seriously questioned, let alone disproved. Proceed carefully but "prove everything."