I want to find the common tangent to $y^2=4x$ and $x^2=32y$
The equation for a tangent of slope m for each, respectively is: $y=mx+\frac {1}{m}$ and $x=my+\frac{8}{m}$. Since these both represent the same line, I compared the equations but that's giving me a contradictory result. What did I do wrong?

The latter equation $x=my+\frac 8m$ is wrong since the slope of the line $x=my+\frac 8m\iff y=\frac 1mx-\frac{8}{m^2}$ is not $m$.
Replacing $\frac 1m$ with $m$, we see that the latter should be $y=mx-8m^2$.
Comparing this with $y=mx+\frac 1m$, we get $$\frac 1m=-8m^2\implies m=-\frac 12$$