Financial lessons from dear, old dad
In honor of Father’s Day, Bankrate readers share the most useful advice their dads ever gave them. Here are some of the best. Some are funny, some sad, but all of them useful — so listen to these fathers.
Tough for a reason
When I started driving, my dad provided a vehicle (not new and definitely not pretty) for me to drive. It was my responsibility to pay the insurance and gas. This was my first true expense, and it really taught me that I had to work for what I got. There was many a day when the gas tank was empty and I walked or rode my bike until payday.
Anonymous
Dad showed me the path of financial responsibility very early, at the age of 10. He showed me the importance of budgeting for my expenses (and they were many, but not big) and being able to predict when I would need an increase in my allowance. I would go to him to ask for a raise, and he would say, “Show me why.” And I did. We would not agree all the time, but he treated me with respect, for having tracked my expenses and sticking to a budget.
Anonymous
My father taught me not to make purchases based on what the people around us had. He said anyone could make payments but be in debt. Also, the best items aren’t always the most expensive items. The focus was on smart purchasing — quality — and carrying debt only when absolutely necessary. It’s hard to follow that advice at times, but it always makes sense.
Anonymous
Very funny, Dad
Don’t marry for money — just hang around rich people until you fall in love.
Leanne Wiedemann
My dad’s best tip was, “If you want to have money, don’t take responsibility for anything that eats — don’t have kids, don’t pick up stray animals, don’t get married.” Five grandsons, a husband and countless cats later, he’s claiming reverse psychology!
E.V., Ill.
Using his life as an example
Here’s the sage advice my dad always gave us: “Don’t spend money you don’t have. Period. If it’s not in your pocket, don’t spend it.”
As a German immigrant to this country in the late ’40s, my dad arrived in the U.S. with nothing but a cardboard suitcase filled with his personal belongings. He went to work and never borrowed money for anything in his life except his mortgages. He repaid two of those very early and paid cash for his present home. He’s paid cash for every car he’s ever owned (he’s on his eighth Cadillac) and only now uses credit cards (which he pays in full every month) for convenience. He’s traveled the world, retired at age 55 and invested wisely. He is now 77 and will never have to worry about money.
Sonja Boatman
Chambersburg, Pa.
My father was a child of the Depression, and a member of the Marine Corps in World War II. He was a painter and paper hanger by trade who always made sure that the four kids he and my mother were raising always had what we needed. Even when work was scarce in the construction trades, I never knew that my folks might be struggling to make ends meet — which in a sense may be the greatest financial gift that he gave me. Keep things on an even keel and never get too high in the good times or too low in the bad times.
He told me to make sure you can afford to undertake a new debt before undertaking the obligation. If a car was going to be purchased, he made sure that he and my mother could afford the new payment. If not, then they didn’t make the purchase. I guess that’s pretty simple advice in any day and age.
John Hamilton
Chadds Ford, Pa.