Lessons for Life
“I believe that what we become depends on what our fathers teach us at odd moments, when they aren't trying to teach us. We are formed by little scraps of wisdom.”
—Umberto Eco, “Foucault's Pendulum”
In honor of Father’s day, we asked you to submit some of those little scraps of wisdom your dad has shared—in words or actions—over the years. Here are a few of our favorites.
What money lessons have you learned from your dad? Leave a comment below.
Start Investing Early in Your Future
“Invest in your future. When I turned 17 and got my first summer job, my dad gave me the financial section of the paper (old school, I know) and taught me to start investing 10% of my paycheck.”
“The best financial lesson my Dad taught me was to get an early start on home ownership. He used to tell me that if you're paying rent you might as well open the window and toss the money into the air. Buy a house when you’re young enough to work hard (both in the workplace and fixing up your new home). If necessary, purchase a home with a rental unit and let a tenant help pay your mortgage. I am still 14 years from retirement and own my home. Being mortgage-free is allowing me to kick up my retirement savings during the ‘home stretch’.”
Spend Less, Save More
“Don't spend more than what you know you have. Also, if you think you really want something, sleep on it and see how you feel in the morning.”
"The biggest lesson in general I learned from my dad is that no one can take away your knowledge, so you should become as smart as you can. Financially, the best lesson I learned from my dad is to save money and buy used cars outright. Because of this, I've never had to worry about a car payment or debt."
Give Yourself Some Credit
"Don't call me asking for money."
"My Dad basically taught me that your honor is tied into your credit score. A financial institution must trust you in order to lend you money, and to give you the best rates. If you 'violate' that trust, borrowing money will be much more difficult, and much more expensive the next time you need a loan."
Pay Yourself First
“Think before you buy.”
“[When] I got my first job around 14 or 15, my dad gave me advice I still follow today. He told me that regardless of what bills I have to pay and what financial obligations I have, I must always pay myself first. He said if I don't pay myself first, I'll never pay myself and I will always be stuck in the same financial situation seeing little to no growth.“
Time is Money
"Do the job right the first time. This may not seem like financial advice but it really does save you money (and time) in the long run as you are not constantly having to fix something again and again."
"Most often I heard my father tell my older siblings that education brings freedom. Now I understand what he meant because education places an individual where they can choose how they manage their time. Time today means money. Therefore wherever one spends their time [is] where their money is. He also said education will increase your wisdom because sometimes time or old age does not come with wisdom."
Life is Short. Savor it!
"No matter what you earn, SAVE. Never spend all you have: SAVE, SAVE, SAVE."
“Life is short, so do what makes you happy and joyful.”
You might also like: