As a father I always strive to give my children sound advice, which often stems from advice my father gave me. Some of my father’s advice included to take care of your financial “golden goose,” whether it is your job, or, in my case, my company. He also stressed to always have an open mind to opportunities and to do good due diligence before making an investment.
In celebration of Father’s Day coming up this Sunday, I asked other members of the Legacy team to share some of the financial advice their fathers have given them over the years. Read on below to see what they have to share, and we wish every father a very happy Father’s Day!
“My father always stressed that being rich didn’t mean making a lot of money, but just meant spending less than you make. When I was ten, in exchange for an allowance, he made me sign a contract that outlined the chores for which I was responsible and included a clause to save 20% of my weekly earnings. While I thought a contract was a little extreme at the time, I now appreciate that he taught me at an early age to save.” –Marguerite
“My depression era dad was a saver. A few of his sayings included ‘always put something away for a rainy day’ and to ‘remember that when you borrow money you are borrowing from your future earnings.’ He emphasized to make sure that the reason for borrowing money was truly worth using your earnings one year or five years in the future to still pay for what the loan provided. In addition, he taught me that part of my responsibility is to help others in their times of need and that one should make a lifelong practice of spending some of their resources giving it others rather than consuming it all oneself. “-Brenda
“I learned from my dad the old adage of ‘a penny saved is a penny earned.’ It’s an oldie, but a goodie, and TRUE. When I was a senior in college I asked my parents if I could get a credit card to ‘build my credit’ when I graduated. Yeah right! I wanted to buy a slick interview suit and go out with my friends. They had to co-sign for the card (certainly not the case today), and he kindly said to me ‘you can’t spend money you don’t have,’ which was certainly a good lesson in using and paying off credit cards. He wanted us to work hard and save our money, but also enjoy and reward ourselves for working hard, teaching me there is nothing wrong with treating yourself to something special if you feel like you deserve it.”