What my Dad taught me about money
Just in time for Father’s Day, I wanted to share the top 5 money things I leaned from my Dad
For those who know me, you know that I am very close with my parents - they have taught me everything I know. My Dad taught me how to ride a bike, drive a car, how to use power tools, change a tire and taught me about how to save and invest money.
In honor of Father’s Day (don’t forget it is Sunday June 16th) I wanted to share the top 5 things that my Dad has taught me about money.
1- If you currently don’t have the money to buy something, you can’t afford it
There is not a day that goes by that my Dad does not tell me to save my money. He taught me that if I did not have the money to buy things that we want (ie: non essentials) then we could not afford it. So if I did not have the funds in my account to pay for a new pair of jeans or a new pair of shes, he would always tell me to wait until I had the money before purchasing the items.
2- Work hard for your money AND make sure your money works hard for you
My Dad made it very clear that I needed to obtain a university education and that whatever I chose to do that I needed to show up early, give it my all, and at the end of the day save 20%-30% money that I made. When I asked what to do with these savings, he shared with me the joy of compound interest and I remember how amazed I was of how money can actually make money.
3- Have multiple streams of revenue
My Dad is a huge believer in working hard at your job and BUT he is also adamant about having multiple streams of income. These streams can be real estate (owning rental properties), a stock portfolio, investments in non registered investment funds, etc…
4- If you pay with a credit card, pay off the balance every month
From a young age, my Dad drilled into my head the notion that credit cards are only for convenience and that the balance needs to be paid off every month, and to never only make a minimum payment. Thus, I pay my credit card bill 2 days before the due date and always round up the payment to the next dollar. Once, a few years ago I was late on a payment, my dad instructed me to call MasterCard company and tell them about my error and asked for a one time interest reversal. MasterCard reviewed my account and saw that I paid my bill on time every month and when I told them that I missed a payment due to being on a business trip, they removed the interest charge!
5- Be sure to enjoy your money along the way
Even though my Dad is a big believer in saving, he also believes in enjoying the fruits of your labor. He taught me about allocating money on a monthly basis for fun ie: experiences with family and friends, weekend getaways, self care items, etc…
What has your dad taught you about money? Share your thoughts below.