With Father’s Day approaching, it’s a good time to reflect on the money lessons you’ve learned from your dad. What have you learned from your father that has helped your financial life?
I’m a writer at The Penny Hoarder and will be compiling people’s responses for an upcoming story. If you respond, we’d also love to see photos of you along with your dad! Feel free to email me directly at nicole@thepennyhoarder.com.
Thank you! And happy early Father’s Day to all the dads out there!
While I am much closer to my father these days (he’s 72 now), it’s more like what I didn’t learn from him. My father was an expert on scamming the system. He has claimed extra people on his taxes, committed insurance fraud on both cars (drove his car off a cliff and reported it stolen), home (had someone break in and steal stuff and collected the insurance) and fire (allegedly burned down his own house, not proven, but we’re all pretty sure he did). He is on disability and has a limit to what he can earn on his job, so he found employers that would pay him under the table. I honestly could name quite a few other things, but you get the idea. So, I guess I thank my dad for showing me how I definitely do not want to be.
My Dad did the grocery shopping in our home and most of the cooking. My mother did the financial stuff. What I learned from my wonderful Dad was to shop at multiple stores and to know which stores to go to for what. I carry on his tradition. He would be amazed by Aldi’s if he were still alive. Oh yes, and to always enjoy a good cup of coffee.
I’ll have to look for a picture of me and my Dad to send you, Nicole.
Always save money, and put something away for a rainy day. Be frugal. Life and health insurance are important. A paid off mortgage is best. Prepayment of funeral costs helps the family cope. Live a debt free life!
Unfortunately, money was a taboo subject in our home. It was a big secret as to how much my father earned and how much the expenses were. We always had enough and I can honestly say I never went without but I had no idea about saving. My parents were frugal - when my sister and I got our drivers’ licenses, we had 1 car and 4 drivers. We had to ask permission to use the car and had to have a specific place to go. My parents owned their home and my mom took care of paying the mortgage, etc., I think.
None. My parents were irresponsible with money. The money lessons I learned were from Dave Ramsey.
Dave Ramsey is not a bad resource to learn about managing money, @annieb. He’s entertaining as well. I just listened to his Total Money Makeover audio a couple of weeks ago.
My dad was an excellent saver, and also learned to do a lot of things himself so he didn’t have to hire help. He even learned how to do carpentry and made chest beds for my twin brothers, and a chest of drawers for me. I have learned to keep my credit rating high, by diligently paying off any debt, and using credit wisely.
My dad was old school European. (Owning land is important.) He grew up with his mom handling the paycheck and household and so when he married, let Mom handle everything. Mom spent it when they had it, and didn’t spend when they didn’t. There was never any savings. Two things Dad demanded though. That at the first opportunity they would purchase a home instead of rent, and he would take out a life insurance policy. They paid off the mortgage, and when Dad passed, Mom was able to sell it for 16x more they paid into it. Even though they had taken loans against the insurance policy from time to time, there was still money left in it. These things eventually helped cover my Mom’s living expenses until her death. She would never have been able to live as well as she did without them. From him I learned to think ahead and focus on the long term impact of financial decisions.
My dad taught me to save no matter what from each paycheck, even if it was $5, but to get into the habit of savings. He showed me that discretionary spending is only after making sure all bills are covered and savings are deposited. And that living simply is best with a paid-off house and car. Sadly, due to some bad mismanagement of his retirement funds, he and my mom only live on Social Security. But even with that, the house and car are paid off and they have no credit card debt. They have Medicare, and they cook and eat at home often, but still have money to once in a while grab some takeout or treat themselves to a little something every now and then.
Always have a nest egg!
Invest in yourself with knowledge to keep earning more money and save your money properly.
I loved reading what everyone learned about finances from their fathers – even what you learned not to do. My parents didn’t talk much about money with my siblings and I growing up, but my dad was a real bargain hunter, so I learned those thrifty ways by example.
As for the article, I ended up going with a different angle for my Father’s Day story. If you want to read about ways to celebrate Father’s Day this year without spending a bunch of money, check out this piece!
My pops told me to max out my 401k every year no matter what. I’m glad I listened to him as my account has ballooned over time. Thanks Dad!!!
My dad came from a very wealthy family. But he lived frugally and had a regular 9 to 5 job with an average salary. He’s the type that would wear the same clothes until they had holes in them, lol. He had no interest in shopping. He would only spend money on things he needed like medication, insurance, gas, and food. He also had little knowledge in finances so he worked together with my mom, who’s the money wiz in our family. She invested his money wisely and helped manage his family’s properties. My father is now retired and a millionaire 
