Financial lessons from our fathers

[michiganmom116]

It's Father's Day; what are some of the financial lessons you've learned from your father?

[michiganmom116]

One of the things my dad taught me is that buying on credit is not a good thing. Too bad I didn't listen better!

[MamaBear2cubs]

My father died when I was 8. I just remember how hard he worked and how much he loved his job.

[Stevensmomma]

I learned not to spend your money foolishly and saving is very important

[michiganmom116]

Quoting MamaBear2cubs:

My father died when I was 8. I just remember how hard he worked and how much he loved his job.

My dad has a great work ethic, too.  He taught me that my employer owns my time for the time they're paying me, so paid coffee breaks were really stealing time from my employer, and I was to do my best when I was on the clock.  When he retired a couple of years ago, it took 3 men to replace him, and even then they couldn't keep up with the work that he used to do.  I'm proud of my dad.

[michiganmom116]

Quoting Stevensmomma:

I learned not to spend your money foolishly and saving is very important

My dad, unknown to my mom (the one that took care of finances), saved $30 out of every paycheck for years.  Just before he retired, he took that savings and bought a new truck...and paid for it all in cash.

[michiganmom116]

My dad taught me how to be self-sufficient and frugal, yet still live a good life.  Gardening is a big part of that, along with raising our own meat animals, making wine (that made for a FUN experiment), and generally living off the land.  I helped him build a log cabin, all the way from picking the trees to cut down to laying a floor, to chinking. 

[Kelly913]

My dad was pretty secretive about most things financial.  He felt it was no one else's business how much he made.  My parent's weren't savers-at least not knowingly.

[michiganmom116]

Quoting Kelly913:

My dad was pretty secretive about most things financial.  He felt it was no one else's business how much he made.  My parent's weren't savers-at least not knowingly.

Did you learn anything good or something to NOT do from watching him?

[michiganmom116]

My dad taught me the value of owning your own home.  He managed to pay off his mortgage in 9 years and 8 months and has never had to worry about losing his home, even during long layoffs or when he was off work for lengthy times due to medical reasons.

[michiganmom116]

My dad taught me the importance of planning for retirement.  We never seemed to have money, but he made sure mom included retirement contributions in the budget.  He retired at the age of 67, which is typical age, but by their careful planning and sacrifice when younger, they don't have to worry about retirement income (except how they're going to use it.)