Shout out to the money-minded dads with wise advice.
Fathers wear many hats—chauffeur, mentor, protector, provider. And on many occasions, they play the role of financial advisor, too.
My father was always trying to instill money management principles into me and my brother. Now whether we took that advice was totally up to us. I realize now that following my father’s advice would have saved me from some financial pitfalls. But hindsight is 20/20, and sometimes it takes falling on your face a few times to learn about life and about money.
In the spirit of Father’s Day, I’ll be sharing some of the best financial advice that I’ve received from my father:
“What matters is not how much you earn, but how much of it you SAVE.”
The principle behind this wisdom was that if you cannot manage the money you currently earn and save from that regardless of how much you earn, it will never be enough because you have not learnt how to manage your money.
“If you cannot afford it – don’t buy it”
Always live within your means, my dad is strongly against us using credit cards and getting into debt. Make sure that when you purchase a vehicle you have a down payment for it and can pay it off in the quickest time possible OR pay cash. NEVER purchase a home without having a down payment of at least 50%.
“Cents is what makes Rands”
I learnt to review my bank statements monthly, draw up a budget from here and account for all of my costs because every cent, does count.
“Make your money work for you”
Open up capital/profit generating savings accounts. That way, your money is appreciating in value.
“If its too good to be true, it usually is, too good to be true”
Always read the fine print. Do your own research. Ask questions. Before you sign on those dotted lines.
“Live simply, enjoy fun for free and value experiences over possessions”
If you can live simply, you will always have enough money. You will be in a state of gratitude for everything that you have. Material items won’t impress you. When there’s a certain level of contentment and gratitude in your heart for what you have and who you have, that’s when you have learnt the most important Money lesson of all.
This Father’s Day, take stock of the financial know-how your Dad gave you and let him know how much he means to you in so many ways!
I’d love to hear some of the financial advice your father gave you. Let me know in the comments section below