What's the best financial advice your father ever gave you? In honor of Father's Day, Bankrate asked readers for their dads' best money tips. We got some great advice.
When I was a teenager working my first after-school job and received my first raise, I was elated and proud of myself. I couldn't wait to go home and tell my parents, knowing they would be proud of me. I'll never forget telling them. My father calmly sat there and said, "That's great. Now live like you never got it." I was befuddled. I asked what he meant, and he said that a lot of people get raises and then live like they got a much bigger raise than they did.
He said they buy bigger houses, get a more expensive car, go on vacation, and before they know it, they've spent more than they actually earned and can afford. He said to always live like I never got the raise. Just stash it away. It was good, solid advice, and in today's economy, I think we all could apply it. ... That is if anyone is lucky enough these days to actually get a raise.
However, even if we don't have a raise looming in our future, if we went back to living like we did before our last raises (or when we were first starting out) we just might be able to weather this economical storm a little better.
Thanks, Dad, for the sound advice!
Dad always said, "Count your pennies and your dollars will take care of themselves."
-- Brian G.
"Don't pay someone to do a job for you if you have the skill to do it yourself."
-- Jimmy K.
"Save a little, spend a little; you'll always have a little."
-- Mike D.
"Credit cards are the devil!"
-- Kelly F.
"Cash is king!"
The best financial advice my father ever gave me was to save more and live with less instead of competing with the Joneses. He showed me that looks can be deceiving: Those who live like they are rich aren't always. He advised my siblings and me to commit to the items we purchase (car, house, etc.) instead of constantly upgrading for the newest and latest.
-- Sally L.
"Keep life simple and live within your means, enjoying the benefits of it."
-- Dinesh V.
-- Cathy B.
My dad taught me at the age of about 11 that if you paid additional principal payments within your mortgage you will save the interest payment(s) associated with that payment. A good way to save money.
-- Paul C.
"For every dollar in the stock market, have a dollar in the bank."
"Live below your means; don't live above your means."
-- Gina S.
"Lis, figure out how to make money 24 hours a day."
-- Lisa W.
My father's advice for money was simple. "Know what you have, and be careful how you spend it," Daddy would say. He was so right. I never really listened until he passed away. I knew my bailout bank had died. It was time for me to grow up and listen to him. I did, and I use his advice daily.
-- Jennie H.
"If you can't get in to it, get out of it.
If you can't get out of it, get in to it."
-- Andrew O.
Best advice my father ever gave me was: "If you have money to invest, then invest it in open land. Price always goes up, buildings can be added or deleted from the land, but for the price of yearly taxes you'll have an investment that will always be more valuable than what you paid for it!!"
-- Mary H.
"10 percent to God, 10 percent to savings and the rest you live on."
-- Anita F.
"Son, don't pay interest, earn it!"
-- Paul G.
I will always remember it, "Don't buy what you can't pay for in full."
"Don't sneer at THRIFT, buddy!"
-- Maria M.
"It's not how much you make; it's what you do with what you make."
-- Lance L.
"Don't put 'good' money after 'bad.'" Now that I am older, I totally understand what he was saying.
-- Joyce G.
"You've got to spend less than you make!"
-- Linda B.
The best financial advice my father ever gave me is: Be austere and save money, and when you use it to buy something, don't waste it in things that depreciate, like cars; use it for something that gains value, like a house. When you start making money out of your investments is when you are ready to buy things you don't need (because your tenants will be paying for it, not you). Thanks to that advice I have what I have now and live a wonderful life.