Father's Day 2010:Free Dad's Gift

Other fathers offered sound spending advice--like Diane's dad who taught her to keep away from spending sprees:
By: Johnson
 
June 21, 2010 - PRLog -- Father's Day 2010 is this Sunday, so what better time to tip our hat to Dad to thank him for the financial wisdom they instilled in us while they were growing up--lessons that they live by to this day. I asked my Savings.com cohorts to share the frugal fatherly advice that has helped them navigate money issues in their lives. Here's what they had to say:
Plenty of of my co-workers responded with the simple yet powerful axiom: "Pay yourself first." These wise words provide a solid foundation for financial stability. As Ray's dad told him,
"Before you pay any bills or go out to dinner pay yourself what ever you can & save it for later. It comes in handy to have that additional money when you get in a pinch."
Loren's dad offered more specific guidance,
"Pay yourself first. Take at least 10% of your check & put in bank immediately. Then pay bills. Otherwise... The bills will always rise to meet your income."
& Yolanda's dad agrees, telling her to make positive to contribute to savings & 401k before splurging on anything else.
Clodagh's sister also touts the benefit of savings:
"When I came in to a small bit of money recently my Dad called me up & said 'Clo, you are as useless with money as I am so get that money somewhere where you cannot spend it!' He is right & that was one of the most sage piece of money advice he is ever given me."
The other most repeated lesson was to keep away from debt. Clarice's dad always told her not to spend money BEFORE you have it as did Craig's pop who told him to never buy anything that they couldn’t pay money for (with the exception of actual estate). Alan's sister echoed this advice:
"My dad is absolutely anti-debt, so his lesson to me was that financing or leasing was unthinkable in his book, in case you can’t afford to buy it outright without interest etc. then you can’t have it! Home mortgage is the only thing I’ve ever known him to make payments on.
This is also one of my father's most important financial lessons to me--I always pay my credit card off in full & on time. Not only do I avoid debt (& the horrific revolving interest payments), but my financial responsibility is reflected in my nice credit score.
Holly's dad has a different take on credit card debt:
"My dad's a wizard with finances, but oddly, his advice is often contrary to what all the specialists say.
One of my favourite examples is that they believes people ought to keep away from paying off a credit card balance, because they says people have a debt threshold. Therefore, paying off the balance in full will lead to more spending to meet the debt threshold next month. Of work, they feels balances ought to be low, not low to stimulate a spending spree to fill up that void. & as much as they loves giving advice about credit cards, they has never carried a dime of debt on his own cards."
Other fathers offered sound spending advice--like Diane's dad who taught her to keep away from spending sprees:
"My dad taught me early on to assess before making an impulse buy. Every time I asked for the latest teen must-have, he'd remind me to ask myself if I needed it. I cannot say I have been able to resist all indulgent purchases, but it definitely reminds me to think about cost comparisons & waiting for sales."
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Source:Johnson
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