Money Advice from Local Dads

From childhood through adulthood, our dads provide us with lots of fatherly advice.  Many of those lessons we tend to remember throughout our lives.  In honor of Father’s Day on Sunday, I’ve asked some friends, financial colleagues, and local business owners to share some financial tips they received from their dads.

Kathryn Cheek | Owner of Promotions By Design
Kathryn’s dad and mom raised four kids on one teacher’s salary and banked the other.
Kathryn says, “They were able to put all of us through college. He tried to instill in us to never borrow money except for a house and pay that off as soon as possible.”

Kathy Kittredge | Stifel Independent Advisors
Kathy’s father, Allan Vlerebome was also an investment advisor.
“Dad always wanted the clients to put their head on their pillows each night and know their investments were going to be there in the morning.  He would take care of the worrying for each of them.”

Matt Wideman | Executive Vice President of Fairfield Federal,
Rather than giving advice, Matt says his dad led by example.
“He was thrifty. He rarely bought himself anything frivolous and learned to fix nearly anything that broke around the house.“

Melissa Walker | Walker’s Shoe Center
Melissa’s dad, Phil Walker provided lots of advice about money and how to save it over the course of her life.
When she started driving,  he told her never to go anywhere without at least $5.00 in your wallet/car, in case something happens. The biggest thing she remembers him discussing with her was about mortgages or loans of any kind. “He recommended when you take a loan out, starting with the first payment, add  a small amount of money to the loan payment that is extra to apply to the principal.” Melissa recalls the story he told as an example was their first home mortgage. “They added $20.00 to the payment of the principal starting with the first payment. This practice cuts down on the interest charged and the time it takes to pay off the loan. It is amazing what you can save.“

Doug Krapf | Legacy Strategic Asset Management of Wells Fargo Advisors
Doug shares several tips:  “Always write down your goals. Invest in yourself, family, and friendships. Spend less than you make. Some debt is good but a lot of it is bad. Give back to your community with Time and Treasure.”

Angela Krile | Krile Communications
Angela’s dad Ray said, “Do what you love to do and the money will follow.”  Angela and her husband both listened to his advice and love the work they do in their careers to this day. They are passing this advice on to their boys, too.

A friend shared with me that when she started her first job at age 16, her dad made her put half of her paycheck in the bank and she could spend the other half.  The second piece of advice was to go to college so that she could have a career and be self-supporting without having to depend on anyone to take care of her.

My dad taught us the importance of paying your bills on time and in full each month.  Avoiding late fees and finance charges can save you a lot of money.

My husband has often told our children that you don’t have to make a lot of money to be rich, but you need to live below your means.  Spending less than you earn, building up savings for emergencies or large purchases, will build financial security.

Advice from some famous fathers emphasize many of these same principles.

Thomas Jefferson, one of our founding fathers,  said “Never spend your money before you have earned it.”– From a letter Jefferson wrote to his granddaughter outlining 12 “Canons of Conduct in Life”, 1811

Robert Kiyosaki, founder of the Rich Dad Company and author of “Rich Dad, Poor Dad” coined the popular quote, “money without financial literacy is no money.” You could make millions of dollars, but if you don’t have good money habits, you’ll quickly spend it all away. As Kiyosaki explains, “Making money and keeping money are two separate things.”

Warren Buffet, a father known for many pieces of financial wisdom, famously said “Someone is sitting in the shade today because someone planted a tree a long time ago.” This illustrates the importance of long-term investing and financial planning. Instead of looking for quick fixes or get-rich-quick ideas, be prepared to put in the time.

Our fathers not only told us these tips, but they lived them and taught us by example. Sometimes we listened and maybe sometimes we didn’t when we should have, and later learned from our mistakes.   Thanks to our dads for giving us guidance. Happy Father’s Day!

The information contained in this article is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional for your specific situation.

Filed under: Dollars & Sense, Life, News, People
Profile photo of Penny Wasem, CPA, CFP, PFS, owner of Lifetime Financial Planning Solutions in Lancaster, Ohio.

By Penny Wasem, CPA, CFP, PFS

Penny L. Wasem is the owner of Lifetime Financial Planning Solutions, LLC. A summa cum laude graduate of Ohio University, Penny earned a Bachelor of Business Administration with focus in accounting and mathematics. She serves on the board of The Fairfield Medical Center Foundation, is a member of the Investment Committee of The Fairfield County Foundation and has been active on many non-profit boards in the community. Penny lives in Lancaster with her husband Eric Hubbard and is parent to Clark and Olivia Hubbard.