Father's Day is right around the corner so it only made sense to talk about the impact father's have had in their children's lives, specifically in how they have learned to manage money. Now, fact, we learn a great deal from our parents and those closet to us, some good, some practical and some not so much. When it comes to finances, dad is often the key character most young adults have paid the closest attention to. Why? Because father's are the central providers of a family and carrying on that kind of ability really does mean something for today's young adults.
We do feel it only fair to say many money lessons most of us have learned have stemmed from both mom and dad's blunders and successes, right? Yes that is probably a fair analogy--but with Father's Day approaching, it's just nice to point to dear Dad to give him some rightful praise. Now, the majority of Canadian parents are more than aware that financial education is sorely lacking in the educational system, which is why many take it upon themselves to teach their kids the value of money.
Now, for those good old fathers who are from the Great Depression--you've probably had a great deal to teach your children, and hopefully it has paid off! Let's take a look now at some treasured and timeless financial tips passed on from generation to generation to ensure financial stability for a lifetime!
Financial Learning Tips From Fathers Who Lived Through The Great Depression
Yes, you're one of the lucky ones if you've been raised by a father who lived through this era. Managing money was certainly critical day to day then, and it is just as critical now. You'll be amazed at how some of these tips really make practical sense and aren't difficult to follow either. So, let's get started:
Don't waste or throw away good money--
So, what does this really mean? Exactly what it says. You do get what you pay for. If you buy cheap, or invest in something too good to be true, then you're throwing away good money and it just isn't practical. Invest in something with value for the long-term, not just because it's on sale. The same philosophy applies to stocks and other investments.
Become more self-reliant and think practical--
Yes, being self-taught on a number of things can help you save money for the long-term. From cleaning your own gutters to changing your car's oil, to building your own home porch--it's all about self reliance. You can become empowered and stay ahead!
Remember those little expenses add up--
It might not seem like a big deal to get that Starbucks latte a couple times a week, or that artisan deli sandwich, but these little things add up quickly. If you're constantly wondering where your money is going, it's time to plug those holes. Even extra visits to the convenience store for gum or other non-essentials can suck money from your wallet.
Saving and maximizing income are both important--
There is too much thought that goes into making more money versus saving more money. Both are extremely important. However, more need to plan for their future and start that nest egg for retirement.
Keep a penny cent collection--
Saving your change is a great way of getting in the habit to save. You'll be amazed at what you might have put away at the end of a month. This doesn't mean take out the coins either, but continue adding to them. At the end of the year you might have a record savings, something you never thought you might do, but under good old dad's advisement--you'll find you can!
An income increase should not mean you spend more--
Forget about keeping up with the Jones's. This is the problem in this country. Don't let you income increase give you an excuse to spend more than before. Save that extra money from that raise like your dad before you did and you'll see how much easier getting what you want really becomes--without going into debt!
We hope Father's everywhere enjoy today's celebration and remember what they've been taught by their Father's before them. You can achieve financial freedom and have life security when you follow timeless tips that work! It might seem hard, but adaption is natural. Happy Father's Day!