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Ask Earnest: Money Advice From Our Dads

Last month we asked Earnies what money advice their moms had shared in honor of Mother’s Day. With Father’s Day on June 17th, we wanted to honor our dads as well. Here is a collection of the responses we got when we asked Earnies what financial advice their dads’ had given them.

“If I paid for everything in cash (car/house) I would be a far richer man. Also, not investing money is riskier than investing money, because it will be eaten by inflation.” – Shane D.

“When buying anything ask yourself, do I need this or do I want this? Buy the things you need not want.” – Skyler H.

“I’ve made it clear to my kids that commercials are just a way to sell them more stuff, they should make up their own minds on purchases” – Tony D.

“Always utilize your work’s 401(k) plan. Investing in something pre-tax is much better than investing in nothing!” – Steven P.

“My parents were cord cutters before it was cool. We never had cable growing up and when I would ask my dad about it he would tell me that instead of paying a cable bill each month, we got to go on vacation as a family. Spend money on experiences.” – Carolyn M.

“Save as much of your money as you can; you may want to start a business, and if you do, you’ll need capital. Also, cultivating good judgment is the single most important habit you can develop. Not specifically financial advice, but relevant to financial decision making.” – Early E.

“Buy real estate and invest in quality instead of cheap. Don’t invest more than you’re willing to lose or try to catch a falling knife. Be generous with others and frugal with yourself. I just wish he had told me to invest in bitcoin sooner!” – Ryan Y.

“Having ‘learned’ the lesson multiple times himself, my dad repeatedly imparted to me the importance of setting ‘stop-losses’ for stock purchases. This allows you to automatically sell a stock at a certain pre-set price, removing emotion from the decision and limiting your loss if it starts to go down.” – David Z.

“Use a credit card like cash and pay off your balance every month. If you don’t have the cash, you probably shouldn’t be buying it.” – Kieran B.

Stop by for a visit or give your dad a call this Father’s Day and thank him for all the advice, financial or otherwise, that he has shared.

Disclaimer: This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.