12 Financial Lessons from Dad

open Posted:   June 04, 2018

For Father’s Day, we asked SOLEmates to share the best financial advice their dad (grandpa, uncle, father-figure) has ever given to them. Some shared stories that have stuck with them for years, while others shared quick, to-the-point words of wisdom. Advice differs from father to father, and some even contradict each other. But one thing is for sure – these dads are no rookies when it comes to finances. Our SOLEmates learned valuable financial lessons from their dads on their various paths that led to SOLE, where they can now pass these lessons on to others.

1. Pay yourself first. Before you pay your debt or bills or anything else, always put something away in your savings, every paycheck. – Taylor, Director of Communications

2. My dad taught me that some of the best money spent is doing something nice for someone you love. Take a pass on getting new things, and instead surprise a friend with dinner or something they’ve been wanting forever. It’ll bring you more joy than a new toy ever would. – Laura, Director of Client Services

3. Don’t buy something on credit if you can’t buy it with cash. – Ray, Training Specialist

4. Just because you can afford it doesn’t mean you should buy it. – Jim, Senior Business Development Manager

5. As a little kid, my dad taught me the art of wreath-making during the holidays. He would challenge me to see how many I could make and subsequently sell to the neighbors for $10 a piece. I came home the first night with $50 in my pocket and he said these words to me: “Great job! Now don’t spend it all on Christmas presents. As Benjamin Franklin once said, ‘A penny saved is a penny earned.’” I’ve been saving ever since. – Erik, Director of Partnerships

6. Find out how much money you need to live comfortably, then save the rest for retirement or in a rainy-day fund. – Kendall, Program Success Manager

7. Don’t spend money you don’t have. – LeAnne, Business Development Manager

8. If the company offers free money (like 401K matching), TAKE IT! – Tom, President

9. When starting your career, all of your “first” necessities might have to be on credit – first car, first work boots, first business suit – but don’t buy the second of any of these items until you can pay cash. – Dawn, Vice President of Finance

10. Start saving for retirement when you get your first job, and never stop. – Rick, CEO

11. Buy a house! – Chelsea, Director of Sales  

12. Learn about the true cost of a purchase – learn about interest rates and the difference between compound interest and simple interest, then budget appropriately before you commit to buying something on credit. – Seamus, Account Manager