This Father’s Day, we would like to celebrate by sharing some of the money tips that were passed down to the Clarifi staff by their own fathers!
Money tip from Dad #1: “Pay yourself first”
“My dad always taught me to “pay myself first” meaning every paycheck some money goes into the savings account, even with allowance when I was a kid a third went into a savings account, a third to bus fare for school and a third for whatever I wanted to do with it.”
Money tip from Dad #2: “The bargain isn’t always worth it”
“My father taught me to never buy something because it was inexpensive, but rather to do my best to save and buy the better-quality item as it would last longer and I would not need to pay for it again if it failed due to not being well made.”
Money tip from Dad #3: “If you want it, work for it”
“My dad always taught me the importance of savings, and how to save up for a “big ticket item” as he calls them. For example, when I was in elementary school, I had been saving up money from doing chores for months so that I could buy a new handheld Nintendo game system. After months of saving, I was able to make the purchase, and it felt like a big accomplishment at the time.”
Money tip from Dad #4: “It’s never to early to start thinking about retirement”
“My dad taught me so many financial tips. One of the things he taught me was to open an IRA in my 20’s and to contribute to it each year…it’s never too early to save for retirement!! I’m so glad I listened to his advice!!”
Where would any of us be without our fathers and their guiding wisdom? Take some time this Father’s Day to appreciate all that your father, or other parental figures, has taught you over the years.