Dads can be full of advice, solicited and not. While some of us are lucky enough to get great financial guidance, dads could step it up a bit in this department. A recent Visa Inc. survey found that 37 percent of Americans learned basic money management on their own, while just 22 percent picked up budgeting, saving and investing skills from their fathers (compared with 25 percent from moms).

Here, a few daughters and sons share the invaluable personal finance skills they learned from their fathers.

Down with debt: Jeannette Boccini of Rye Brook, N.Y., grew up with a dad who urged her to avoid buying on credit. "The exception to this rule would be a home, your education or a car, which is necessary to get you to and from your job," Boccini says. "Thanks to this advice, I have never carried a credit card debt, and I have savings in the bank." But the fruits of this advice go way beyond that: This mom of one also is a frugal bargain shopper who looks out for discounts attached to store credit cards. But to maintain that zero balance, she'll pay off the store card in cash right there at the register. "That way, I get the discount and don't have to think about a bill coming in the mail," she said. Boccini also points out she only has a few store credit cards to make sure her credit score is solid.

Look out for yourself: To this day, Kelly Fitzgerald is grateful her father urged her to always negotiate for a higher salary. In college, she was offered an internship on Capitol Hill that paid $400 per week; her dad made her go back and ask for $450. She got it. During that time, she was awarded a scholarship for $8,000 per semester. He made her ask for more, and she received $10,000. That lesson keeps on giving today. "I asked for an aggressive salary with my first job since it is very important to start out strong since all of your future raises are based on that initial number. Plus, I really wanted to make my dad proud!" says Fitzgerald, who now runs her own public relations firm in New York City. "That lesson taught me that everyone wants to pay as little as possible, and if you don't fight for yourself, no one will."

Stay within your means: Dr. Diane Radford, a surgical oncologist in St. Louis, grew up with an English father who had lived through "hard times and a world war," she says. "My dad, a bespoke tailor, knew the value of money and how hard he had to work for it. He instilled this value by a lifelong instruction course in savings, the miracle of compound interest and never spending more than you have. I remember how happy he was the day the mortgage on the family home was paid off." When Radford left home, her dad's letters to his beloved daughter included information on interest rates of various banks. Radford kept those rates in mind when she bought her first house, which was far from the upper end of her budget. "I didn't want to be house poor," she says.

The power of no: Kimberly Anderson, a Cincinnati-based fashion consultant, says she appreciates that her father often told her no. As a child, she never thought it was fair that her friends got everything they wanted. "My father looked at me when I was very young and said, 'Just because you can afford it doesn't mean you should buy it. Trust me, your friends would be better off in the long run hearing 'no' a little more often.'"

Greed is not good: John Oxford of Tupelo, Miss., learned from his father that the values applied to smart investing also apply to life. His father once told him, "You can be a bear or you can be a bull, but don't ever be a pig!" That was a decade ago when Oxford, a father of two, was complaining about money he'd lost by riding a tech stock up and down. "In other words, I made some decent money on it. Now move on and don't do anything 'dirty' like a pig to make money," Oxford says. "With people, work, family, sports or competition, he taught me that you can be aggressive or you can be timid depending on the situation. But don't ever be too greedy, unethical or 'a pig.'"

The importance of an allowance: Chelsea Gladden learned about budgeting in high school when her dad would deposit a "clothing allowance" into her and her brother's bank accounts each week. "When we had to have those expensive sneakers or the 'in' sunglasses, it was up to us if we wanted to save up for one splurge-worthy item or use the money to buy several things," says the San Diego mom of two. "He also deposited lunch money, so we could either use it to buy lunch out or save it by making our own lunch at home." Today, she's a budget-conscious mom who uses similar money lessons with her own kids. "As I learned growing up, when money is gone, it's gone," Gladden says. "I would like the latest and greatest television, but it would be wiser to keep the money to pay bills and not go into debt by using a credit card."

Angry
0
Sad
0
Funny
0
Wow
0
Love
0

Tags

Load comments