My dad was my hero growing up! He continues to inspire me even today. Many of my qualities come from him, including resilience, patience, hard work, and financial planning acumen. It is incredible to have a dad like him, and I am so proud of what he has accomplished and hope to accomplish half of what he has. Through his actions, he taught my sister and me. Because he lived what he preached, we never questioned his advice. Today, I am trying to do the same, model my actions after his, and lead my children by example. 

As a tribute to my dad, I share some of the pearls of wisdom he taught me this Father’s Day.

Before you spend, save (unless you have a money tree in your garden.)

My father believes in setting aside a portion of income for saving and investing as a rule of thumb. He set up a bank account even before I earned any money, and he demanded that I put a portion of any rewards or birthday gifts I received into that account. I avoid spending all of my money because it has become a habit. I always have money saved up for emergencies.

Stay within your budget (unless you want to go into debt)

My father rarely spends more than he can afford. He believes you avoid overspending and getting into unhealthy debt traps this way. It’s a piece of advice I’ve followed. My credit card swipe is not without a second thought to determine if I can repay it on time. Otherwise, I put the purchase on hold for a few months, save, and then buy. Spend wisely! 

Invest in yourself (unless you want to go into debt)

It is important to build wealth and focus on wealth management. For that, you need to do robust financial planning, retirement planning, make smart financial decisions, invest wisely, and keep improving your financial understanding. In short, you need to take charge of your money.

However, the investment my dad often speaks about is ‘Investment in Knowledge’. My father taught me to invest in my abilities and always told me that “come what may, you should stand on your own feet, never be dependent on anyone”. Education is a valuable investment. While you are alive, learning and investing in yourself will give you a better return than investing in a house! 

Plan ahead (unless you want to wander)

My father cannot understand the need to buy something with borrowed money at a higher price. He cannot comprehend that. He always advises saving before buying. When buying an asset on loan, he believes you should always prepare for the expected and unexpected fallacies if the situation demands. Delaying gratification has value, and my generation is slowly losing sight. Even though I succumb to temptation at times, I try to heed this advice, which has helped me be a bit more careful with my spending habits.

Invest in your happiness (unless you want regrets to accumulate)

Money doesn’t equal happiness or wealth! Money is merely a means, but true happiness comes from the things that bring us joy. My father always reminds me that I don’t need to spend the moon for this joy. But he does insist that “you must invest in your happiness”. Do whatever brings you joy, such as seeking new experiences or travelling to new places. Over time, all of these will accumulate as memories and pay memory dividends. 

Discuss finances (unless you wish to put learning on hold)

Doing is the best way to learn. Teaching is the following best way. Although my father did not openly discuss his finances with my siblings and me, he always allowed us to know what we could spend and what was within our means. Whenever possible, my husband and I discuss our finances with our children. As a result, my children are very open and understanding. 

My Dad taught me how to be a confident yet humble, tender yet financially independent woman. There are only a few gems I could share with you, and I hope they guide you in the same way it drives me. My goal is to instill these qualities in my children as they grow up. 

What are some financial pearls of wisdom you received from your father? Please feel free to share in the comments below.

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