SURVEY SAYS: Financial Advice From Dad

Sunday was Father’s Day.

By Rebecca Moore | June 19, 2017
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Fathers give their children advice about a great number of things in life.

But, last week, I asked NewsDash readers, “Did your father give you financial advice, or advice specifically about retirement savings?” I also asked readers to share some of the best financial or retirement advice their father offered.

More than two-thirds (67.7%) of responding readers reported their father gave them financial advice, while 32.3% said they didn’t. About advice specific to retirement savings and planning, 38.7% indicated their fathers gave them such advice, and 61.3% said they didn’t.

Financial or retirement savings advice from their father’s shared by readers included:

Pay yourself 10% of what you make for retirement before you pay anything else.

My father was not good with money so his advice was to learn fiscal responsibility from mom.

My dad said to first make sure you get your house paid for, because it is easier to be hungry with a roof over your head than to be hungry and have no place to sleep.

"Always have at least $20,000 in an account that you can get to in an emergency."

The only "good" debt is an educational loan, a mortgage, or one modest car loan if you need it. Otherwise, live debt-free.

Paying interest, other than for a mortgage, was basically a "sin" in our home.

Always live below your means so you have a cushion.

My grandfather told me to invest in utilities. I invested both my time and my money, and now I'll be retiring from a utility at age 61.

Unfortunately my Dad passed away when I was 12. I learned on my own to save. As a teenager, I used an envelope system to divide the money I earned from babysitting and other jobs. Now, I still save and invest but in different ways. When I was 16, I wanted to have made a million dollars and calculated how that could happen. So saving has been a part of my life all along. I wish young people of today would seek the advice of us 'elders' to help dream big.

My father always turned every learning opportunity into financial advice, some of the best that have remained with me are: 1) start saving at a young age and grow your nest egg exponentially larger than if saving is delayed. 2) Don't make rash purchases, take time to think about the need, walk away, do the math, and only then with a clear conscience and clear head, make the decision. 3) There's no such thing as a free dog/cat!

Money doesn't grow on trees!!

As a single parent, my mom was both mother and father. She led by example. She didn’t carry any debt, and if she couldn’t afford something, she didn’t buy it. Best advice anyone could get. As an adult, I have paid off two houses and am living debt free at 55. The best retirement and financial advice I could have every received was from my mom's example. Don’t accumulate debt. Pretty darn simple

He instilled in me at a young age the importance of saving.

Needs and wants are different. Plan for the needs and save for the wants.

My Dad practiced saving first and adjust your lifestyle to live on what is left. In essence, always live below your means.

As a woman, not having a father in my life was 'advice' -- learned to be fiercely independent.

Start contributing to your 401(k) as soon as you’re eligible.

My dad believed in disciplined saving and equity investments. Even after retirement, he was fully invested in equities.

Neither of my parents offered me financial advice, not sure what that means...

Pay cash whenever possible so you don't overspend. Don't live above your means. Always pay your bills on time. Don't forget to pay yourself. Follow these simple rules and you should have a healthy financial future.

Don't borrow money unless you can make money.

When the tooth fairy left a quarter, he said spend a nickel and save 20 cents. His advice was unwavering- "Save, save, save!”