My Dad – Frugal, Generous and my Hero
What My Father Taught Me
Not many 24 year olds can say that they finished their degree with no debt; bought a house with a $60 000 down payment and bought a car with his/her savings. I feel very fortunate to be one of very few people that have had a father who taught me the value of money and the importance of a budget. At a young age my dad taught me 4 very important lessons:
1) If I wanted to buy expensive stuff, I’d have to buy it myself – At the age of 12, I got my first job cleaning a menswear store. I learned my first lesson in life: money doesn’t grow on trees. Reality hit me pretty fast and I learned quickly about the value of a hard earned pay check.
2) Save a minimum of 50% and invest it - He taught me that at my age I had no expenses and that it would be wise to save as much as I can for that stereo or car that I’ll want to buy in the future. He also taught me about interest and bonds at the age of 14 and how I can use them to make my money go even further when I’m ready for my first car.
3) Never by things at full price - When I was 15, there was this stereo that I wanted so badly and obviously I wanted it right away. My dad convinced me to wait for it to come on sale and use the money that I saved to buy CD’s. The stereo came on sale 3 weeks later and I learned that patience saves me money.
4) Use my money wisely - When I reached the age of 17, I had my full license and was ready for my first car. My dad told me how proud he was that I saved enough for a car and that he would help me look for a good deal after I fully considered all the expenses associated with a car and the practicality of a vehicle at the current time. It didn’t take me long to discover that a car just wasn’t practical and that the extra costs associated with a car would consume too much of my weekly earnings.
With all the money I saved since the age of 12, I was able to pay for my first two years of college. I was able to save enough money during the four summers and invest it to pay for the remaining 2 years and pay for my car which I purchased after school. Two years of fulltime work allowed me to save over $60 000 for my new home which I now currently reside.
Frugal But Generous
My dad was a pro at saving money. Whether it was installing new windows for the house or grocery shopping, he always made sure he got the best deal possible. It was like second nature to him. He taught me 4 valuable lessons about frugality:
1) Never sacrifice your health to save a few bucks - Just because pasta is cheap, doesn’t mean we should revolve our diets around it. We always had fresh food from all the food groups and a variety of healthy snacks our disposal everyday.
2) Never buy the first thing you see/want - When I would go grocery shopping with my dad, he would allow me to buy one item for no more than $4 for my school lunches. I would always go to the cookie isle and just grab any box under four dollars. He taught me about impulse buying and that if I just took the time to compare and look around, I could get a bigger box for the same price or maybe even two boxes of a certain kind that was on sale for the week.
3) Always have an ulterior motive - Being frugal isn’t something you just do and than it sticks with you forever. Like most things, you have to be determined to do it and you need a purpose for it. Being frugal is a lifestyle change that takes constant motivation. My dad set goals for the family and himself such as family trips, buying a nice house, retiring early, etc. to keep himself motivated.
4) Never buy new technology - When the Sony Playstation came out, almost all of my friends had one. I couldn’t believe with all the money my mom and dad had they couldn’t splurge just once and buy one so I could fit in. I now look back and see how spoiled I was and how even though I was very fortunate, I always wanted more. Now I laugh at those who spent $10 000 on a plasma that was obsolete 2-3 years later or $700 on a blue ray player that I will get for roughly $100 dollars sometime next year.
Although he was a frugal person, he’d give you the shirt off his back if you needed it. If a friend was building a deck or fixing his car, my dad would be there helping him out. If people came over for dinner, there was never a shortage of wine, beer or food to consume.
My Hero
My dad was planning on retiring at the age of 55. Unfortunately he lost a 3 month battle to cancer and passed away in December of 2007 at the age of 52. Because my mom and dad planned early retirement, my mom is left with two fully paid cars, a fully paid home and enough money to keep her worry free for the rest of her life. There’s a part of me that is so angry and frustrated because my father worked so hard to have a relaxing and stress free retirement. Another part of me realizes that his hard work and sacrifice gives my mom the financial freedom that my dad had always hopped for. He taught me everything there is to know about finance and life and that’s why he’ll always be my hero.
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