Six money (and life) lessons I learned from my dad

Last year my dad passed away.

He was a great guy, an amazing dad and the reason I became so interested in personal finance. (One of my first posts was about important lessons I learned from my parents.)

In honor of him, I’d like to recount some of his philosophies on money and life and how he walked the walk every day.

Lesson 1 – Save some money

My dad was BIG on saving. One of my earliest memories was a coffee can in his roll-top desk where I’d deposit half dollars that his Uncle Walt would give me at church every Sunday.

In college, he had me open a Roth IRA (they had just come out!) and told me to put money in every month. Even if it wasn’t a lot, that was okay as long as I contributed regularly. In time, when I had more money, I could (and should) contribute more.

You don’t have to spend it all. You’re allowed to keep some of it.

My Dad

After I started working, he made sure I was contributing to my 401k as well as paying on the small whole-life insurance policy he bought for me when I was a baby. He helped me through the process of securing a loan and buying my first car; he told me to keep the car after I finished the payments and to keep putting the same amount away each month so that I’d have enough to buy the next car.

Dad took diversification to heart and spread his money out. He had savings accounts, bonds, retirement accounts, life insurance and cash. Going through his personal effects after he died, we also found cans (upon cans) of quarters in various places.

Lesson 2 – Be generous with your money, time and talents

My dad was generous with his money as well as his time and talents.

He always had $20 (and sometimes more) for me when I was a teenager, ready to go out with my friends on a Friday night.

He served his church faithfully his entire life. He volunteered during services, leading the congregation in song. You could also find him in the kitchen, baking bread and stuffed cabbage to be sold to raise money for the church.

A few years ago, my dad, sister, son, nephew and I went on a road trip to my aunt and uncle’s 50th anniversary party. Driving home, we stopped at a rest stop and my dad saw someone changing a tire. Before we knew it, he was walking over to help.

I ran into one of my dad’s customers after he passed away. (My dad was a mechanic for 45 years and owned his own garage.) The customer was a farmer who lived down the road from the garage. He said when he first got married, he and his wife didn’t have anything, but my dad would fix their cars and float them until they could pay. This was one of many stories I heard from his friends and customers after he died.

Lesson 3 – Talk, teach and keep learning

Dad was a teacher by nature. He was always teaching us to do something or other.

When I was in middle school, Dad took me to his credit union to open an account. He showed me how to write a check, balance my checkbook and use a MAC card. (I’m super excited to do this very soon with J.)

In high school, we’d talk about all things money-related when we were driving — the rule of 72, spreading your money out (diversification) and what to do when you get a lump sum of money (put it away and pretend you never got it). He would talk about the high interest rates (both for savings and for loans) in the early 80s.

After my son was born, I met with my parents’ insurance agent and financial planner (at my parents house) to purchase a term life insurance policy. After the paperwork was finished, my parents wanted to talk to the financial planner and my mom asked me to leave. My dad said, “how will she learn if we don’t teach her?”

He always kept those lines of communication open. Even after I became an adult, he would ask, “do you need money?” It was his way of saying he hoped I wasn’t in debt. (I didn’t need the money because I had gotten my finances together.)

Lesson 4 – There’s value in a simple lifestyle

My dad led a very modest lifestyle. He didn’t want for much, but was happy to spend the money on good quality products (like a nice pair of boots). He also took care of what he had; in 1998, he bought a brand new Freightliner and cared for that truck like it was his baby.

Dad wasn’t extravagant — from his wardrobe to his car to his house — he kept it simple, comfortable and affordable.

Lesson 5 – Focus on what’s important

My dad didn’t have any illusions that money was the most important thing in life. He was happiest spending time with family and friends. Putting on airs was a foreign concept to him — he’d share whatever he had with you, just as it was.

Dad loved traveling across the United States, both for business and for pleasure. He took many trips, hauling cars and other machinery with his Freightliner (and the two flatbed trucks before that); a sign at his garage boasted that he’d haul anywhere (and only had 6 states left to visit). We traveled for family vacations including a much-remembered, cross-country trip to Yellowstone National Park. He loved traveling by train to visit my sister and her family. Traveling by plane wasn’t civilized in his opinion, but he did fly to California to see the Redwoods a few years ago.

If you’ve ever read The Five Love Languages, you know that people show and receive love in different ways. (Originally for couples, the concept of the book applies to all relationships — words of affirmation, acts of service, receiving gifts, quality time and physical touch.) My dad was a champion at all — he’d tell us he loved us, help us with homework or by fixing our cars, give us gifts (like new tires, haha), spend quality time with us and he gave the best hugs. You never had to wonder if he cared.

My dad was a big fan of personal responsibility. You didn’t ask for help, you took care of yourself and your own, you paid your own way, you didn’t mooch.

As I mentioned, he owned his own business. He probably could have made more money doing something else (his degree was in education), but owning the garage (and the flexibility and freedoms that came with it) was important to him. That’s not to say it wasn’t difficult, but it fit him and he made the best of it.

Lesson 6 – Find a good hustle

Dad had a way of looking at situations with an eye for an opportunity. He always used to say, “everyone needs a few extra bucks.”

My dad loved scrapping — he’d save all sorts of scrap metal in a junker car on the side of his garage. Separately, he kept rotors and other pieces of metal that were worth more. When the prices were high, he’d haul in the loot. He’d do the same with machines and other cars. Sometimes people would just want rid of something, so he would haul it away and sell it for scrap.

When I was very young, he bought two houses, fixed them up and did a rent-to-own situation for the tenants. He loved having that extra income each month.

Late in 2019, we went to St. Vincent de Paul for their closing sale. We found an old, tarnished silver tea set and paid $15 for it (notice the price tag says $30). He gave it to my cousin who polished it up and sold it for $500. Dad LOVED the hustle.

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My dad wasn’t perfect, but that didn’t stop him from helping where he could or sharing what he knew (minus the bread recipe). There’s not a day that goes by that I don’t think of him, but I am so thankful for the time we had together.