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Friday, June 17, 2016

5 Money Lessons My Father Taught Me

Apple doesn’t fall far from the tree. We inherit many qualities from our parents. Three good things I’ve inherited from my father - talk sensibly, a good sense of humor and financial independence. He started working at the age of 10 and I started earning at the age of 18. Both of us worked part-time. He worked to pay his fees, I worked because it seemed the right thing to do. I earned in my spare time and it gave me both money and pride. On this Father’s Day, I recollect the financial wisdom my father shared with me while growing up. Some of it made sense then and there, some that sounded out-of-date made sense few years down the road.

Stay Within Your Means

When I wanted to buy Levi’s jeans costing 2200 rupees, my father said no! I was earning 1500 per month and I had an add-on credit card. Don’t spend more than you earn. Spend only when you have the means to. Even on the credit card, spend that much you can repay easily. Three of the sentences he repeated often. After that, whenever I bought something expensive for myself, I always saved first. Even now, I don’t buy things I can’t afford. Remember, temptation is the biggest culprit for our financial downfall.

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  1. Whether Money view is your blog?

  2. Lovely thoughts and wishing you happiness on the special day.

  3. Very wise advice. My friend shared this 24 hr rule with me...which helps me resist temptation. If you have gone shopping and seen something that you like but kind of stretches your budget, sleep over it. If you still want it the next day, then it is worth the buy. Most of the times I realise that I dont remember it the next day :D

    1. That's great... I must follow this rule.

  4. Cut your coat according to your cloth. That's what dad used to tell me.


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