Recently I was reading an article that made me think of my dad. Another daughter had a conversation with her father in which he shared his go-to mantra: “A big part of wealth building is to spend less and live within your means. When the good years come along, sock away as much as you possibly can, because you never know when a bad patch might arise.”
My father shared with me to put money in an IRA annually. At the time it was $166.66 per month and then there was benefit at income tax time too. By doing that 30 plus years ago – and compounding and the time value of money – I have a nice pool of money for retirement.
Another lesson learned from my father was the process of buying a car. I personally hate that it takes much longer than I think it should. When I was in college, my dad was purchasing a car for my sister and we were in the showroom for four plus hours. – Does my dad like to dicker? – Yes. I remember when the papers were signed that he was within $200 of an earlier offer. I learned it pays to do your homework! Decades later, the Internet helps with that homework, so you can go in with a game plan – knowing what your vehicle is worth as well as what the sticker price is before you buy.
Dad does present lessons to remember.