Financial Advice From Dads

In honor of Father’s Day, several employees here at Thrive sat down to share some of the financial advice that their dads have passed along to them as well as advice that the fathers here would pass along to their own children.

Financial Planner, Matt Donahue shares that his dad always taught him the value of hard work in order to make money. “The day I was old enough, he had me applying for jobs to start working, when most friends were out having fun. He then taught me the valuable lesson of making sure I lived within my means once I earned that money.”

Financial Planner and father, Matt Fatz, shared some advice that he would give to his three boys when they graduate college. “Live like you’re still a student (financially) and work as if you have few outside commitments (you probably don’t). Put in the extra hours. Become an expert in a certain area/field. You’ll appreciate the financial stability and work-life flexibility when you have the most important commitment, your family.”

That’s some great advice, especially for someone coming out of college, like one of our recent Temple Grads and Financial Planning Associate, Christian Dekker, who says that his dad always told him to, “Stay away from debt.” While Managing Partner, Steve Erfle says that he was told to “Never spend what you don’t have.” I think that all of this advice is going hand-in-hand!

Dad’s often have some great advice for saving for all of life’s big and little moments. Financial Advisor, Norman MacQueen says that one piece of advice from his great-grandfather, which was passed on to him by his father is that “it’s not how much you earn, but how much of what you earn you save.”

The ability to budget for yourself or a family doesn’t just happen overnight. It’s a skill that’s acquired over time. Mike Ptaszenski, who is one of Thrive’s Managing Partners says that his best “Dad” advice is to “pay yourself first (save) and delay instant gratification (think before buying something).”

While you should believe in the values and rewards of hard work, it’s also important to understand that not all success is a result of hard work, and that not all poverty is due to laziness. Keep this in mind when forming opinions about others, including yourself. Thrive’s Partner, Loretta Hutchinson says that her father taught her that “a person's biggest financial asset was their human capital… your education, skills, training, health, and resiliency… coupled with a strong work ethic.” It’s important to, “keep your education relevant, skills up to date, mental, physical, and spiritual health sharp. Then slide and rotate as needed to be financially independent.”

When we think of our dads, often the first thing that comes to mind is bad jokes and a troubling obsession with power tools.

The one thing we can count on however, is that they're always willing to give us advice when we need it the most.

HAPPY FATHER'S DAY!