While a smart man, I don’t think Dad was aware of dollar cost averaging as defined. But he did suggest investing a small amount in individual stocks. I do follow that advice when investing in individual stocks, buy in lots over a period of months and or years in down markets.
Cammer Michael
1 month ago
My grandmother taught me how to balance a checkbook when I was learning how to add and subtract. We used real checks from an account she had closed. This made it a fun game. No advice that I remember, just practical education.
They also did not pay off their mortgage because interest rates were soaring and the mortgage rate was around 5% (much lower). With the income tax deduction, they thought this was a good deal. They abhored debt, but taught me to factor in other parameters.
Last edited 1 month ago by Cammer Michael
lawrence moynihan
1 month ago
My grandparents, immigrants all, lived through the depression, did quite well for themselves, by following the old saw “Take care of the nickels and dimes, and the dollars will take care of themselves”.
Sonja Haggert
1 month ago
My mother was a big advocate of paying off a mortgage as soon as possible, so I would have a roof over my head. She was also counseling me on compounding.
Sanjib Saha
1 month ago
Avoid debt and financial dependence as much as possible.
Rick Connor
1 month ago
Unfortunately, many of the lessons I learned fell into the “don’t do this” category. I did learn how illness and mistakes can dramatically derail a financial plan. I actually learned quite a bit about hard work, and living within one’s means from my in-laws. I also learned the value of taking care of your family.
Kristine Hayes
1 month ago
None. I don’t recall a single discussion revolving around money or finances. I think we were ‘middle class’, but I’m not even sure about that.
Marjorie Kondrack
2 months ago
My mother told me, at the onset of marriage, that it was a good idea to have some money in my own right—
that is in my own name, because “you just never know”. I think at the beginning of a relationship it’s a good idea. Of course it doesn’t apply at this point—my husband and I co-own everything together and we’re sort of joined at the hip.
R Quinn
2 months ago
None, but I learned a great deal from observation. My parents never carried any debt. I learned in reverse as well. My parents never invested, basically lived paycheck to paycheck quite modestly. I saw that didn’t get them very far and lead to a do nothing retirement living on SS alone.
Edmund Marsh
2 months ago
i received no specific advice, nor did I hear them discuss money between themselves. They set an example of frugality, however, that was hard to miss.
steve abramowitz
2 months ago
Don’t underestimate your financial adversaries. They are as confident in their wisdom as you are in yours.
Andrew Forsythe
2 months ago
That even a good income from a profession doesn’t result in wealth. For that you have to invest in stocks.
Mike Zaccardi
2 months ago
I don’t remember any money advice from my folks growing up. Now, though, they encourage me to spend on myself and others (they know I’m very frugal). It’s helpful to see them live comfortably on somewhat modest income and assets while spending on what’s important to them – that assures me that it’s OK to not always be super frugal.
While a smart man, I don’t think Dad was aware of dollar cost averaging as defined. But he did suggest investing a small amount in individual stocks. I do follow that advice when investing in individual stocks, buy in lots over a period of months and or years in down markets.
My grandmother taught me how to balance a checkbook when I was learning how to add and subtract. We used real checks from an account she had closed. This made it a fun game. No advice that I remember, just practical education.
They also did not pay off their mortgage because interest rates were soaring and the mortgage rate was around 5% (much lower). With the income tax deduction, they thought this was a good deal. They abhored debt, but taught me to factor in other parameters.
My grandparents, immigrants all, lived through the depression, did quite well for themselves, by following the old saw “Take care of the nickels and dimes, and the dollars will take care of themselves”.
My mother was a big advocate of paying off a mortgage as soon as possible, so I would have a roof over my head. She was also counseling me on compounding.
Avoid debt and financial dependence as much as possible.
Unfortunately, many of the lessons I learned fell into the “don’t do this” category. I did learn how illness and mistakes can dramatically derail a financial plan. I actually learned quite a bit about hard work, and living within one’s means from my in-laws. I also learned the value of taking care of your family.
None. I don’t recall a single discussion revolving around money or finances. I think we were ‘middle class’, but I’m not even sure about that.
My mother told me, at the onset of marriage, that it was a good idea to have some money in my own right—
that is in my own name, because “you just never know”. I think at the beginning of a relationship it’s a good idea. Of course it doesn’t apply at this point—my husband and I co-own everything together and we’re sort of joined at the hip.
None, but I learned a great deal from observation. My parents never carried any debt. I learned in reverse as well. My parents never invested, basically lived paycheck to paycheck quite modestly. I saw that didn’t get them very far and lead to a do nothing retirement living on SS alone.
i received no specific advice, nor did I hear them discuss money between themselves. They set an example of frugality, however, that was hard to miss.
Don’t underestimate your financial adversaries. They are as confident in their wisdom as you are in yours.
That even a good income from a profession doesn’t result in wealth. For that you have to invest in stocks.
I don’t remember any money advice from my folks growing up. Now, though, they encourage me to spend on myself and others (they know I’m very frugal). It’s helpful to see them live comfortably on somewhat modest income and assets while spending on what’s important to them – that assures me that it’s OK to not always be super frugal.