Community: 10 Pieces Of Financial Advice From Dads
Just last week, we held a giveaway building up to Father’s Day and encouraged our readers to share with us the best financial advice their father gave them. Below are some of the best replies that we can learn from.
His best financial advice to me was to allocate my earnings into 3 different pots,
I) for monthly spending
II) for savings (minimally 30%)
III) for investment (no more than 25%)
By doing so, I can better manage my monthly expenditure, ensure sufficient savings for contingency and enjoy some returns from my investment.
– Eliz Tan
Dad’s advice wasn’t verbal: he showed me that love comes with sacrifices, even if it meant saving that little extra for your loved ones to lead comfortable lives.
– Valerie Elaine
Dad once told me that having a disciplined, regular saving pattern is like a rainbow. It helps beautify the dreary rainy day.
– Gary Png
A dollar saved is a dollar earned.
– Frandy Goh
How much you earn is not as important as how much you save.
– Jonathan Quah
Saving starts with me. I was taught to always keep aside 20% of my allowance before I start spending. This helps me to ensure a guaranteed amount of savings per month where I could put it into the bank to earn some interest on fixed deposit. Also, this prevents me from spending too much and not leave a cent at the end of the month!
– Zhen Yu
On Differentiating Wants And Needs
I remember vividly the time spent while bonding “Kopi O” session, he will emphasise the need to be prudent & to spend only what is necessarily & within one’s means. Be appreciative & grateful of what one’s have & not dwelling with what’s one doesn’t.
– Spring Tan
“Never be a slave to money, let money be your slave.”
– Janette Tan
My dad always says putting our savings in the bank is useless as the interest is peanuts. We should instead look to invest the funds in stocks or bonds. I listened and I never looked back now.
– Andy Neo
Buy insurance when you are still young and healthy.
– Jonathan Yap