When I was 12 years old, my dad helped me setup my own t-shirt business; my brother and I sold t-shirts on the weekend at a local flea market. Every weekend, my dad would walk us through an expense report and income statement and teach us how to fill out the bank deposit slip. He taught us how to pay ourselves $10 a week, reinvest a portion into the business, and save the rest for college. He taught us how to determine what shirts were hot sellers, how to reorder more, and how to discount the ones that were not selling. Yes, at this early age – my brother and I were running a business. That was just the beginning. Over the years my dad has shared a lot of business know-how and financial advice. Some of his words that I hear in my head often are:
1. Cash is king.
2. Finance items that appreciate. Pay cash for items that depreciate.
3. Save and invest because money makes money.
4. Everything is negotiable.
5. If it sounds too good to be true, stay away.
6. Take care of yourself, but also be generous. Giving is important.
All of these words have served me well. I also know that my love for finance, investing, and business comes from my dad. With Father’s Day right around the corner, I am wondering what financial advice have you received from your dad that has served you well over the years…
Your post explains so much about your financial acumen, Stacey. And wow, it brought my Dad’s voice into my brain vividly: “Money talks, power corrupts, and absolute power corrupts absolutely.” My Dad would rather go hungry and shoeless than be unethical or unfair in his dealings. He did not talk a lot about his business but he did take every opportunity to tell us how to be fair and honest in our dealings with people and money.