My Dad’s Money Lessons
Growing up, my mom was pretty lenient while my dad had strict rules. If you asked my mom for a candy bar, you scored two! But if you dared to ask my dad, he’d threaten to never bring you to the store again. Even though my dad was tough, he taught me some really important lessons about money.
I remember one time when I was 16, I had just watched a show called Godspell. I was eager to get the album so I asked my dad to drop me at the mall. When I got to the music store, I found two versions – the movie one for $12 and the Broadway one for $25. I was working at Walgreens during that time and I remember thinking long and hard about which one to choose. The movie version was okay, but the Broadway version was really what I wanted. Problem was, its cost was equivalent to four hours of work.
After much contemplation, I settled for the cheaper one. Just when I was about to pay, my dad stepped up and paid for it himself. Surprised, I asked him if I could switch it to the Broadway version since he was footing the bill. He flatly said “No”. He added, “If you want the other recording, you can pay for it. But I’m happy to buy this one that you were going to buy yourself. Sometimes it’s not best to just make the cheapest choice.”
I was quite upset at having to settle for the cheaper version, but it made me realize some things. Firstly, when someone does something nice for you, don’t try to change the terms of their generosity, it’s not polite. Secondly, if you really want something, it might be worth splurging a bit for it. If I was okay with the movie version, I would’ve been thrilled that my dad paid for it, but I wasn’t – I just ended up regretting not choosing the one I really wanted.
This simple incident taught me valuable insights on money decisions and valuing choices, thanks to my dad. It just goes to show how even a small moment can have a long-lasting impact.
So, what money lessons did you learn from your dad? As we approach Father’s Day, it would be interesting to share these stories and lessons.
P.S: Stay budget-conscious and consider some cost-effective gifts for all the awesome guys in your life this Father’s Day!