Dad-vice: 5 tips on handling money as told by dads | Saradar Bank | Banks in Lebanon | Personal Banking | A Digital Bank

Dad-vice: 5 tips on handling money as told by dads

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Dads are our greatest supporters, number 1 fans, and most importantly they are the world’s most subtle educators. It comes with no surprise that father figures have created their own categories of the best things in the world, dad jokes, dad rock, dad bods- but the most cherished out of all is Dad advice.

In celebration of Father’s Day, I’m listing the top 4 money advice my dad gave me growing up:

 

Spend some, save some

When I was a kid, my dad gave me a daily allowance of 4,000 L.L (maybe nowadays this number is ridiculous, but for a kid in the 90’s it did A LOT). Well practically, my daily allowance was 3,500 L.L as he always kept 500 L.L in my piggy bank. I never understood why he would take it away and not just give it to me on the spot until we started buying a box of Kinder Surprise (nostalgia, I know) at the end of each month. Then I understood, I was able to afford a box of dreams just because I spent some, saved some.

 

Invest your earnings

Growing up, I had a knack for Pokemon Cards. The thing about Pokemon boxes is that you don’t get to choose what cards you get, so you need to be consistent in buying them to increase your odds of getting the rare ones; this was my investment. My dad was my broker; every time we were next to the shop, he would ask me if I would like to invest in my card collection; and I did. As a full-grown adult (still collecting Pokemon Cards) I now have around triple my money’s worth because of my dad’s genius small increment investing plan.

 

Plan ahead

Strict dads like mine are very familiar with the “if you go out tonight, you can’t tomorrow” rule. It’s irrational, impractical, annoying, but it did teach us bratty kids to think days ahead. We had to learn to evaluate, analyze, and prioritize our options; we also had to learn to constantly look at the future ahead. Today, I come and go as I please, but I still apply this mentality in my big spending decisions. Every time I’m making a spending decision I ask myself: do I need to buy this now? Is there something cooler I can buy if I save up? Where does this fall in my priority list? (I carry a list called “Things I Need to Buy”, shabby name but it works).

 

Budget what you spend

My dad is not tech savvy; it’s a fact. Every time I came back home from being out all day he used to ask me about how much money I spent and how much I had left. It was always a struggle for me to remember everything and that’s exactly why he insisted I had an answer. Tracking what you spend is one of the most crucial habits one should develop; it gives you clarity over your purchasing patterns and helps you change them. Today my dad stopped asking about my spending, I now have the ultimate personal spending tracker finger tips away.

 

Look out for opportunities

When our internet was still dial-up, I remember my dad saying “Kid, there’s going to be a company called Facebook one day, when that happens invest in it”. He was kind of a psychic.

My dad could not have possibly said that, or predicted Facebook, true. But he always reminded me to look for good investment opportunities, and he always said: invest in what looks promising; no matter how small it is, it will be bigger tomorrow.

 

Fathers will keep on teaching us invaluable lessons that save our lives, our time, and our money. Don’t forget to hug and thank your father on this day (maybe buy him something nice with your savings).

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