Dad Knows Best: Financial Advice from the Best Dads
Dads often give the best financial advice, even if their jokes are the worst. For this Father’s Day, we’re relying on some of the best (and most famous!) dads we know to offer financial tips you can keep for a lifetime.
Here is some of the best money advice from the dads here at Rock Valley Credit Union, along with some famous fathers who know a thing or two about money. Check it out!
1. Invest in your future.
"Remember, there’s good debt and bad debt. Good debt is an investment in your future and helps you grow your wealth, such as financing a good investment, and someone else pays for it.
Take advantage of the power in compound interest! Get the free money from 401(k) matches. That’s the best thing I could have done early in life, and totally opened up my eyes to the power of compounding over time. My 401(k) went from $0.00 to $150,000 in just a handful of years and jumpstarted my passion for personal finance.
And start building credit early. Get a credit card when you turn 18 to build credit. My family made big purchases on the card and paid them off right away to help me establish credit so that I could be better prepared for life.”
-Scott Cobio, Lead MSR at Rock Valley Credit Union
2. Plan ahead.
Create a budget, which is an essential tool for financial success. Benjamin Franklin once said, “Beware of little expenses; a small leak will sink a great ship.”
"Save. It's often said that nearly 40 percent of Americans can’t cover a $400 emergency expense. Setting aside $5, $10, or even $25 from each paycheck and placing it into a designated “do not touch” account will help prepare you for a rainy-day expense. Invest. Use the power of compounding interest!"
-Matt Papoccia, Vice President of Lending at Rock Valley Credit Union
3. Work hard.
"All wealth is the product of labor."
-John Locke, the Father of Democracy
4. Save for the future.
"A penny saved is a penny earned."
-Benjamin Franklin, Founding Father
5. Money can't buy happiness.
"He might have all the money in the world, but there’s one thing he can’t buy,” said Homer Simpson
Marge Simpson replied, “What’s that?”
"A dinosaur,” he said.
-Homer Simpson, the king of bad dad jokes on "The Simpsons"
6. Know your worth.
Phil Dunphy said, “Luke, what have I told you about doing things for money?”
"If you charge more, they’ll think you’re worth it,” said Luke.
-Phil Dunphy, the world's goofiest dad on "Modern Family"
7. Stick to the basics, from my dad, your dad and every other dad.
"We have food at home."
"Turn off the lights!"
"Don't spend it all in one place."
And always say, "What's the damage?" before looking at the bill.
For more financial advice from the rockstar dads at RVCU and our other talented team members, feel free to send us a message in our chat feature during regular business hours, contact us online or call our Member Contact Center at (815) 282-0300.