Tomorrow marks seven years since the day that my wonderful father passed away after a six month battle with cancer. I don't talk about him much as it's still a tough subject for me.
However, he was a HUGE part of my life (I was a daddy's girl 100%) and not talking about him just wouldn't make sense.
This is especially true because he taught me so many important money lessons.
Below are some of the money lessons my father taught me.
He taught me that I could afford to travel.
My dad traveled all over the world.
Besides his family, the other things he loved in life were traveling and airplanes. He always made sure to fit traveling into his life in any way he could, and I gained many great memories from it.
I still remember him taking me to Disney World ALL THE TIME (I loved it!), him taking me up in small planes (he had his pilot's license), and even having a great time at the airport. He loved every little part about traveling.
He created hundreds of photo albums from his travels which I still look at on a regular basis. I also recently found a travel journal he kept which listed out all of the amazing places he traveled to.
My dad was not rich if that's what you are thinking. Instead, he worked with his budget and always made sure to fit exciting trips in because that is what he believed in.
For example, he bought a new Camaro in 1984 (this was his baby), and he drove it up until a few months before he passed away in 2008. He didn't care about furniture, electronics, or anything else. He would often work long hours, he hardly ever called off work, during short-term layoffs he would find low-paying jobs at other airlines, he always had a budget, he always saved money, and more.
He was all about travel and he managed his money well so that he could take trips whenever he could.
He taught me to not live paycheck to paycheck.
My dad was all about having a budget. He went over his budget and his checkbook nearly every single day. Working for the airlines meant that he occasionally got laid off and rehired over and over again.
Due to this, he always made sure to budget his money well.
He always had an emergency fund, he always made sure he spent less money than he made, and he always made sure to put as much money as he could towards retirement.
My dad did anything and everything to make sure that as kids we didn't have to worry about money or go without anything that we needed. It's a trait of his that I loved. Even when he would get laid off, he never acted like it was a big deal because he was always prepared.
He taught me that credit can be used to my advantage.
The topic of credit cards and credit came up a lot when I was younger.
I remember one day my dad was complaining about a scammy credit card commercial. I was super young and said “I'm never going to have a credit card!”
My dad then told me that credit cards could be used to my advantage if I used them correctly. He then taught me all about how to use credit cards at a young age, and I now use credit cards very often to earn awesome rewards and bonuses.
Already in 2015, I have earned over $1,000 in cash back through my credit cards by spending just like how I normally would.
Thanks Dad for another great money lesson!
He taught me that money doesn't have to limit you.
Out of all of the money lessons he taught me, this last one is probably the most important.
Even though my dad passed away too young, lived on a budget, and saved for a retirement that he never got to experience, I truly believe that he still lived the life he wanted to live.
He was still able to travel all over the world and he visited many, many countries. I'm not sure how many countries he visited but I'm sure it was well over 50.
I think the most important money lesson that I learned from my father is that money doesn't have to control you. Even though you will never know when your last day is, you can still save and spend your money wisely, while also living the life you want.
Too many people believe that they can't lead a good life on a budget. That is not true at all. You can still live a great life while managing your money, and without regret.
What money lessons did your parents teach you? What will you make sure you teach your children?
Join the free Master Your Money course!
Join the free email course and finally learn how to manage your money better, pay off debt, save more money, and reach financial freedom.