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Important Money Lessons My Dad Taught Me – Money Doesn’t Have To Make Your Life Miserable

Last Updated: BY Michelle Schroeder-Gardner - 82 Comments

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One of my favorite pictures of my dad!

One of my favorite pictures of my dad!

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?

 

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About Michelle Schroeder-Gardner

Michelle is the founder of Making Sense of Cents, a blog about personal finance and traveling. She discusses how her business has evolved in her side income series. She paid off $40,000 in student loans by the age of 24 mainly due to her freelancing side hustles. Click here to learn more about starting a blog!

Comments

  1. Nicola says

    Some fantastic life lessons there – I’m sure he’d be very proud of all you have achieved 🙂 my parents travel a lot too and that’s important to me also, so travel is featured in our budget 🙂

    Reply

  2. Mrs. Frugalwoods says

    Sounds like your dad lived a wonderful life! I’m so sorry that you lost him so young. I agree that it’s definitely possible to have a great time and do the things you want while on a budget. Budgets aren’t limiting, rather, I think they show us just how much we can do if we use our resources wisely. I love that your dad followed his passion for travel throughout his life–what a fabulous way to live!

    Reply

  3. Amy @ DebtGal says

    What a smart guy and a great dad! How lucky you were to have him, even if it was too short of a time.

    I don’t always live the money lessons my parents taught me, (I wouldn’t have a blog about paying off my credit card debt if I did!), but in addition to saving as much as possible, they taught me that spending money and having money are not the same thing. Just because someone has a fancy car, house, etc., doesn’t mean they have a penny in the bank.

    Reply

  5. Christopher says

    Your dad was a great teacher. It is great that you shared this story. I think most of my lessons have been through trial and error (more on error lol). My folks have given me some advice but it is more of observing their financial plans, their life story, and mistakes that helped me more. Even when I was deployed from 2003-2005, it gave me the moment to think things through but was still not sure where start until I got back to work odd jobs and my folks rental property business. At this time I was single and was familiar with my folks renting out apartments. They wanted try some new investments such as a beach house and two waterfront properties but ended up losing one waterfront, the other is vacant, and the beach house only rented during the warmer seasons. This was a valuable lesson that failure can make us a stronger person. They are back to the apartment rental properties but age is catching up to them. (They’re in their 70s now.). My mother is still working at a hospital (almost 40 years) and a nursing home but this is more of being grateful of an opportunity to come to the U.S. & meeting my dad. My father was a retired U.S. coast guard with 26 years of service plus 6 from the U.S. Navy which led him to the U.S. from the Philippines. They both met in Chicago during my dad’s assignment to Vietnam on a ship. Anyway, to finish this comment my mom grew up in the poor providence in Bulakan, PI but worked hard to get where she is at and helped her seven out 15 siblings to college and continues to help others at her age. My dad was doing okay in Manilla but when the U.S. started to recruit for the Navy, he took the opportunity. There is more to their life stories, but it might take more time to write about it. Lol. Let’s just say my son might get bored with me and his mom in his teenage years. ^_^

    Reply

  6. Fervent Finance says

    Wow those are all great lessons to have growing up. Consider yourself fortunate. I think compound interest is my favorite lesson and that will definitely be instilled in my kids (if and when I have them). Plus all your lessons above are definitely worth teaching!

    Reply

  7. Courtney says

    You’re dad sounds like a very smart man and a great inspiration. Too often children are not taught that anything is possible…if you work for it and are smart about it… and that seems to be exactly what he taught you. I love that you shared these lessons and his life with us so we too can be inspired. Thank you.

    Reply

  9. Shannon @ Financially Blonde says

    I love this post Michelle! I didn’t learn much from my parents as I was growing up as I think they weren’t comfortable in their money situation, but now, my dad is the ultimate frugal and financial freedom role model I have. He has reached the point where he can say “f you” to work, but he works because he enjoys it and I see what a change it has brought to his life getting to that point. I want to feel the same way and I am working hard to get there as well, just hopefully 10 years sooner. 🙂

    Reply

  10. Revanche says

    <3

    I know how hard it is to talk about a parent you've lost, and I'm glad you're able to share. I think that it's true that they both live on in us, the people whose lives they've most shaped, and in others when you share their legacies.

    Unfortunately I didn't learn many great things about money from my dad since money management wasn't his strong suit, but I remember stories from Mom's childhood very clearly. One of them stood out the most: Her family was very poor so from a very young age, she'd have to find a way to earn the money to pay for her 1 new outfit a year, in time for Lunar New Year. That taught me to think about earning income early, and that being poor doesn't mean you don't try. That was a really important lesson for me when things got rocky in my teens! I can only hope that LB learns enough from us as ze gets older to make a happy, healthy life for hirself.

    Reply

  12. Ella Yongue says

    Hello Michelle.
    My name is Ella and I have been following your blog for the past few months. I am about to be graduating college and I know zero about credit/credit cards. My family is not really into them and I am aware of the potential benefits so I would love to learn more. Is there anyway you could comment back or write a post on good practices for those who are new to the credit world or which credit cards you recommend or what to look for based on what you want as far as benefits goes. Thank you!

    Reply

    • Michelle Schroeder-Gardner says

      Hello!

      Here are some posts of mine which may help you out:

      -https://www.makingsenseofcents.com/2014/12/credit-card-mistakes-that-can-lead-to-debt.html
      -https://www.makingsenseofcents.com/2014/03/rewards-bonus-credit-cards-right-for-you.html
      -https://www.makingsenseofcents.com/2014/06/how-to-use-credit-cards-to-earn-cheapfree-vacations.html

      Reply

  13. Stephanie says

    Those are great lessons from your Dad. I also need to backup the travelling bits. Lots of people tell me I am rich because I travel abroad once a year. But this is just because this is a priority to me. I don’t do restaurants or bingo games as often as they do!

    I think the best lesson I learnt from my parents is to pay my credit card in full each month. That way I have a great credit score and I don’t pay banks and cards any admin fees!

    Reply

  14. Shannon @ The Heavy Purse says

    A beautiful tribute, Michelle. It will 10 years since I lost my father this summer and I miss him every day too. I think they would have been good friends since they had very similar money views. My father taught me so much about money, but the two biggest lessons were money is emotional and money used in alignment with goals and values, equals happiness. Cheers to our fathers. 🙂

    Reply

  15. Sarah says

    Your dad sounds like a wonderful man 🙂 I’m so sorry for your loss.

    My dad taught me the value in saving, haha. Save first, spend second. I’m a saver by nature and I know I got that from watching how he handled money. Any time he got a bonus or a raise, he would give us kids $100 and put the rest in savings.

    Great post, Michelle!

    Reply

  16. Harmony @ creatingmykaleidoscope says

    Your dad was a wonderful role model, and even though his time with you was cut short, he left you with some invaluable lessons about life. Unfortunately, my parents are more of a cautionary tale of what NOT to do. It took me a while to figure things out for myself, but I can always use them as a reminder of what can happen if you’re irresponsible with money.

    Reply

  17. Jason B says

    Your dad taught you some great lessons. I wish I was that lucky. My pops didn’t teach me anything about money. My mother taught us what she knew. The rest I had to learn on my own.

    Reply

  18. ARBM says

    Your father sounds like an awesome guy. I’m sorry that you lost him too soon.

    I am a bit of a daddy’s girl as well, but I have learned lessons from both of my parents… My dad is the spender of the family, but works hard to earn the money that he spends. My mum only worked part time when we were kids, so she was the more frugal one, always looking for things second hand and making cheap but healthy meals.

    Reply

  19. Jessica says

    These are some great lessons from your dad. Thanks for sharing. It’s great that he was able to enjoy his life and travel to so many places and pass along some of his knowledge to you. One thing I learned from my parents is that it’s not a good idea to carry around debt. They would save up for big purchases and paid off their mortgage early.

    Reply

  24. Julie Wood says

    Your Father was a smart and interesting man who made sure to enjoy his passions. I was never taught good money lessons from my parents, but seeing their disasters and not having enough money a lot of the time growing up, I made sure to not live paycheck to paycheck and save for a rainy day! I have my retirement savings and I leave it alone. My biggest advice is to save money for a rainy day like your Faher did because there can be so many unexpected expenses come up and you need to have to money for it!

    Reply

  25. Christine GW says

    My parents always took us traveling even on a modest scale, then more elaborate when they could afford it. They felt like it was important to have experiences outside our own town. They also taught us not to live beyond our means. I am still working on that one!

    Reply

  28. Meagan says

    My parents mainly taught us to spend as little as possible, so I still live with that philosophy. Plus, we never had an allowance, so we learned at a young age that money did not mean happiness. We mainly went on family vacations probably once a year when I was little, but we pretty much stopped traveling after that. We kind of just settled on purchasing a vacation home in the Smoky Mountains of Tennessee, so that’s pretty much as far as we travel nowadays. I am happy that I now have money of my own and that I have the means to travel the way I want to. 🙂

    Reply

  29. nicole dziedzic says

    My dad was the one who taught me the most important lessons on money too, especially when it came to savings, over spending, and most important not to let it make me unhappy.

    Reply

  30. Ronald Gagnon says

    This man really knew how to live and love his daughter very much…teaching her all the life skills.

    Reply

  32. Bailey Dexter says

    Great advice! Sometimes we forget to teach our kids about the basics, like credit cards could be used to a advantage if I used them correctly.

    Reply

  34. Deborah G says

    Your dad sounds like he was a great person! I loved your tip to spend normally using your credit cards to maximize cash back. Cash back adds up over time.

    Reply

  36. wen budro says

    Your dad left you with some solid money lessons. I especially like the lesson about not letting money control or limit you. Very wise.

    Reply

  37. Sarah L says

    They taught me that you only buy what you can pay for. A credit card may be useful but being in debt is not.

    Reply

  42. Stacey aka the Soccer Mom says

    Sounds a lot like my dad! It was frustrating as a kid to see my friends with big TVs in their bedrooms, new cars at 16, etc, but I “get it” now. I’m so grateful for the lessons my dad taught me about financial responsibility, and it is part of the reason I was able to leave my job last year and still live comfortably. (Well that and my hard-working hubby who was very supportive!) Great post– thank you for sharing!

    Reply

  44. Lisa says

    Michelle, I absolutely love this post. Your dad taught you some amazing lessons. Not only life lessons, but money lessons. Thanks for sharing this!

    Reply

  45. DNN says

    Jealous family members and people you work with will down you when you’re trying to achieve “side hustle millionaire” status, but that alone is the biggest motivation to not be miserable. It’s something to get glad about b/c they’re concentrating their energy on trying to bring me down when it’s “not working!”

    Reply

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