Money lessons from dad

FATHERS play a significant role in shaping the financial habits of their offspring. After all, their traditional role as breadwinner places them in a position to impart tried-and-true financial lessons they have acquired over time.

Undoubtedly, some of us have benefited immensely from the financial knowledge our fathers passed to us when we were children.

A few women from JMMB Group share the most valuable financial lesson they learnt from their dad, and how it has served them to date:

Stephenie Lugg-Lawrence, 30+ years, senior corporate marketing manager:

Lesson: Don’t buy what you can’t afford.

That lesson, though simple, was very profound for me, as it serves as a guiding principle for many of the financial decisions I make today. Therefore, before I make purchases, I think about if I can truly afford this, for example, is there any value added in buying a new car versus a used car?

Keisha Forbes, 40+ years, CEO:

Lesson: Money doesn’t grow on trees.

This has resonated with me because it is such as good lesson and a reminder that money is not infinite, and therefore, he always encouraged me to be smart about how I earned it, as well as how I spent it. This gave me an appreciation for different ways around generating wealth, as well as being smart about earning and investing.

Toni-Ann McKenzie, 36, creative services officer:

Lesson: Invest in stocks and other assets, don’t just save your money.

My dad encouraged me to be an investor so that I can maximise my returns. I saw where he was able to use his earnings from investing in stocks to help him to build his dream house. I was initially cautious about investing in stocks, but very happy now that I took his advice and am now reaping some of the rewards by building my stock portfolio.

Syretha Barr, 30+ years, marketing officer

Lesson: Do not miss an opportunity for additional income or to earn.

My dad was an entrepreneur and so he taught me that instead of missing out on a sale, I should seize the opportunity to close a sale by identifying a freelancer to offer the service and keep the client happy.

Georgia Campbell, 38, client partnership manager:

Lesson: Work hard and you can achieve financial success by your efforts.

He demonstrated this by his example as an entrepreneur. This is something that I emulate in my own life. I am therefore very deliberate to ensure that I excel at everything that I do, so that I can achieve a level of success and excellence in all I do.

Shanique Anderson, 31, financial solutions advisor:

Lesson: Save consistently towards your goals.

I recall that my dad bought me a pink piggy [bank] as a child to ensure that I could save every week. My dad would ensure that I saved any money that I got as pocket money, and saved from my lunch money. After saving up enough, I would be able to use a small percentage of my savings for treats, and annually, I could use [it] to buy gifts. My dad was the one who took me to open my first bank account.

Diahann Aird-Robinson, 45, regulatory and legal administrative officer:

Lesson: Do not lend more than you are prepared to lose.

My father taught me not to be in the habit of lending money, and if I did, that I should understand the risk involved in possibly losing it. He also insisted that if I decided to lend anyone money, then I should have a contract of the terms and conditions — even if the person is a friend. This lesson helped me to realise the value of money, especially now that I am a parent. I realise that if I lose money by lending and not collecting, then this jeopardises my other goals, such as my children’s education. This has also helped me to be more focused and ensure that I use my money wisely.

— Penda Honeyghan