Money lessons from dad: Financial wisdom passed down through generations – Pt 2

FATHER’S Day is a time to celebrate the men who have shaped our lives, offering guidance, support, and wisdom. Among the myriad lessons fathers impart, one of the most enduring and impactful is the understanding and management of money. Whether it is from their words or actions, our dads are often our biggest role models.

From teaching the value of a hard-earned dollar to demonstrating the importance of saving for the future, dads play a crucial role in shaping how we view and handle money. As we honour fathers this year, we hear from a few children of JMMB representatives, how their dads have impacted valuable financial lessons. After all, the best measure of a father’s legacy is reflected in the values and knowledge that he passes to his children.

Father: Miguel Beckford, manager, client partnership, JMMB Bank – Fairview

Son: Matteo Beckford, 15 years old

Money lesson: The value of hard-earned money

My father is not just a parent; he is my first financial advisor. His lessons are woven into everyday life, subtly teaching me the importance of money management and financial responsibility. One of the most significant milestones in this journey was the day he handed me my first debit card, a symbol of trust and a tool for learning.

One of the earliest lessons my father imparted was the value of hard-earned money. He always emphasised that money should be earned, not given freely. I therefore earned my allowance by doing chores around the house, which instilled in me a sense of responsibility and the understanding that money is a reward for effort.

Money lesson # 2: The power of saving

My father is a firm believer in saving for the future. He explained the importance of having an emergency fund and saving for long-term goals. We also opened a savings account together, and he encouraged me to regularly deposit a portion of my allowance and any money I earned from my lunch money or other means.