My Dad was right. I lived with him so had no preconceived notions that he was the man stepping out of the television show. Dad was a smart man. He often said it was because he went to “The College of Hard Knocks.” Yet, he left me with many pieces of wisdom that’s needed to persevere through this crisis and beyond. Here are some that feel specifically relevant right now.
Cash
Have money in the bank. Maintain money in savings, always. That is what you can use to protect yourself through thick and thin. Be a saver. He even had a poem to go with it about a tobacco box.
Real Estate
When buying real estate, buy for the long-term not today. A two bedroom condo is better than a studio he often said. “Be sure you have the extra room to rent in case of hardship.” Today I would add that if you are stuck at home, you have an extra room to be in. He also said own a bit of land. Today this land could be grass or a porch or small deck three floors up. We need fresh air and the light that outdoor space provides.
No Debt
My parents must have had a mortgage in my lifetime, but I never in my conscious state of finances from age 8 on, remember them saying they had to pay the bank the mortgage. Or equity loan. Or car loan. I know by the time I was a teenager he was preaching no debt except a mortgage. And then pay that mortgage as fast as you can.
Make Conscious, Long-term choices.
Dad made the tough ones. He never took a vacation, bought a car or a new suit that he did not have money. And by money, I mean cash. This included decisions as when he bought our lake house in New Hampshire. He paid cash. This was all he did in cash and how or why he was able is beyond my understanding. He did all this with kids to put through college, dance lessons, sports, braces (me) and glasses (me again!) All decisions for us and our futures. The toys, new clothes and fancy sneakers were not part of our upbringing. Good food, simple pleasures and working hard for any extras were just our family leader’s way of being.
Help others
Dad got people jobs, paid to bury people, and feed people who needed it. Yet, never talked about it. He did what he could and never complained. I could not believe some of the things I heard at his wake about the people he had helped, even beyond the ones I saw. He did not stop as he got older. He did not do it just for family.
Don’t Preach
Dad never gave me a sermon nor would he tell us children how to behave. Instead, he would quote others. These poems from his childhood were often repeated to the point we had them memorized ourselves! The message resonated. So perhaps rote learning does work if it is something of value to carry forward. Memorize a favorite poem together with your family.
Learn one new thing every day
He also lived with one room school house education but proved education did not end there. I believe because he was not always being taught, but had some independent learning with a teacher stretched to educate different ages, he learned to learn on his own. He appreciated reading. He read fast. We certainly can learn one thing a day today from the comfort of home.
My Dad may not have been the perfect Father from a television show. However, he had basic principles he passed on to his family. These financial and life learnings are some of the things that will and are getting us through this crisis. May you carry on prepared for each day as we weather this crisis one day at a time.
Make this time productive and beneficial by following Dad’s tips:
Learn One New Thing A Day
Memorize a Poem
Make Long term Choices
Help Others
Build a New Financial Habit
You will come out of this experience stronger and smarter than ever.