My father and I had a long talk today about my struggles with finances. He blames himself for spoiling me rottengrowing up, but I assured him that he was not to blame. He was the perfect example of what it means to be financially responsible. My dad once worked as a bank president and later retired as a real estate broker. He is truly a financial genius. So he served as a great example for me…I just didn’t choose to follow his lead. Hey, I was a kid…I knew everything! All that sacrifice didn’t appeal to my party like a rockstar spirit!
Let me share with you somethings that I learned from my dad, but didn’t try to follow until this point in my life (the point in life being VERY recent). My dad never felt the need to have the best of everything or to try and impress others. And that is amazing because let me reiterate that my father was a very respected bank president. This was back when being a bank president meant something. He wasn’t some kid right out of college with the title of branch manager.
Bill The Banker as he was politely called would decide whether you would get a loan or not. Your credit application didn’t go into a computer program or get submitted online (there wasn’t really an online process)…he sat down with you and got to know you on a personal and financial level and then he gave you the thumbs up or thumbs down. I’m not telling you this to brag…I’m just painting the picture of a man in one of the most powerful positions you could have in his day. So most men in that position would do what? They would want to dress, drive, and dine to impress baby!
I had other friends whose fathers had equally impressive positions. And it would be safe to say that they had impressive salaries as well, but there was a big difference…you could just look at them and the way they lived and you knew it! And that confused me as a child, because although I never did without the cool stuff (spoiled)…my dad always seemed to do without. It was as if he didn’t want to be cool! And in my mind my dad was very cool…so why didn’t he want to show the world that he was successful? I was always proud of my parents. They never embarrassed me, but I could not understand why they didn’t show the world that they had it going on. Why didn’t dad have a vanity plate on a Cadillac that said the prez on it?
Growing up some of my other friend’s fathers did drive Corvettes and Mercedes. And they had homes (a.k.a cribs) that were well equipped with amazing appliances and some even had a pool in the backyard. Not my dad, that wasn’t the way he rolled! Every few years he would pull up in the driveway in a used car talking about the great deal that he hade just gotten. We would all stare at the car thinking…you should have gotten a great deal because it is uglier than $#!! To make sure that you know that I’m not exaggerating…let me tell you about a few of our rides. At one point or another we cruised around in a dark green pinto, a yellow pinto, or a Ford Grendada that looked as though it had been painted with mustard.
Please don’t misunderstand me. There is NOTHING wrong with driving a very expensive car or living in a huge home. Everyone can live the way they want here in America. I just personally think it is more responsible to have those things when you can afford them. I know…I know, I live on Snoqualmie Ridge and I bought my wife a very nice car. I’m also broke so don’t do as I do…do as I say and listen to my dad or buy Dave Ramsey’s books! By the way, I am going to work 10 jobs if I have too to get debt free so that I can say that I practice what I preach. Let’s get back to my mom and dad who did just that!
I do have to admit that they recently spent a good amount of money on a NEW car. It is the first NEW car that I have known my father to buy. It is the very flamboyant…Honda Accord! A Honda Accord is a very nice car, but they could have gotten any car that they wanted too. He and my mother could easily be driving up and down the interstate in a sweet black on black BMW or Mercedes! Sure, dad would be going 15 mph under the speed limit and forgetting that his signal light has been on for 26 miles, but they would be in a Mercedes or Beamer so who cares! They still don’t feel the need for speed or to impress others. Well actually I think my mom did want the Caddy, but negotiated a kitchen out of the deal. She wants a new kitchen, but she is still content with the home they have lived in since 1969.
They purchased their home for approximately $25,000! It is a very nice home and is now worth well over five times that much, but it was then and is still is today the classic picture of a middle class neighborhood. For years people have asked them, “why haven’t you moved out of that little house?” In other words, you have made great money…why won’t you spend it?
So my point is this and I believe it is a huge one to make. My dad and mom didn’t feel the need to impress others at the expense of putting their family in debt. My dad didn’t see the need to drive an awesome car or live in a huge home at the expense of not having money saved for his children to go to college. My dad and mom were willing to do without some of the things they would have LOVED to have had so that they could make life easier for their family in the future.
Both my sister and I graduated from college without having student loans. My parents were able to help both of us purchase our first homes. Today, they are 75 years-old and they were able to retire without worry. Each month they don’t have to worry about paying for groceries, keeping the lights on, or…and here is the big one…whether they can live on that little amount they get from the government. He isn’t soley dependent on that social security check. And here is another big one…they are able to pay that HEFTY co-pay for their prescriptions (don’t bank on medicare helping a whole lot in the future).
No, I didn’t grow up riding around in an impressive car or living in an overly impressive house. My mom and dad were always nicely dressed, but they didn’t flaunt big diamonds or impressive Armani suits. Now, they did take us on very nice family vacations every year, but the vacations never followed us home. In other words, we went on vacations that dad didn’t pay for by using a credit card. He had some weird thing called a savings account that he set up for emergencies and vacations! As Dave Ramsey says, they lived like no one else so that one day THEY COULD LIVE LIKE NO ONE ELSE. My dad and mom planned for not only their future, but for the future of their children and even their grandchildren. Now that is impressive!
I love you mom and dad I’m doing my best to follow your lead!