Over at freefrombroke.com I was tagged yesterday to answer the following question:
What’s the best financial advice you ever received?
That's a tough question, and I'm not sure how to answer it. I guess I really can't remember ever receiving any amazing financial advice from my parents, or those around me. But if I really think about it, I WAS able to observe advice in action from my parents. They lived their advice.
Advice in action
When I was growing up my parents lived out the best possible financial advice that I've ever received. Their lifestyle showed me how important it is be frugal, to save up for things you want, not use credit and to make do with what you have.
At my parents house we never had a lot of the extras. We didn't have a cable TV, no video game systems (until I got a job and bought my own), no expensive haircuts (mom cut our hair), and until I was a bit older we didn't even have a microwave!
Granted, a lot of our making do was out of necessity as my dad was working in ministry for many years, and didn't bring home a lot of extra income. At the same time, we never really missed the things we didn't have. Instead of watching a lot of TV we played board games as a family. Instead of going out to eat a lot we ate dinners as a family every night. Instead of buying new clothes my brothers got my hand-me-downs (I usually got the new stuff being the oldest son).
My parents example not only showed to me the value of living a frugal lifestyle, but also told me about the importance of being content, and having other more important things take precedence in your life – like faith and family.
So the advice I got from my parents by observing them growing up:
- Be content in life by focusing on important things like faith and family.
- Live frugally, spend less than you earn and pay cash.
What's the best financial advice you've received?
So now I've shared the best financial advice I've ever received. I'd be interested to hear your input on the topic.
What is the best financial advice that you've ever received?