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Joseph Lalonde
My dad came from simple means. His father was a fisherman in St. Ignace, Michigan. He grew up during the Great Depression. He even fought in World War II.
Because of this, he had to be wise with his money. He transferred this wisdom to me and I've applied it to my family's finances ever since.
When I think back, I realize my parents did a lot of things right. Their teachings about money allowed my wife and me to live completely debt-free — including paying off our mortgage 15 years early — and I'm so grateful.
Below, you'll find a few things my father taught me about money ... and one thing I wish he had.
Dad was a stickler for this rule. He drilled it into my head that debt was bad and that you paid off what you owe. Preferably, you never owe anyone anything.
How do you do this? You make sure that your bills and expenses never exceed your income level. (One of the best budgeting apps can help with this.)
This wasn't easy, especially early in my marriage. We felt like two broke kids trying to figure out life together. Thankfully, two became one in regard to our finances and we have never had more going out than what came in.
While Dad made his opinions clear on debt, he was okay with credit cards. He didn't hold to the Dave Ramsey belief that credit cards were bad. Instead, he believed you could use credit cards responsibly … as long as you pay them off by the end of the month.
Late fees and interest rates can kill your ability to be financially responsible. But because of this rule, I've never had to pay either on the credit cards I've held since I was 18 years old.
What's the point of being financially free if only you benefit from it? Dad taught me to be generous but wise in my giving.
You can be financially wise while still giving to organizations and people in need. Because of this, I've become a big advocate of Team World Vision (an organization that runs to raise money for clean water) and donate to my local church and other organizations that serve people's needs.
I never feel stifled by my gifts. I know there's money at the end of the month to give to these charitable organizations.
My dad did a lot of things right in teaching me about finances. Yet, there's one thing I wish he would have taught me about.
That thing? The stock market.
He always encouraged me to invest in my 401(k) I didn't listen to this piece of financial advice until later in my adult life when I felt financially secure — whoops — but he was not a big fan of investing in stocks.
Growing up, there were stocks I'd looked at purchasing. However, his advice was to avoid stocks unless they were in your retirement account.
Now, when I look at the value of the stocks I would have invested in, like IBM, Apple, and Microsoft, I want to cry. These stocks have seen a substantial increase in their share price. I wish I had taken Warren Buffet's advice to invest in what you know. I knew technology stocks. I understood how the technology worked. But I didn't invest.
I'm breaking this piece of bad advice and have begun to invest in single stocks that I know and understand. I believe I have a firm grasp of the knowledge involving these stocks and I am seeing them pay off with my long-term investment strategies.
I'm grateful for the wisdom my dad imparted to me. He's helped me become financially stable and secure well before most people my age. My wife and I are excited to see where the next steps of our financial journey will take us and how we can bless others as we continue to honor my father's legacy.
