Betterment’s Family Shares the Wealth
We're celebrating Father's Day with a round-up of the best money tips we learned from our dads.
Best advice of dads everywhere? Save your money.
Sarah Michaelson | Manager of Customer Success:
“My dad always reminded us not to worry too much about future events—just do the next right thing, save, and the money would work itself out.”
Dan Egan | Director of Investing:
“This is what my dad told me: ‘Millionaires can feel just as broke as people who have nothing. I think it is important to save, but at the same time to spend whatever you must in order to have the things you need to accomplish what you want to do in life. Money is a means, not an end.’”
Yuriy Goldman | Data Engineer:
Father’s tip: “Ask your Mom”
Mother’s tip: “Rich people don’t become rich by spending!”
Dan Schaub | Software Engineer:
“It’s mind-blowing that my dad saved hundreds of thousands of dollars for us to go to school, which means my brother and I are both debt-free. I’ve always assumed I’ll do the same thing for my kids, but thinking about it now, that’s an enormous task. I have a lot to learn from him.”
Jon Stein | Founder and CEO:
“My parents always talked about getting me Disney stock. I asked about it every Christmas. They never did get me that stock, but it made me curious about what stocks were, so I’d look in the paper to see how Disney had done, even though I didn’t own any.”
Archana Burra | Customer Service Manager:
Email from dad: “If I could give people finance tips I would be rich and not have to try to gain fame by writing such tips!
- Use a credit card which rewards you with cash back and pay all your bills with that credit card!
- For TV, it is possible to get a few local channels using an antenna and the rest online.
- The younger you are, the more important it is for you to find an investment vehicle with the lowest administrative costs charged to you.”
Catherine New | Content Manager:
“Always choose quality over quantity.”
Ben Alden | Operations and Legal Counsel:
“The rule of 72—or money doubles every 10 yrs at 7%—the rule (you can look it up) is a great way to understand compound interest. That was the earliest lesson I learn from Zadie, my grandfather, about saving money.”
Brandon McFadden | Customer Service Manager:
“My dad always told me to keep my bills within one paycheck. Meaning my rent/bills should be able to be paid off with half of my salary. This wasn’t including credit cards, but “essential” costs.”
Jon Mauney | Data Analyst:
“My dad taught me one of the keys to happiness is living within your means. Do that, and instead of worrying about paying rent/mortgage, saving for retirement, or putting your kid through college, you can ‘worry’ about (or, give attention to) your family, friends and hobbies instead.”
Mike Reust | Software Engineer:
“Amway was a bad idea.”
Did your dad influence the way you handle money? Share your story below.
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Invest for retirement
Set up traditional, Roth, or SEP IRAs to save for the golden years.