3 Valuable Lessons My Dad Taught Me About Money

When I was in secondary school, my dad would constantly encourage me to be smart with money.

Being 14, I didn’t quite understand what and why. So, his advice didn’t carry much weight at that time.

But his daily actions set an example that subtly encouraged me to follow the same path.

Looking back, as a university student about to graduate, I finally understood his intent.

Taking his advice gave me a headstart in life, and how I approach and perceive money. On top of that, I can fully shoulder my student debt and am already in a position to start building wealth.

While I might not have understood it then, you don’t have to wait years to learn these money lessons.

Won’t be cliche one. Trust. 😉

Don’t chase status.

Trying to seek others' approval is the quickest way to have less money.

People who look rich don’t actually have money because they spend it away on things that make them look like they have money.

This could be spending on designer brands or the latest tech gadgets to show off, even though they can’t afford it.

End up, they got Coach wallet but inside kosong. 😂

I can only describe this as “saving face” which is prominent in Asian culture. It’s keeping us on the edge.

But what should we do instead?

We can focus on what really matters. Prioritise experiences over material possessions. Ask yourself if this new thing really adds value to your life.

Truth is, you probably don’t need the latest iPhone just because your friend has one.

The money you don't spend on that iPhone? Save and invest to build wealth.

Don’t anyhow buy rubbish

This means not being wasteful — like not subscribing to Netflix when we hardly use it or paying for insurance that doesn’t help us.

Even simple things such as not over-ordering zi-char or buying Luckin’ every single morning.

Every little decision matters, and spending only on things we need can make a big impact in the long run.

As my dad always says, it’s not the one $100 purchase that gets you, it’s the daily $5 ones that kill.

Another thing he vouches for is buying quality over quantity. For example, opting for a pair of mid-ranged, cushioned running shoes over budget, poorly-built ones.

The cheap ones might spoil faster, then you have to replace them more often. Plus, they might cause injuries because they don’t have proper support.

We save money now, but in the long run it ends up costing us more.

On the other hand, investing in the better pair might seem more ex. But they’ll last longer, give you better support, and save you from injury.

In the end, there’s no point in skimping on quality. Buy smarter, not cheaper. This way we can get more bang for the buck.

Get your hands dirty

The common notion when something breaks is to buy and replace it, or hire someone to repair it. But over time, these purchases can quickly add up.

Rather, I was taught to tinker with stuff that seems broken and find ways to fix them before considering a replacement — only if really cannot repair.

Nine out of ten times, they still work. It just needs a quick fix.

Today with technology and online content, it’s easier than ever to figure things out yourself.

I’ve come to realise this not only saves money, but also helps to reduce waste.

Plus, we’re contributing to the planet's well-being while developing soft skills like problem-solving, resourcefulness and creativity.

The best part?

Tinkering with computers, for instance, taught me how to fix them. Soon, I found a way to turn that into a side hustle that prints. 😁

Reflecting on his wisdom

I’ve always believed that parental influences truly define our financial decisions — whether for better or for worse.

That’s why I’m grateful my father shared about money, which helped me become financially savvy way ahead of my peers.

Hopefully, his insight can guide you on your own financial journey, just as they have for me.

What about you? What lessons about money have you learned from your parents or other people in your life?

Let me know in the comments. 👇🏻