LDN - Business

The best money advice from dear old dad

[June 15, 2023] By Chris Taylor

NEW YORK (Reuters) -No matter how successful you may be – even as a founder, president, or CEO – none of us start out that way.

We absorb life lessons from the people around us, very often our parents. In honor of Father’s Day, Reuters asked a few C-Suite leaders about a key financial lesson they learned from dear old dad.

Here is what they had to say.

Reshma Saujani

Founder, Girls Who Code and Moms First

“My parents came to America as refugees, so although my dad was trained as an engineer in Uganda, he first worked as a machinist in a factory. Money was tight. A night out for dinner meant Taco Bell, and he never went to the grocery store without coupons.

“Later on, when he worked as a civil engineer and became more financially secure, he still never changed the way he spent. He never went beyond his means, and never splurged. I took that advice to heart as a nonprofit leader. That’s why Girl Who Code weathered the pandemic when many others didn’t, because we had money in the bank for a rainy day.

“I don’t clip coupons quite like my dad, but there has never been a sale I didn’t like. I’m constantly lecturing my sons, that we used to get only one toy under the Christmas tree. I want them to grow up with the same values.”

Tori Dunlap

Author and founder, Her First $100K

“I was around eight years old, and when I came home from school one day, my dad had purchased one of those vending machines – the kind where you put a quarter in, and you get a handful of candy out. He asked me, ‘Do you want to start a business?’

“I was precocious, so I said yes, That became a daddy-and-daughter thing we would do together: Once a month we would go out and service the machines. He taught me how to pitch myself, how to cold call people, how to put a contract together. I had my own bank account and was signing checks at 10 years old.

“I ended up having 15 of these vending machines by the time I graduated from high school, and all the profits went into my college fund. Then I sold those machines to another 10-year-old and her dad, who are doing the same thing."

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U.S. currency is seen in this picture illustration taken March 6, 2020. REUTERS/Mike Segar/Illustration/File Photo

Mary Callahan Erdoes

CEO, J.P. Morgan Asset & Wealth Management

“I will never forget Saturdays with my dad, Pat Callahan, and my three little brothers at the Jewel grocery store in Wilmette, Illinois. My brothers would cram inside the cart, and I would push them around, covering them in our favorite cereals, candy or actual necessities. My father made this Saturday ritual an important math and value lesson, too, though.

“He would ask, ‘Should we get the 100-sheet paper towels for $2 or the 300-sheet one for $3?’ Or he would have us debate the merits of brand names versus generic products – something that still tortures me today when I have a choice.

“Each visit made us smarter, more curious, and of course, more competitive. Today, when I roll down the aisles with my three girls, I find myself asking them the same questions. They are, of course, a bit taller now and don’t fit into a shopping cart anymore, but I’m proud to say they have learned Papa’s lessons well.”

Rick Wurster

President, the Charles Schwab Corporation

“When I was growing up, my dad had a good career and worked hard to support our family of six. His priority was always our family – he never missed a game, concert, or any other opportunity to support one of my three siblings or me. He was always focused on saving and retirement, believing strongly in the adage, ‘A penny saved is a penny earned’.

“Most importantly, he has always taught me that what is most valuable in life is your family, not your money. They are what drive you to do better and save smarter. Being raised with those values makes you think about money through a different lens.

“While money is important, it’s the values you live by that really shape outcomes of any kind. I think it’s why my dad has always prioritized our family: Your money won’t miss you when you are gone.”

(Reporting by Chris Taylor; Editing by Lauren Young and Lisa ShumakerFollow us @ReutersMoney)

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