Blogging for Change

Father's Day advice from financial experts

by Jesse Campbell on
6/11/2014
in Personal Finance

This article has been provided by the National Foundation for Credit Counseling (NFCC).

Advice is only as good as its source, and in this case the advice comes from those who have decades of experience providing financial guidance: executives of National Foundation for Credit Counseling® (NFCC) member agencies.

When asked to complete the sentence “If I knew then what I know now” with what they’d have done different financially, those who offer financial advice and solutions to consumers each day provided the following fatherly advice - from the head and the heart - for people beginning their financial journey:

  • "Require myself to wait at least 24 hours before making any major purchase; and I’m not sure 48 hours wouldn’t be a better suggestion. I still regret the emotional and impulsive decision that I made when I saw that old “Smokey and the Bandit” Trans-Am parked on the car lot many years ago. Despite the puddle of fluids accumulated on the passenger side floor-board, this was my dream car and I went in and signed paperwork without even taking it for a test drive. Worst financial decision ever! Although numerous hikes from a car broken down on the side of the road did provide a lot of exercise, I let my “wants” override my “needs” and paid for it over many years. Now, I find that if I just sleep on it for a day or two and give my mind a chance to consider all of the consequences and possibilities, I make a much more financially responsible decision."
  • "I have three wonderful sons. They are all big strapping men who are kind, gentle and intelligent. When they were growing up I, like many of my generation, spoiled them. I didn’t require them to mow the yard or do any of the chores that my father put me through. (He was a former tech sergeant during WWII.) When I became a dad I vowed that I would not make my sons do the required labor that my father imposed on me. What I should have done was seek a happy medium. Earning money and understanding the relationship between working hard and financial reward is so important. There’s a hunger that comes with wanting something so bad you will work tirelessly to earn the income to achieve it."
  • "My agency continues to see clients with overwhelming student loan obligations, and this year we’re seeing graduates with more debt than any other class before them. Therefore, I would stress the importance of saving for college. This is something I’m working on with my own kids and something I hope they pass along to theirs. A person can start by setting up a 529 plan or even just creating separate savings accounts for each child at an early age. Also, consider having them contribute to it so they are a part of the process. It might even make them study harder."
  • "Seek professional management of your retirement savings early in your career. I saved a lot relative to my earnings and have been relatively conservative in my spending habits, but I have seen the real benefit of having someone follow my investments and pick the best managers for my retirement savings. It has really made a difference."
  • "I would have lobbied earlier and harder to have financial education included as part of my school district’s curriculum."
  • "Know that there are two ways of getting everything you want in life: 1) work harder and accumulate more, or 2) desire less. When I accepted number 2, life was much more enjoyable."

Jesse Campbell photo.

Jesse Campbell is the Content Manager at MMI, with over ten years of experience creating valuable educational materials that help families through everyday and extraordinary financial challenges.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.