Our Sunday column on Father's Day wisdom, readers and financial experts shared what they learned from their own Dads, as well as what they're passing along to their own kids. Here are a few additional bits of fatherly wisdom:
Bonnie Byrnes, a Sacramento mother of three, said her husband's advice during lean times still rings in her ears: "If you can't eat it, don't buy it." In other words, when finances are tight, don't spend money on anything you truly don't need.
By the book
As a father and a retired finance director, Ed Street recommends the "The Wealthy Barber," first published in 1989 by Canadian author David Chilton. Told through the fictional eyes of a young about-to-be Dad visiting his neighborhood barber, it employs humor to dispense lessons on mortgages, wills, savings and other personal finance topics.
"Each time the guy goes in for a haircut, he gets a new lesson," said Street, a Davis resident who gave copies to both his grown kids when they were younger. "It is old but still relevant and an easy read."
Another book recommendation: Sacramento CPA Gregory Burke recently gave his newly married stepson and wife a copy of "Save Wisely, Spend Happily: Real Stories About Money & How to Thrive from Trusted Advisors" by Sharon Lechter. It covers everything from car buying to mortgages to long-term investing.
"I'm hoping they'll read it," said Burke. "They're young and have an opportunity to chart their financial course...to start saving for retirement and benefit from compound earnings."
A lesson in rhyme
"Seldom lend and never borrow,
That will save a lot of sorrow."
That bit of poetical advice came from Gregory Qualls, a retired IBM employee in south Sacramento. He said he learned the rhyme years ago from his own parents and is now passing it on to his grandchildren.
Don't forget laughter
Oroville resident Janice Taylor says her father-in-law, who's 86, has always preached "Pay yourself first," meaning to sock away some savings out of every paycheck. "He wants us to remember to consider our future needs, as well as our present ones."
Another piece of the WWII veteran's long-lasting advice has carried Taylor and her husband through many tough times, financial and otherwise: "Don't both of you lose your sense of humor at the same time."