Continuing with the discussion of lessons my dad taught me, here are a few more nuggets of advice he gave:

Always save for what you need and be willing to sacrifice.

One thing he was good at was saving a whole lot of money in a short space of time.  Before I even heard of Dave Ramsey, dad was making the “beans-and-rice money diet” a popular thing. Whether we were planning a move from one state to another, or getting gifts for the younger kids for Christmas, there was always a way to make purchases without going into debt.  I don’t think we ever used layaway, now that I think about it.  Everything was cash, cash, cash.  Basically, the envelope system was in effect, just without the envelopes.

Invest for the future.  Don’t spend everything in the present.

Dad loved to find interesting ways to invest savings for the future.  One of his favorites was in very old, very rare coins and he read up on all the latest information on the subject.  He taught us that the traditional way of saving in a checking account, making peanuts in interest was not the best way to make passive income.  I don’t invest in coins but I definitely believe in investing in the future.

Be smart about grocery shopping.

I don’t know how my parents were able to feed such a large family on a less than average food budget, but they did it like pros.  Basic meals with a lot of protein, starches, and vegetables were the norm growing up.  Sure, I now have a great aversion to oatmeal, but hey, it did the job, didn’t it?

Since I moved out on my own, I’ve been an extreme couponer.  This was long before the days of the embarrassing TV show.  I would regularly coupon my way to boxes and boxes of cereal, rice, and other foods and share these with friends who were in need.  It’s great to be able to give back (another lesson from dad).

Make sure that you have life insurance for your family.

Unfortunately, this was a lesson learned the hard way; with dad’s sudden passing, we didn’t have life insurance for my parents.  Thankfully, we did have a fully stocked emergency fund…because of the emergency fund we were able to bury him and still have some money left over.  Today, each one of us in the family that earns an income has life insurance, and I have since become life insurance licensed.  It’s not a comfortable subject to talk about, but definitely a necessary one.

Coming up, the most important financial lesson of all…