Things are very busy for me right now. My father is very sick with a mystery-illness (isn’t it always the case that nurses and doctors get the weirdest things?), so I am with my parents for now. I thought this was a good time to reflect on some of the many lessons my dad taught me over the years.
Save for retirement. My dad talked to me years ago about working with older surgeons, surgeons who had to keep working because they hadn’t saved for their old age. He started saving as soon as he went into practice, and quizzes me frequently about how much I have put away.
Inflation can kill your retirement. Dad tells a story about how his dad once said he would be happy to make $200 a week in retirement. This was in the ’60s, before the high inflation rates of the ’70s. I’m pretty sure, if he were still alive, that he would not be happy with that amount today.
Invest in the stock market.
- Stocks will go up and go down, but overall, you will beat inflation. So you should do it.
- Of course, some companies do go bankrupt.
- A stock broker can be helpful, but they are also salesmen.
- Like with fishing, people talk about their big catches, they don’t talk so much about the tiny fishes or the ones that got away.
Read the small print. Know what you are signing. This goes along with never sign a blank form (or check, or script).
Live a little today. You have to be smart and save, but you should also enjoy your time here. Buy a car, or a nice suit, or a fancy arm chair.
That’s not everything he has taught me over the years, but this seems like a good start to the topic.
Did you get good advice growing up from your parents? Friends’ parents? Share your best advise below.