tag:blogger.com,1999:blog-14245531.post113296062339139501..comments2023-11-18T01:21:55.631-05:00Comments on My Open Wallet: Financial Genetics: My DadMadame Xhttp://www.blogger.com/profile/11536189690094235926noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-14245531.post-1133216601960005952005-11-28T17:23:00.000-05:002005-11-28T17:23:00.000-05:00Thanks,Loved hearing about your Dad. He reminds me...Thanks,<BR/><BR/>Loved hearing about your Dad. He reminds me of my FIL quite a bit. They diverge on politics, but have the same conservative approach to money.<BR/><BR/>Fortunately, for my in-laws, their pensions and 401K distributions seem to provide a very nice retirement - apparently one in which they don't even need to touch the principal of their nestegg according to my FIL (information revealed during a mano-a-mano fireside chat after he'd had a bit to drink).<BR/><BR/>I am happy for them. Other than the usual health-related issues of people in their 70's, they have a good life. Plenty of grandkids nearby, two homes, one in New England, the other on the water in Miami Beach, they split their time 50/50 seasonally. And despite some rough starts, their three children (one of whom is my wife) are all economically productive adults with household incomes well above average.<BR/><BR/>Anyhow, my FIL, like your dad was an engineer in the defense industry. And like you described, he somehow survived wave after wave of lay-offs. But, it's my MIL who runs the family finances - and with a stern, frugal hand, I might add. They were not aggressive investors either, but certainly did well enough and made out extremely well on their homes. Plus, they have zero debt since they burned the mortgage several years ago.<BR/><BR/>My wife inherited the propensity for thrift from both her parents, in stark contrast to me, who on the other hand, has had to unlearn a propensity to live hand to mouth and run up debt, which I inherited from my parents. Fortunately, my parents did give me the tools to earn a substantially above average living, and thankfully, I have a wife who prods me into saving/investing (in no uncertain terms).<BR/><BR/>What I learned from my in-laws is the value of thrift and saving, and the value of a family-oriented lifestyle. It served them well. The downside is they are kinda dullsville, risk-averse types, who've probably missed a lot of great opportunities in life.<BR/><BR/>And what I learned from my parents, is the value of education as a means to advancement, the value of taking risks, of going for the gold medal, and the value of pursuing your dreams. The downside, is that if you don't have a safety-net underneath you, failure can be brutal.<BR/><BR/>Somehow, my wife and I would like to chart a course between the two styles.<BR/><BR/>Anyhow, looking forward to learning more about your family!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1133193651108246442005-11-28T11:00:00.000-05:002005-11-28T11:00:00.000-05:00thanks for posting in this vein...it is fascinatin...thanks for posting in this vein...it is fascinating to read how we form our relationship with money and wealth/abundance. I have been realizing lately that I have had to *unlearn* quite a lot over the years in order to establish a new - and healthier IMO - relationship. There are definitely things I learned from my mother that I'll be keeping, like self-reliance and determination. Sometimes I don't know how she got through certain times.Caitlinhttps://www.blogger.com/profile/07099173870125319819noreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1133065155776171372005-11-26T23:19:00.000-05:002005-11-26T23:19:00.000-05:00Your father sounds like a good man, and one who sa...Your father sounds like a good man, and one who saved well for the important things in life (family & education).<BR/><BR/>It's unfortunate, however, that his association literally with failed theories of how the economy "should" run kept him from achieving the wealth that likely could have been his. It sounds like he grew up in a world that thought that socialism could actually function... more importantly that it really is about the "workers" against "management". <BR/><BR/>Even at this point, you phrase his disappointment as <I>he could have done better by investing in stocks and watching them soar in value due to pro-business, anti-regulation policies that he despises</I>. It's as if he doesn't realize that the anti-business, pro-regulation policies he probably supported in his unionized environment have led to the death and anti-competitiveness of so many countries and industries.<BR/><BR/>More importantly though, by not understanding and appreciating the capital markets, he likely avoided obtaining the financial security that his otherwise exceptional savings habits would have indicated.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-14245531.post-1132971519075838732005-11-25T21:18:00.000-05:002005-11-25T21:18:00.000-05:00Fascinating. Thanks for telling about this. Our ...Fascinating. Thanks for telling about this. Our attitudes about money are affected by how we saw it growing up -- no doubt. And there are always things to take with that experience and things to overcome from that experience, too.Anonymousnoreply@blogger.com