This month’s installment is a funzie-wunzie introduction to The Wise Sage. Each segment will feature an older, wiser sage giving money advice to all y’all.
This month’s wise sage: my very own father. He’s the kind of guy that has other people's children named after him, and he gives advice on which you can base your life decisions. Plus, he reads approximately 3,204 pages of news per day, much of that including economics and personal finance, so that helps too.
Sage & Mint: Hey Dad, what are some of the best financial decisions you made in your twenties?
The Wise Sage: I would say marrying your mom. Before I met her, I didn’t pay much attention to how I was spending money. I was a single guy with a good job and I spent what I wanted to. Your mom was frugal and she balanced out my spending. She budgeted, she was organized, and she didn’t have extravagant tastes.
We also lived on one income on purpose. We ended up saving more money than some couples that were living on two incomes. It’s pretty tempting to spend a lot of money if you’re making a lot of money, so we tried to cut out that mindset.
“It’s pretty tempting to spend a lot of money if you’re making a lot of money, so we tried to cut out that mindset.”
Also, we were pretty frugal on our car purchases. A car is a depreciating asset (it’s more likely to lose its value) while a house is an appreciating asset (it’s more likely to make you money).
Sage & Mint: What was one of the worst money moves from your twenties?
The Wise Sage: It pains me still to think about it. I did a poor job managing a rollover (the equivalent of a 401K today). Essentially, it came down to not doing enough research for my investments. I trusted a financial advisor who came recommended but I didn’t dig into the issue myself. I ended up losing a lot of money.
“A car is a depreciating asset while a house is an appreciating asset.”
Sage & Mint: Any other final thoughts for our dear readers?
The Wise Sage: Money doesn’t matter quite as much when you receive so much fun and joy from THE MOST WONDERFUL CHILDREN EVER THEY ARE JUST SO DELIGHTFUL.*
*Italics added for emphasis.