Father Knows Best: The best financial advice dads have given and received

For this week’s Top Story, we’re getting the best financial advice dads give.

Somewhere between the era of Father Knows Best and The Simpsons, dads lost their reputation as all-knowing family sages. Their financial advice, however, still holds up; long before podcasts, influencers and investing apps, many people got their first financial education at the kitchen table. Recent studies continue to show that parents remain the primary source of financial learning for young people, with family conversations and parental modelling playing a major role in shaping long-term financial behaviour. We asked a few Canadians (and one American for good measure) about their dads’ best money tips—and what they’re passing down to their own kids. 

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“My father’s advice: ‘Don’t waste your money on stupid shit.’ In the ’80s, he very proudly wore a cheap Swatch and loved asking his friend with a Rolex the time: ‘Huh! That’s the same thing mine says. Tell me again how much you paid for yours?’ He hated status symbols, logos and labels, and that rubbed off on me at a very young age.” 

—Shawn Cantelon, father of two, Toronto 

Beware the one-armed bandits 

“When I turned 19, my dad gave me $200 and took me to a casino and watched me lose it all. And then I proceeded to lose $200 of my own money. Not exactly advice, but it was instructive. I learned to never go into a casino again.”

—Trevor Dunseith, Iqaluit, Nunavut 

Keep calm 

“My dad was a financial advisor, and he’d tell me stories about clients who lost money because they panicked and locked in losses by selling during a market dip. His advice: ‘Set it and forget it. Make consistent contributions to your investments, but don’t obsess over dips and spikes.’ He taught me that investing is a long game and I should leave my emotions out of it.” 

—Jennifer Goldberg, Toronto 

Weather the storms

“When I was a kid, my father would pay us to cut the grass and wash his car, but he was very clear about putting some away: ‘You’re living at home, you don’t have any expenses, you’ve got to save at least half of it.’ That led to me learning how to invest it. At first, he would come with me to the bank to do it, but soon I was going alone.

“My parents very generously set up trust accounts for all of their grandkids when the kids were young, and my children have another trust account, too, that their mom and I set up. These accounts have created a history for them in their investing, which is so important: Sometimes if clients have never invested before, and it goes down in the first year, that turns them off investing altogether. But having a history to see the ups and downs is very powerful.

“I generally do a financial review with clients every year. I started doing that with my kids, sitting them down and showing them that in fact, those accounts have more than tripled. That’s a pretty powerful thing to see on a graph.

“Next up, the goal is to set up some credit for my son, who’s 18, like a subscription in his name or maybe a low-limit credit card.”

—Fred Godbolt, father of two, Exeter, Ont., Sun Life Financial Planner at GC Financial Solutions Group

Don’t get burned 

“My dad told me to ‘get it in writing’ and ‘get the money up front.’ That was many years ago but it’s great advice for a freelancer. I had just gotten burnt on almost-my-first freelance assignment.”

—Kathy Flaxman, Toronto 

Live within your means

“My dad was a community newspaper journalist in Belleville, and he didn’t make a lot of money, but he’s always been the kind of person that doesn’t need a lot to be happy. He just needs a newspaper, a cold beer, and sports on the TV. And he’s amazing at living within his means. He’s always been someone that’s never cared about the flashy stuff. He’s never gone into debt to try to keep up with the Joneses. And I think he really taught me that it’s important to live within your reality and to be happy and grateful for what you have instead of just always pining for something that you don’t.”

—Erin Bury, Toronto, co-founder and CEO of Willful

Depreciating assets versus appreciating assets

“When I was 12, I learned about compound interest. From that point on, I was a saver. And ultimately, I ended up doing great financially. What money bought for me was freedom to be a very hands-on dad. As a result, my kids have heard so many of my calls, whether it was about real estate deals or working the property management side on my apartments. They were always listening. They were always asking questions. 

“The biggest lesson that I talked to my kids about constantly was depreciating assets versus appreciating assets. There’s so much clickbait out there and so many bad messages, I think. Everybody’s selling a course and everybody’s driving a Lambo. I taught my kids that someone can make a billion dollars a month and still be broke if they spend a billion and one.

“I also taught them that there are asset classes that you invest your money in. It may not be sexy. It may not be fast. But it’s time-proven. My 20-year-old called me recently, and said, ‘I want to buy a house, and I should have $100,000 saved by the end of the year.’ That was a really special moment.”

—Ryan Duncan, father of five, Sarasota, Florida

Read more from this issue of The Get:

1. How much does a wedding really cost in Canada?  
2. Chandler Levack on finding main character energy and being too precious
3. Are premium plans on dating apps swipe-worthy?
4. How to save and spend when trying to build credit in Canada