Photo: Flickr / alicegop
It’s Father’s Day, time to reflect on what our dads taught us (or should have). Wisdom, after all, is the best thing a parent can impart.That being said, the Wall Street Journal took the time to call around to some power house names in finance and see what their fathers taught them about money. Memories were collected from former Treasury Secretary Larry Summers, Bill Gross, Quantum fund co-founder and international investor Jim Rogers, and more.
Here are a few nuggets of wisdom in the piece. For the rest, you can head to WSJ:
- Larry Summers: Mr. Summers says he was a bit of a geek with a dad who was a bit of a geek. “I learned about the theory of portfolio diversification at a young age—that I should not put all my eggs in one basket.”
- Jack Bogle: “Keeping costs low seems to be something he learned in his youth. During the Depression, his family used to receive demand notices from the finance company that was trying to collect past-due bills,” he explains. “I remember them like yesterday,” he says. The big take-away: “Never get into debt.”
- Bill Gross: “I was raised by a father of the Depression who learned and taught me by example that hard work is a necessary condition not only for survival, but happiness,” says Mr. Gross. “He blessed me with his [work] ethic and allowed me to continue on for as long as my two feet will carry me.”
And it’s not just about what a Father says or teaches, it’s about what they do. Jim Rogers’ father, for example, made his son save all the time, even for his own baseball glove. Barton Biggs‘ father had him read “Security Analysis” by Benjamin Graham and David Dodd.
Makes you feel like a kid again.
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