{"id":6398,"date":"2017-07-09T17:50:19","date_gmt":"2017-07-09T21:50:19","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=6398"},"modified":"2017-07-09T17:50:19","modified_gmt":"2017-07-09T21:50:19","slug":"kerry-talks-about-money-lessons-from-her-dad","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=6398","title":{"rendered":"Kerry Talks About Money Lessons From Her Dad"},"content":{"rendered":"<div class=\"story-top\"><\/div>\n<section class=\"cols2\">\n<div class=\"unit col1\">\n<article>\n<div class=\"story\">\n<div id=\"article_body\" class=\"content\">\n<div class=\"group-container \">\n<div class=\"inline-player\">\n<div class=\"pro-video-chapters fall dyperf dyMonitor\" data-adid=\"535383||678|||\"><\/div>\n<div id=\"player_0_104533943_0\" class=\"asset cnbcvideo imgasset desc_size600_400 featuredPromo\" data-autoplay=\"1\" data-dockable=\"1\">\n<p><span class=\"video-icon\"><a class=\"\" href=\"http:\/\/www.cnbc.com\/video\/2017\/06\/16\/dads-money-lessons.html\" data-videoid=\"3000628076\" data-videotype=\"\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" title=\"Dad\u2019s Money Lessons\" src=\"https:\/\/i0.wp.com\/fm.cnbc.com\/applications\/cnbc.com\/resources\/img\/editorial\/2017\/06\/16\/104534858-6ED1-OTM-DadsMoneyLessons-061617.600x400.jpg?resize=600%2C400&#038;ssl=1\" alt=\"On the Money 4\" width=\"600\" height=\"400\" \/><\/a><\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"group\">\n<p>Fathers shape their children&#8217;s financial life.<\/p>\n<p>To that point, 56 percent of people said their fathers influenced their retirement savings and 62 percent said their retirement plans are similar to their dads&#8217; strategy, according to a John Hancock Retirement Services survey of 1,007 Americans adults conducted in late April.<\/p>\n<p>Paternal influence cuts both ways. A recent\u00a0<a href=\"http:\/\/www.cnbc.com\/2017\/03\/26\/steps-to-stop-you-passing-bad-money-habits-on-to-your-kids.html\">T. Rowe Price analysis\u00a0<\/a>found that people who have declared bankruptcy were more likely to have kids who do not save any money, compared to the children of people who didn&#8217;t declare bankruptcy.<\/p>\n<div id=\"inline_movable_ad\"><strong>Read on <a href=\"http:\/\/www.cnbc.com\/2017\/06\/16\/top-money-lessons-dads-can-teach-their-kids-this-fathers-day.html\">CNBC<\/a><\/strong><\/div>\n<div><strong>Watch on CNBC<\/strong><\/div>\n<p><iframe loading=\"lazy\" src=\"http:\/\/player.cnbc.com\/p\/gZWlPC\/cnbc_global?playertype=synd&amp;byGuid=3000628076&amp;size=530_298\" width=\"530\" height=\"298\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Dads can raise their personal finance game this Father&#8217;s Day<strong>. <a href=\"https:\/\/kerryhannon.com\">Kerry Hannon,<\/a><\/strong> author of <a href=\"https:\/\/www.amazon.com\/gp\/product\/1118898060?ie=UTF8&amp;creativeASIN=1118898060&amp;linkCode=xm2&amp;tag=kerrhann-20\">&#8220;Love Your Job: The New Rules of Career Happiness,<\/a>&#8221; shared with\u00a0<a href=\"http:\/\/www.cnbc.com\/on-the-money\/\">CNBC&#8217;s &#8220;On the Money&#8221;<\/a>\u00a0about the best money lesson her father, Jack, who passed away nine years ago, taught her.<\/p>\n<\/div>\n<\/div>\n<div class=\"group-container \">\n<h4 class=\"subtitle\">Support yourself<\/h4>\n<div class=\"group\">\n<p>Hannon&#8217;s dad, who ran an engineering and consulting firm in Pittsburgh, taught her early on never to be financially dependent on anyone.<\/p>\n<p>&#8220;I have my own separate checking, savings and retirement accounts, even though I&#8217;ve been married for more than 20 years,&#8221; she said. &#8220;He wanted me to do what I wanted without having to ask permission from anyone.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"group-container \">\n<h4 class=\"subtitle\">Save early and often<\/h4>\n<div class=\"group\">\n<p>Once Hannon got her first job, her dad was adamant that she contribute to her\u00a0<a href=\"http:\/\/www.cnbc.com\/2017\/01\/03\/prep-your-401k-plan-for-2017.html\">401(k) plan<\/a>.<\/p>\n<p>Workplace retirement plans are especially important if your employer offers matching contributions. The average employer matching contribution at a large company 401(k) plan is 50 cents on the dollar on the first 6 percent of pay, according to Vanguard.<\/p>\n<p>People starting out in their careers should build a budget, and aim to contribute to their retirement plans up to the employer&#8217;s match, Hannon said.<\/p>\n<\/div>\n<\/div>\n<div class=\"group-container \">\n<h4 class=\"subtitle\">Spend on experiences<\/h4>\n<div class=\"group\">\n<p>Living frugally doesn&#8217;t mean missing out on life. Hannon&#8217;s father loved horses. He eventually managed to raise four children and keep\u00a0up to six horses in stables. He passed on that love of horses to Hannon.<\/p>\n<p>&#8220;With him, money was about spending on experiences rather that things,&#8221; Hannon said.<\/p>\n<p>Behavioral science supports that approach to spending. Researchers from San Francisco State University found that people enjoy greater well-being from life experiences, and consider them to be a better use of money than material goods.<\/p>\n<\/div>\n<\/div>\n<div class=\"group-container \">\n<h4 class=\"subtitle\">Be a lifelong learner<\/h4>\n<div class=\"group\">\n<p>Hannon&#8217;s dad told her to &#8220;invest in knowledge, so you can keep growing into your future.&#8221;<\/p>\n<p>With roughly 44 million Americans owing\u00a0<a href=\"http:\/\/www.cnbc.com\/2017\/05\/18\/three-ways-to-avoid-the-death-spiral-of-defaulting-on-your-student-loans.html\">more than $1.4 trillion in federal student loans<\/a>, being a lifelong learner doesn&#8217;t have to mean spending a lot on graduate degrees, Hannon said.<\/p>\n<p>&#8220;My dad would have loved all the free educational opportunities available online,&#8221; Hannon said. &#8220;He was always going to free lectures at Carnegie Mellon University.&#8221;<\/p>\n<\/div>\n<\/div>\n<div class=\"group-container last\">\n<h4 class=\"subtitle\">Focus your giving<\/h4>\n<div class=\"group\">\n<p>Her dad was a frequent volunteer and charitable donor, particularly for organizations\u00a0that helped the blind because he battled vision problems.<\/p>\n<p>&#8220;He was a big believer in giving back, but not helter-skelter,&#8221; Hannon said.<\/p>\n<p>Hannon said she earmarks a percentage of her income for her favorite charities. Here are three ways you can\u00a0<a href=\"http:\/\/www.cnbc.com\/2017\/05\/11\/3-ways-to-make-sure-your-charitable-giving-has-a-big-impact.html\">maximize your charitable giving<\/a>.<\/p>\n<p>by\u00a0<a href=\"http:\/\/www.cnbc.com\/tom-anderson\/\" rel=\"author\">Tom Anderson<\/a> |\u00a0<span class=\"twitter-url\"><a href=\"http:\/\/twitter.com\/bytomanderson\">@bytomanderson<\/a><\/span><\/p>\n<p><em>&#8220;On the Money&#8221; airs on CNBC Saturdays at 5:30 a.m. ET, or check listings for air times in local markets.<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/section>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Kerry Talks About Money Lessons From Her Dad\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>Fathers shape their children&#8217;s financial life. To that point, 56 percent of people said their fathers influenced their retirement savings and 62 percent said their retirement plans are similar to their dads&#8217; strategy, according to a John Hancock Retirement Services survey of 1,007 Americans adults conducted in late April. Paternal influence cuts both ways. A [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img src=\"https:\/\/static.hupso.com\/share\/buttons\/share-small.png\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Kerry Talks About Money Lessons From Her Dad\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"author":2,"featured_media":6405,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[40,72,101],"tags":[369,452,75,120],"class_list":["post-6398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-interviews","category-kerry-in-the-news","category-personal-finance-2","tag-charitable-giving","tag-dad","tag-personal-finance","tag-savings"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2017\/07\/download.png?fit=160%2C160&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p3YFQS-1Fc","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6398"}],"version-history":[{"count":5,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6398\/revisions"}],"predecessor-version":[{"id":6404,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/posts\/6398\/revisions\/6404"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=\/wp\/v2\/media\/6405"}],"wp:attachment":[{"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kerryhannon.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}