My Dad’s Financial Advice Today: Inflation is a fact of life. Just deal with it.

~ Saturday, September 30, 2023 Blog Post ~

Image Source: MarketWatch

I was discussing spending control and inflation with my father yesterday. He is very well aware that I’m a penny-pinching millennial and has frowned upon my parsimonious nature.

I discussed the ever-increasing cost of goods with my Dad. For instance, gas was cheaper in 2017 than it is today. My father offered me a simplistic financial advice, citing that, since we’re alive, we have to spend our hard-earned money. His commonsensical statement made me chuckle out loud, yet it certainly made perfect sense. Moreover, my Baby Boomer parent — who was born in the 1950s — advised me that, since inflation is a fact of life, I just have to deal with it.

My father is an Air Force officer retiree and is currently enjoying his pension, savings, and investments. In October 1970, he earned his bachelor’s degree in economics at the University of the Philippines. My Dad is my polar opposite when it comes to personal finance. He is generous and free-spending.

If something is essential, Daddy will not have second thoughts of buying it. Hence, he enjoys his pension traveling and sightseeing, shopping, dining out, and other life happenings, regardless of the month’s headline inflation rate.

My Dad definitely made sense regarding spending and inflation. However, being my own person, I still choose to maintain my miserly ways, which I think is what is best for myself and my financial future profuse with financial peace of mind.

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My father offered me a simplistic financial advice, citing that, since we’re alive, we have to spend our hard-earned money.

Moreover, my Baby Boomer parent — who was born in the 1950s — advised me that, since inflation is a fact of life, I just have to deal with it.