NEW YORK (TheStreet) — More than three-quarters of Americans (76%) plan to celebrate Father's Day this year, with family members, friends and others spending a total $12.7 billion on the holiday, or about $116 per person on swag for dad on his big day.
Not that dad would approve of all that spending on him this year, or any year.
Americans — finance professionals, regular folks and business owners — say the best advice they ever got from their fathers about money leaned toward the conservative side.
"My dad worked for corporate America when I was a child," says Don DiCostanzo, chief executive of Pedego Electric Bikes in Irvine, Calif. "He saw that I demonstrated sales skills early on and he encouraged my entrepreneurial aspirations. From the time I was about 10 years old, my dad helped me find things to sell door to door."
The first items were garden and flower seeds, but not everyone had a garden, DiCostanzo says. He decided light bulbs were a better offering, since everyone needed them. "My dad advanced me the 50 cents a pack and I would pay him back after I sold them at $1 per pack. My dad's advice about borrowing, margins and sales helped me set a foundation for future success. Most importantly, he showed me early on what it felt to experience success."
For Scott Smith, chief executive of CreditRepair.com, the takeaway from his lessons from his dad focused — not surprisingly — on building and maintaining a budget. "My dad emphasized the importance of living within your means," Smith says. "Immediate gratification felt from an exciting new purchase may feel good in the moment, but it isn't worth going into debt. If you have to incur debt to pay for something, don't do it. Instead, save up money over time and pay cash for things. He'd say, 'Always buy a used car when possible. As soon as you buy a new car and drive it off the dealership lot, the value decreases.' It was always good advice."