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Bill Gross, Jim Rogers And More Financial Titans Share What Their Dads Taught Them About Money

Dad Kids

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 SummersBill 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.

For the full article, head to WSJ.com>

 

 

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Money Saving Tips For The Penny-Pinching Roadtripper

Road Trip

Roadtrippers everywhere are rejoicing in their ability to control costs as the airline industry continues to add fees. These days, everything from carry-on luggage to the privilege of herding your kids down the jetway before the masses will cost you some extra cash.

However, road trips can get pretty pricey too, unless you plan ahead. Consider these 10 money-saving tips before you embark on your next cross-country adventure.

1. Plan Ahead
Before you hit the road, research routes and destinations to make the most of your summer vacation. Map out places to visit, popular eateries (consult Food Network for recommendations) and pre-book your accommodations to avoid a no vacancy nightmare. Try using TripIt to keep all details organized in one place, but bring a map in case your GPS goes down.

2. Save on Gas
Gas has dropped in price by 10 percent since its peak earlier this year, but it's still pretty expensive at an average of $3.57 per gallon. Avoid the stress of hunting down the cheapest gas by using the CheapGas app to navigate to the most inexpensive fuel available on any route. Also, consider using a credit card that provides travel points or cash back on gas purchases. Consult this list of top gas reward credit cards for suggestions.

3. Get Tuned
Get your tires checked and schedule a tune up before you hit the open road. This will help you avoid breakdowns that could result in costly repairs with unfamiliar mechanics. There's nothing worse than cutting your road trip short with a car repair you know was easily preventable.

4. Save on Dining Out
Chain restaurants abound in roadside towns, making it easy to stop for a quick meal you know you like. Before your trip, find restaurant gift cards at a discount from GiftCardGranny, where you can save up to 30 percent at Chili's, Olive Garden, Outback Steakhouse and many more.

5. Pack Wisely
Avoid paying premium prices for trip essentials by packing what you need beforehand. Beach staples like towels and sunscreen cost much more when purchased onsite, as do travel-related gadgets like phone chargers and camera batteries. Ultimately, you don't want to get stuck paying a pretty penny for something you have sitting at home.

6. Make Snacks
Pit stops are a road trip must, but loading up on convenience store fare will quickly eat into your budget. Pack your own snacks, soda and bottled water in a cooler, and refill with cheap ice from the gas station as needed. That way, you can save your rest stops for more interesting landmarks than the Kum 'n Go.

7. Avoid Bottled Beverages
If you run out of refreshments or simply must purchase something from the gas station, opt for fountain drinks over bottled soda. You pay a couple bucks extra for the bottle and receive less soda than when you go for a Big Gulp with ice.

8. Tell Your Bank
Alert your credit card company about your upcoming road trip and give them destination details so you don't temporarily lose access to needed funds. Otherwise, most banks and credit card companies will tag frequent, out-of-state charges as fraudulent and put a hold on your account.

9. Drive Legally
I know, sometimes you just want to "get there." However, studies show that fuel efficiency decreases as your speed increases, making trips more expensive for those with lead feet. Since speeding also increases the potential for pricey tickets, it pays to slow down and enjoy the scenery.

10. Daily Deal It
Once you establish your route and preferred destinations, look for daily deals in the cities you plan to visit to save on dining, activities and attractions. You may find unique ways to explore new towns with deals on everything from photo safaris to winery tours. 

Cleardot

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KOTOK: Switzerland Is No Longer Neutral

Swiss Watch Tag Heuer

The euro has exhibited notable resilience amid the persistent debt crisis.

What's propping up the beleaguered currency?

The Swissie, according to Cumberland Advisors' David Kotok.  That's the Swiss franc.

The Swiss National Bank is pegging it to the euro, "regardless of the short-term cost," he notes. 

"...the massive expansion of the SNB balance sheet and the commitment to the peg now combine to make the Swiss 10-yr bond the European benchmark.  Switzerland is considered the highest-quality, most truly AAA-rated credit in Europe.  Switzerland is supposed to be a neutral country, but it clearly has linked its monetary path with that of the eurozone."

Earlier today, the SNB reiterated its commitment to maintain a minimum exchange rate of €1.20 per Swiss franc.

Here's What Inflation Looks Like Around The World >

 

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