My parents were opposites financially. (probably why they split years ago) My dad was a very hard worker and great and earning an income and at times quite good at running his own business (builder), but had real trouble being able to keep wealth once he accumulated it.
He used to 'invest' in very risky shares and a few other business ventures.
Around 1984 he was a millionaire. He then bought a independant hardware store in terrible location (residential street) only a few streets away from the main commerical centre where there was a Mitre 10 (the Bunnings of the '80s). He was pretty much broke again by 1985 and went back to working on wages. (somehow we kept how house!)
In 1989, Newcastle earthquake hits and dad had the opportunity of a lifetime to make his riches. First 18 months was the cream high margin easy work and dad made heaps. At one point had 50 employees working for him. He was wealthy again by 1990/91. The second 18 months of work was the too hard basket 'no builder wanted to touch stuff' but dad had a problem with saying no to work. he lost a lot of money during that period. he tells like this 'i would have been better off sitting on Newcastle beach relaxing for that 18 months'
Back to square one. Since then he treid casinos (lost always), horses (see casinos), high risk money lending (see horses), the purchase off an armoured car to an sell after fixing it up! (see casinos), once put 100k (in the 80's a lot of money) in one company (on a hot tip) to see it climb to 300k and than sold it for 3k a short after it collapsed! His most boring investments of course have been his most successful! A couple of spec house he couldn't sell in a bad market, he just held onto as IPs which I think he still has some 15 years later.
He is now 61 and unfortunately has no prospect of retiring anytime soon due to his sometimes exciting yet ultimately unsuccessful 'investments' . In short good at earning money, hopless at saving and investing
Mum, very low income earning but very frugal and able to get by on her income. Refuses to every borrow money for any purpose. Refuses to invest in anything but term deposits and extra contributions to her super fund.
Despite my parents short comings financially (money was never really discussed at home growing up) I learnt a lot from them. From my mum to save and be somewhat frugal. From dad, to invest in the sharemarket and property and not to be afriad to borrow for these purposes.
Luckily I also picked up from them what not to do - from dad - no get rich quick schemes, no gambling, no armoured cars etc, no consumer debt, don't be impatient etc.
From mum - don't be afraid to invest, don't be afraid to borrow for quality grow assets etc.
Funnily enough being somewhere in b/t my parents re. views on money/saving/investing has searved me well particularly since meeting my wife 4 years ago who has similar ideas.
Sorry this post was sooo long
Jase
