This afternoon I was thinking back to how things worked out for my step-dad, a self made millionaire, and how the things that happened to him over the years affected his judgement and values later in life, especially about money.

He was a kid during the Great Depression, but that affected him for the rest of his life. His mother abandoned all her 3 of her kids and took off, so he was raised by his grandmother. He dropped out of school after the fourth grade so he could earn money and help the family survive. He was driving his grandmother’s car when he was just 10 years old and glued pieces of lumber to the pedals so he could reach them.

He never trusted banks or the stock market after the big crash. The only investments he made were low risk cds and he never put more than $100,000 in any one bank account, as the FDIC only insures deposits up to $100,000.

When I tried to explain to him that a certificate of deposit is an option and that the maturity dates could be planned for maximum benefit and taxes, he would get upset and tell me that I didn’t know what was talking about. So I wasn’t able to help him much, but at least I tried.