Both my father and father-in-law were small business owners. Small businesses are the backbone of this nation. Not only do the owners have to be experts in their chosen field, they must also wear many other hats. They’re the HR department, the bookkeepers, the salespeople and PR department, all the while keeping a watchful eye on a multitude of regulations and red tape.

To this day I can hear my father pounding away at his adding machine, eventually tearing away a foot-long tape, then carefully reviewing the list. At the time I didn’t understand his occasional frustration, but I eventually realized it was because some days ended up in the red.

I was not as familiar with the inner workings of my father-in-law’s business, but I did observe that, as with my father, he seemed to have a multitude of duties and deadlines on his plate. Both were juggling a lot of balls on any given day and were extremely dedicated and hard working. Lessons learned.

No matter how busy, both men knew the importance of carving out time for their families. My dad rarely missed any little league games, or anything remotely important to a child. I’ve striven to carry their examples with me throughout my life, and I believe I’ve successfully passed their strengths and values on to my sons.

The days of those old adding machines spinning out small rolls of paper are long gone. Laptops, iPads and iPhones are far more powerful and efficient than our fathers could ever imagine. Being a small business owner today is much different than it was years ago. But even as technology explodes, the life lessons remain constant and valuable.

Many of the lessons I learned from my father and passed on have great financial relevance. Here are some of the lessons I’m confident my sons will pass on to their children.

Listen carefully. Whether it’s school or work, be attentive and respectful. Listening is a financial trait because far too many people have financial issues because they don’t listen to good advice.

Work hard. That doesn’t necessarily mean putting in more hours than everyone else. Just give it your very best effort when you’re assigned a task. Working smarter is more important than just putting in long hours. Take pride in your work.

Have a piggy bank. Sure, it’s a bit more difficult today because so many people use credit cards. I think the convenience of plastic instead of cash is one reason so many have financial issues. That being said, teach your children the value of regular saving. They need to understand the importance of paying themselves first.

Manage your debt. Financially, there’s nothing worse than carrying the burden of credit card debt. It’s not only a financial drain; it can also create serious mental strain. Money issues are the root of far too many divorces.

Be honest. The most important thing I learned from my father transcends finances. Honesty is important in every part of your life, but it’s front and center in financial transactions. Simply stated, do the right thing. Not only with your money, but in all aspects of your life.

Happy Father’s Day to all. Hopefully, you also have fond memories and have passed on some valuable lessons from your dad.

Email your questions to kenmorris@lifetimeplanning.com

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A Metro Detroiter is jailed in northern Michigan after a police chase crossed the Mackinac Bridge into the Upper Peninsula.

The 27-year-old Northville man was arrested Monday afternoon after a wild ride that alleges a police chase, driving through the gate of a toll booth, and then an attempted carjacking of a vehicle with woman and her child fleeing with the man hanging onto the vehicle.

Shortly after 2 p.m. Monday, May 19, St. Ignace police officers were alerted to a northbound pursuit by Emmet County Sheriff’s deputies.

The Emmet County Sheriff’s Office reported that at 1:52 p.m. deputies had tried to pull over a vehicle for speeding just south of Pellston.

“The operator of the vehicle in question, however, failed to comply with the Deputies’ emergency lights and continued to travel without stopping,” the sheriff’s office wrote on Facebook. “The pursuit persisted northwards, extending to the Mackinac Bridge, where the decision was made by Emmet County Sheriff Deputies to terminate the pursuit in the interest of safety.”

The bridge currently has a single lane open in each direction as work is being performed.

St. Ignace police reported that the suspect drove through the gate arm of a toll booth, just north of the bridge, driving northbound on I-75. Officers briefly lost site of the vehicle but quickly found it disabled near the Mackinac Straits Hospital. A Michigan State Police post is located near the toll booths, where a regular-sized car pays a $4 toll.

Police say the suspect, identified as Jack Maibach, 27, then tried to carjack another vehicle that was occupied by a woman and her child, but she “was able to drive away with the suspect clinging to the outside of her vehicle until he fell off.”

A St. Ignace officer and Michigan State Police trooper located Maibach in the parking lot of the Hampton Inn on State Street a short while later.

Police said he “violently resisted arrest” but was taken into custody with the help of a Mackinac County sheriff’s deputy and a Sault Tribal police officer.

He was being held in the Mackinac County Jail on three felony charges: fleeing and eluding, carjacking, and resisting police. Emmett County sheriff’s officials said charges are being considered in that county as well.

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