Tuesday, June 12, 2018

Financial Lessons From Dad

Sunday is Father’s Day.  Many fathers across the country will receive new ties, drills, silly hats or socks, stuff they need or stuff they don’t want.  Hopefully you will get your father a gift he really wants similar to the T-Mobile commercial that shows a Dad going to buy a cell phone for himself and signing his baby daughter’s name. 

Dads often don’t get the love or appreciation they deserve.  After all, they are the other half of the chromosome that creates life.  If you haven’t said thanks to your Dad even if you never met your Dad say thank you, he helped create you.  Just think what life would be life without you.

Now for my advice, Dads always provide advice to their children, no matter what age. Here are some financial words of wisdom from dads. 

  1. Work hard.  Have a strong work ethic which will translate to all aspects of your life.  Your finances are an important aspect of your life and you should take great care to maintain your finances – take time to know how much you owe, how much you earn and how much you spend.  These basic things will help you to develop a plan to get out of debt and plan for retirement.
  2. Save for a rainy day.  Life happens. Unexpected events will occur so why not be prepared.  Create an emergency fund to cover bills for 9-12 months so when something unforeseen happens you have the money to pay for it instead of using your credit card.
  3. Make sacrifices.  Dads always make sacrifices for their family.  You should too, especially financially.  When making purchases consider the impact on your family. If you are single consider the impact to your future.   Determine if the item is a need or want.  Wants can be bought later. 
  4. Pay with cash.  Dad always paid with cash.  He wasn’t too ashamed to skip buying something because he didn’t have the money.  He only bought want he needed and a few extras every now and then and he turned out fine.
  5. Plan for the future. Dad thought about the future.  He went to work every day and paid his bills on time.  He didn’t spend money unnecessarily and lived a modest lifestyle.  He saved money and had a retirement account. He lived comfortably during retirement and his family’s needs were met.

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