Father’s Day is June 21st this year, and it is sure to be unlike any Father’s Day that has come before. We are in the midst of a pandemic, social unrest and economic uncertainty. But, one thing we can count on is that fathers everywhere will be handing out fatherly advice to their children regarding a number of subjects.
Of course, one of the most important areas I consider giving advice to my children about is finances. My sons are fathers now and they hand down the same fatherly financial advice that I gave them. No matter what the economic climate is, good financial advice remains the same. And, whether you are a brand-new father or a seasoned pro, or whether you are a single mom who plays the role of both parents, or whether you are in a non-traditional family, good financial advice is always important to share.
Here is the basic advice that affects finances which I have handed down to my children and they to theirs.
1. Find your passion
2. Study to do your best
3. Work diligently
4. Live within your means
5. Start saving and investing early
6. Don’t put all your eggs in one basket
7. Don't try to time the market. Invest every month.
8. Make sure you have insurance for the risks of life.
In addition, I taught my kids early on the value of building and keeping an emergency fund that can cover 6 months of expenses. I then guided them toward focusing on starting their retirement fund. And, as I tell my clients, I told my kids when they worked in companies to get the company match through their employer’s retirement fund.
In these current times, it may be difficult to follow all of this fatherly advice. However, there’s one bit of advice that can always be followed. Teach them that a father’s love is something that never goes away.
Happy Father’s Day to all the fathers and all the father figures.