Happy Father’s Day!
Father’s Day is just around the corner and we celebrate you, dads! As fathers, you play a key role in your kids’ lives. You teach them how to live. You run alongside them as they learn to ride their bike. You dust them off when they fall. And you encourage them to get back on. As a result, not only will they learn how to ride their bike, but they will also learn how to help others succeed. They will learn that hard work pays off. They will learn the old adage, “If at first you don’t succeed, try, try again!”
While you have taught so many life lessons and set them up for success in so many ways, have you set them up for financial success? What lessons do you need to leave with your kids as they grow into adulthood?
- Spend Less Than You Make. Seems simple, but in a world with credit, it is easy to spend more than you take in. Teach your kids to plan what they spend. Buy them a “Save, Spend, Give” piggy bank. Start with a simple budget. Whether it is allowance or income from a summer job, encourage them to build a spending plan. This habit will serve them well when they are on their own.
- Debt Is Like the Dark Side. As Yoda would say, “If once you start down the debt path, forever will it dominate your destiny, consume you it will!” Okay, that is a little overdramatic, but debt is easy to get into, and hard to get out of. Teach your children about the impact of interest on a debt balance. If they think it is hard to live within their means before they have debt, imagine how hard it will be when they are also incurring interest.
- Good Things Come to Those Who Wait. Your kids must learn delayed gratification. Whether it is building an emergency fund or saving for retirement, choosing to put off spending money so that they will have it available later is essential.
- It Is Never Too Early to Plan for Retirement. Your kids will not naturally be thinking about retirement. They don’t think they will ever age; you know all too well how fast time flies. It is your task to make them think about it. The earlier they start to save, the less they have to save each year, and the more successful their retirement plan will be.
- Having, first gained all you can, and, secondly, saved all you can, then give all you can. I know it is a really long quote, but John Wesley said it, and with it he captured the goal of a healthy financial plan. Work hard, save money, and then be able to help others. What dad could ask for more for their kids?
So, enjoy your day, dads! Take a great nap on the couch. Enjoy the finger-painted wishes. That is all that they can afford for now, and you will find them priceless. But remember that part of training your kid to live is training your kid to manage their finances. And if they do a good job with their finances, who knows what your future Father’s Day gifts may be?
Did You Know?
Your employer sponsors this financial wellness benefit from Francis. The benefit connects you with down-to-earth financial planners who educate and advise on any money matters…without the sales pitch. We are exclusively engaged by employers like yours and have no investment products to sell, so you can feel confident that you will always receive objective advice.
Your financial planner will help you set priorities and achieve your money goals, without judgment or financial jargon. Know that all discussions are kept strictly confidential. This service is offered as an employee benefit with no per-session co-pays, so you can meet with a financial planner as often as you wish. Services are paid by your retirement plan or your employer.
Connecting with a financial planner is easy! Here’s how:
- Visit FrancisWay.com > Services > Participant Portal
- Call (866) 232-6457
Download the free mobile app (Search for Francis LLC)
Visit the Learning Library
