Timeless Financial Advice from Dad: Securing a Strong Financial Future

_{By Bromwich+Smith Staff | 671 words | Reading Time: 3 minutes and 21 seconds | Date: 2023/06/15}

As we navigate through the complexities of the new normal, in a time where many Canadians are struggling financially it's important to reflect on some common dad advice that stands the test of time. While the world around us changes and grows, the fundamental principles of financial stability remain constant. Today, we explore the sage advice our fathers shared with us and explore how it can help us secure financial independence.  

1. Live Within Your Means  
   One of the primary lessons passed down from generation to generation is the importance of living within our means. Dad taught us that overspending and excessive debt can hinder our financial wellbeing. While some have adopted that frugal mindset, have been budgeting diligently, and have based spending on  needs vs wants, not everyone has listened to dads sound advice. By understanding your budget, what you have to spend and where you are spending your money you can be successful with not over over-extending credit, and limiting your spending to money you have.  
    

2. Save now, save often 
   "Save for a rainy day" is a timeless adage that still holds true today. For many- its not just raining but there is a full on storm and there is no end in sight. With increased interest, higher than normal gas prices, increased grocery store prices its no wonder that Canadians are struggling.  Dad tried to implement the significance of saving a portion of our income for this upcoming rainy day. Establishing an emergency fund helps us weather unexpected financial storms without resorting to debt. Even if you find yourself in debt, we suggest putting aside some savings for this storm to ensure in the future you are not pulling from credit and adding more debt. 
    

3. Prioritize Long-Term Goals  
   Dad taught us the value of setting long-term financial goals and working diligently towards achieving them. Whether it's saving for retirement, purchasing a home, or funding our children's education, having clear objectives provides direction and purpose to our financial decisions. Dad wanted us to create a comprehensive financial plan that aligns our short-term actions with our long-term hopes. While not everyone has the same goals, is important to think ahead and plan ahead.  
    

4. Avoid Debt 
   Dad warned us about the dangers of high-interest debt and the importance of managing it responsibly. He wanted us to pay off credit card balances in full each month and avoiding unnecessary loans. Those two actions will help minimize interest expenses and maintain a healthy credit score. Having a good credit score will help you obtain future credit, for a car or house purchase, school loans etc.  
    

5. Read a book 
   Dad knew that financial literacy would be an ongoing task, and he wanted us to stay on top of new ways to save, and to grow those savings. By staying informed about personal finance principles, investment strategies, and economic trends, we can make informed decisions and adapt to the ever-changing financial landscape. So, just like Dad would we are going to encourage you to read books, attend seminars, and seek advice from professionals to grow your financial knowledge. I don’t know isn’t an answer anymore, if you do not understand investments speak to someone who does and learn about it. With technology at your fingertips there is no reason to not know what is happening with your own money.  

Our fathers have provided us with invaluable financial wisdom that can shape the way we live our lives. By staying within our means, saving diligently, prioritizing long-term goals, managing debt responsibly, and embracing financial education, we can secure a future for ourselves without debt. Let's thank Dad for his sound advice, and surprise him with your own tidbits of information. What advice do you think should be added to the list? 

We know that despite your best efforts, sometimes life throws a curveball and you need some help managing your debt. At Bromwich+Smith, we do this by offering an initial free, no obligation, confidential consultation by phone 1.855.884.9243 or video. You can also request a call back at our contact us page. We’re working with you to rebuild your worth.