Financial lessons from Fathers

Financial lessons from Fathers

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By Bromwich+Smith Staff | 400 words | Reading Time: 2 minutes | Date: 2022/06/14

Fathers teach us so much. One of the lessons that we believe is particularly valuable is that although money can’t buy you happiness, it can provide peace of mind, freedom and flexibility. So what are some of the key highlights our fathers have shared with us in terms of financial literacy? We think the first and most important one is talking about it.  

Financially literate people know how to achieve long-term goals and make healthy financial decisions. On the other hand, those who are not financially literate have difficulty applying financial decision-making skills to real-life situations. Not only do they tend to make unhealthy money decisions, they can create financial problems for themselves, hindering their ability to reach financial milestones. 

To that end, in light of Father’s Day approaching this weekend we have collected some amazing advice fathers have around financial literacy. It may appear simple, but they are definitely tips that have rung true for many generations. 

1. Work hard. Understanding the correlation between work and earnings from a young age is critical in fostering a great work ethic but also an understanding of how finances work. 

2. Have a vision. Financial planning is about defining your personal goals and creating a realistic plan to accomplish them. Learning to implement both long- and short-term goals early on, enables us to taste success and enjoy the fruit of good planning.

3. Save. Create a workable budget that prioritizes savings. 

4. Learn to Invest. Learning the fundamentals of investing early is helpful in so many ways. 

5. Be a giver not a taker. This is about the value of generosity but it also reminds all of us that making money is not the most important thing in life.

6. Avoid debt. Even with a sound budget, debt can be hard to avoid, however understanding the costs and implications associated with debt can help develop the self-control to avoid bad debt and use good debt wisely.  

Thank you to all the Fathers out there that have paved the way for financial literacy. 

If you are facing overwhelming debt, remember that you are not alone. Bromwich+Smith has a number of debt relief strategies to help you regain control of your finances and get your life back on track. Reach out today for a free, confidential, no obligation consultation. Bromwich+Smith’s Debt Relief Specialists are available by phone at 1.855.884.9243, or request a call back at contact us page. We want to see you flourish!

 

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