Father’s Day is a day to celebrate the presence of fathers in our lives. The role of a father is to preside over their families in love and are responsible for providing the necessities of life for their families. Dads are usually in charge of bringing in the bacon and managing the household finances, and this is impossible without having gain a certain level of financial literacy over the years of experience as a father. After all, they are the CFO of the house (moms are usually the CEO), and also the CEO of The Bank of Dad.
In honour of Father’s Day, we asked 10 fathers to share with us, financial advices which they will give to their children.
#1
“Let your money earn even more money for you.” – Ng, Business man, 56
#2
“You cannot spend what you don’t have.” – Wu, Full-time Tutor, 34
#3
“There are many wants disguised as needs. Think not just twice but thrice before you buy something expensive.” – Tay, Operations Manager, 27
#4
“The concept of personal budgeting in simple: Do not spend unnecessarily. Live below your means, not within your means.” – Lim, Managing Director, 45
#5
“Invest wisely, attend free seminars that are credible like those by SGX. Make the effort. Financial mastery doesn’t come easy unless you work for it through active learning.” – Tan, Day Trader, 43
Read Also: 6 Problems I Faced When Learning How To Buy My First Stock
#6
“Don’t worry about the lack of money. There are plenty of opportunities to make money everywhere. All you need to do is look for it.” – Er, Retired Business Man, 74
#7
“Understand what budget really is. It’s about allocation and discipline. Not just setting aside a sum of money for spending. Allocate how much you will spend on food, transport, entertainment, and bills, then have the discipline to stick to it no matter what. If you can’t handle this, you can’t handle money when you’re wealthy.” – Yan, Investment Banker, 41
#8
“Make sure you’re well-insured. Buy insurance products that force you to save, and also life insurance, and an endowment policy. You’ll thank yourself when you actually need the payouts.” – Tan, Graphic Designer, 36
Read Also: Why You Need To Stop Thinking About Getting Returns From Your Insurance Plans
#9
“There’s no need for an accounting or finance degree to manage your money. Just resist impulse buying and you’ll go a long way.” – Ng, General Manager, 50
#10
“The best investment you can make is a good spouse.” – Quek, Lecturer, 62
After Thought
There is a common consensus among the dads we interviewed that we have to resist the urge to buy things we don’t need. They may be speaking as someone who’s paying for all our whims and fancies, but it is nonetheless true. How many times have you checked your bank account to be shocked at how little you have? Most of us would then probably start to regret our spending spree. So listen to dad when he nags tells you that you are spending too much. Ask him more about how to handle money. And most of all, thank him for giving all that you have till now – monetary or not.
Read Also: What Every Young Person Needs To Know About Financial Planning
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