Fathers are an integral figure and influence in our formative years. As children we don’t realise the importance of the life lessons he shares; but when we become adults, we can look back and appreciate the great values that Dad taught us.
Life lessons are a way for a father to pass on his legacy to his children, grandchildren and great-grandchildren. Part of that timeless wisdom is good financial planning, which can be summed up in these familiar phrases you may have heard from Dad.
Dad says: “Save before you spend.”
When you practise the habit of saving before you spend, you create a safety net to cushion the unpleasant impact of the unfortunate. This peace of mind should not be underestimated: Studies show that financial security has a positive influence on our physical and emotional wellbeing.
We recommend: Having the equivalent sum of three months’ salary stashed away can help to tide you over those rainy days.
Dad says: “Unexpected shouldn’t mean unprepared.”
Life has a way of surprising us with twists and turns. Insurance is one of the more practical ways of managing the uncertainties whilst securing the future. The risk of falling critically ill, the risk of facing an accident, the risk of your own death and more can be mitigated with effective insurance policies in place
We recommend: Look at the big picture and consider where your priorities lie. Seek advice from a professional consultant, who will create a custom suite of insurance plans and financial solutions that fit your exact needs.
Dad says: “It’s never too early to plan for the future.”
Retirement planning seems light years away and you may even think “I have more important financial commitments to take care of right now!” However, if you choose to delay your retirement planning, you may find yourself lacking the time and resources to build a cushy nest egg. This can be exacerbated when you retire from the workforce and no longer have a source of regular income to rely upon. Factor in inflation and rising healthcare costs, and your golden years may not be as brilliant as you had wished for!
We recommend: Figure out how much money you need by thinking of the lifestyle that you hope to retire to and work towards achieving it. Investing is one method to grow wealth; however it would be wise to tread carefully and weigh your options before going in. Alternatively, a professional consultant will be equipped with the knowledge to best advise you.
This Father’s Day, don’t be shy about showing your affection for the most important man in your life. Thank you Dad for being the wisest teacher, smartest adviser and best friend!Share on Facebook Share on LinkedIn Share