A Financial Spin On Father's Day
By: Ben Hutchison
Updated: June 14, 2012
Instead of getting Dad gifts for Father's Day, he can also teach the gift of saving money and financially planning for the future. Here's some tips from Savant Capital Management:
o Teach them the difference between wants and needs. Help them realize that it is okay to want things as long as their needs are covered. Talk about the differences every chance you get
o Teach them the importance of saving for a rainy day. Saving money to purchase an item (new bike or car) is one thing but the importance of having a rainy day (emergency) fund will help them survive those unexpected events. Use the economic decline as an example. The people that had an emergency fund survived much better than those that did not.
o Teach them that most of their financial success is in their control. It is their responsibility to become and remain financially secure.
o Help them find their entrepreneurial spirit. At a young age, help them find ways to make money with their own business. This could be a lemonade stand or selling things on line. When they get older engage their entrepreneurial side to discover a long term business or for additional success in the work place.
o Teach them how to be thrifty. Everyone lives on some type of budget regardless of how
much money they make. Teach your children how to stay within their budget and
the families.
NOTE: The best way to teach your children good money habits
is to lead by example. Kids don't always listen to you but they see everything
you do
