For father’s day, instead of falling into the commercialization trend, let’s make our fathers proud. Have a father’s day money talk. This talk will not only impact your father and show him that you are thinking about his future, but will also help you organize yourself to better care for him. Buying shirts, cards, or tools is a nice gesture. But having a financial chat with dad is impactful. Be impactful on this father’s day and show dad how much you truly care.
The Sacrifice
On this father’s day, remember the financial sacrifices that your father has made over time. Think back to how much your father worked and his pains. Yet, he continued on. While you are at it, it should become very clear why some people stay at jobs that they hate. At times, some people will stay at jobs that they hate in the name of love and responsibility. He did it for you.
Father’s Day And Financial Education
Many have the luck of having a dad that inspires. For some, this is manifested in financial success or the search for financial success based on lessons learned. For example, save, invest, live below your means. It may be in the form of literal education or an education based on observation. Was it his struggle or was it his drive and position as an authoritative figure who did what was best for the family that motivates you to become financially independent? For some, it was the unfortunate mismanagement of finances that provided the teaching lessons that motivates today. Whatever your reason, I am confident that your father contributed and continues to contribute to your reasons for reading a financial independence blog and this article.
While your father may not be your biological father in the context of the man who took care of you, we all have a father, show him that you care.
Having The Father’s Day Talk
With all that your father has done to influence your financial life, it is time to have a father’s day money talk. Check on his current financial situation and his future plans. Although it may be difficult to talk to family about money, it is important to start.
Previous generations had the now acclaimed three legs to their retirement stool: (1) personal savings, (2) social security and (3) a company pension. Over the years, the three legs have been significantly weakened.
First, many have very little to no personal savings; second, as it currently stands, the social security program is teetering on the edge of insolvency; and third, for the most part, company pensions are a thing of the past. Taken together, the baby boomer generation have little saved for retirement, no pension plan and are dependent on social security. This is the reason for the talk.
The Talk
To have the money talk with dad, there is no reason to be aggressive. Do not forget that it is father’s day. If you approach your father’s finances aggressively, your father is likely to get defensive. The point here is to begin a conversation or continue the conversation such that you know where your dad is financially. More importantly, these conversations will aid your financial planing.
We cannot control what another person does, especially our parents. However, if we can make them aware of potential issues that may be on the horizon, maybe they can and will take action to change course.
The fact is, you as the child may be responsible for your parents during retirement. It is important that you begin taking steps to mitigate the impact on your financial future by talking to your dad this father’s day.
The Best Father’s Day Gift
For most of us, as adults, it becomes a struggle to get the perfect gift for dad. Guess what, you have most likely provided a lot of his material wants over the years. There are only so may cruises, trips, tools, shirt or gadgets that you can gift dad. At this point, the best father’s day gift may be just showing that you care by having an important conversation. Instead of gifting something that will be used for only a day or a month, have an impactful financial conversation.
Conclusion
For father’s day, instead of falling into the commercialization trend, let’s make our fathers proud. Have a father’s day money talk with dad. This talk will not only impact your father and show him that you are thinking about his future, but will also help you organize yourself to better care for him. Buying shirts, cards, or tools is a nice gesture. But having a financial chat with dad is impactful. Be impactful on this father’s day and show dad how much you truly care.
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