5 fatherly financial tips for Fathers Day
Published June 13, 2014 4:21 AM
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Updated June 13, 2014 9:56 AM
1 Min Read
1. Dont let your wants override your needs.
While 64% of adults report in a recent NFCC poll that they can obtain better financial advice elsewhere, approximately 20% feel that dad is the next best thing.
We feel that if parents would get their financial act together, they have the ability to influence two generations: their own and their children, says Gail Cunningham, a spokesperson for the NFCC. They are teaching financial habits whether they realize it or not and without speaking a word.
[Image: Shutterstock]
We feel that if parents would get their financial act together, they have the ability to influence two generations: their own and their children, says Gail Cunningham, a spokesperson for the NFCC. They are teaching financial habits whether they realize it or not and without speaking a word.
[Image: Shutterstock]
2. Find a happy medium between working hard and understanding money.
Having a deep understanding of what it means to earn money and have the knowledge to put your best forward at work are values that can serve as the foundation of any workforce.
[Image: Shutterstock]
[Image: Shutterstock]
3. Stress the importance of saving for college.
Right now, there is approximately $1 trillion in student loan debt, according to various estimates. The NFCC recommends that parents get a hold of these higher education obligations by setting up a 529 college savings plan for their children. Also, the agency encourages students themselves to contribute so that they are more involved with the process.
[Image: Shutterstock]
[Image: Shutterstock]
4. Start saving for retirement as soon as you can.
The best time to start socking away money for retirement was probably yesterday. While employers have offered the gamut of financial education and retirement options, executives at NFCC's member agencies say seeking professional management of retirement savings and advice about spending habits early on will be a gift that keeps on giving when employees exit the workforce.
[Image: Shutterstock]
[Image: Shutterstock]
5. Be more proactive in promoting financial literacy among children.
Including financial education in schools may help fill an important knowledge gap among employees' children. Workers may want to consider lobbying to have financial education included as part of their school district's curriculum.
[Image: Shutterstock]
[Image: Shutterstock]
