In many homes across the world, especially within our nation, fathers have been traditionally responsible for the financial well-being of their children. This has extended to their role of teaching a child how to sustain themselves when they are on their own. This Father’s Day, let’s celebrate some of the absolutely vital, key pieces of advice that our fathers remembered to share with us!
A fairly obvious piece of advice that fathers would never forget to announce – the act of saving is essential if you want to sustain your wealth throughout life, and opposed to those who live a lavish lifestyle and then struggle to make do. Fathers are usually the first ones to inculcate the concept of saving money in every child. This financial advice can prove to be the deal-breaker for many kids as they grow up. It is often the father who urges their child to begin saving a chunk of their salary, from the very first paycheck!
“No risk, no reward!” – a statement that is often heavily emphasized by fathers, especially when it comes to generating more wealth for oneself. The financial advice of investing along with where and what to invest in is often felt like a cardinal role by many financially equipped fathers. The importance of having your monetary feet in many wells is essential to create wealth beyond your immediate capacity.
#3 Pay on time
Perhaps a moral lesson because of the stigma attached to it – “Don’t be a defaulter!” goes a long way. Whether it is to avoid bad debt or to understand the consequences of late payment or just to inculcate good principles. Timely payment is a piece of advice that can change the life of those who follow it religiously. From banks taking away collateral to loan sharks, there are a variety of unpleasant scenarios that can arise from paying your bills late or rather not adhering to the concept of timely payment. Fortunately, new age instant loan apps like EarlySalary aren’t harsh on borrowers and offer flexible repayment options.
#4 Financial Independence
Weaning off the financial dependence on your family, or even partner is a dream many would like to live as quickly as possible. Fathers hope to make that dream come true by never forgetting to share the importance of being financially independent, right from when we start earning.
#5 Financial Prudence
“Don’t buy anything until you can afford it twice.” A famous principle to live by. Living life under your budget is hinted at from an early age when we’re not allowed to buy sweets just because we want them. Throughout our life, we have to balance our investment and savings, the way of life of buying “just what you need” is important. Purchasing and owning the quality that is required rather than what is marketed better or what might get one social point is essential to have a bigger savings account; one of the most valuable financial advice given by our fathers!
This may be last on the list but we’re sure it’s an idea that’s certainly drilled into our heads by our fathers. Investing in a property after a few years into your career is a concept many fathers champion. They’d often even say – the earlier you start, the lower is your EMI for the same amount of loan.
This Father’s Day, let’s come together to thank our fathers for their priceless financial advice. Share your fatherly stories with us by using the hashtag #PapKehteHain and tagging us.
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