Parents teach a lot in life! Especially, dads use their real-life experiences to teach ‘precious money lessons’ to their children. Most of these lessons would be subtle in nature, useful all through the life. In fact, every little conversation, about money, with dad is no less than a lesson to be remembered for life. Here we attempted to compile some precious money lessons, straight from successful dads.
Dads have this wonderful art of bonding the family by bringing all the members together for monthly budget discussions to consider all our needs. They are very sure of their numbers, be it family finances or business finances. This simple yet effective budgeting skill helps realize profits and understand the financial stand. It motivates us to get even stronger, financially. Nevertheless, they get comfortable in splurging a little on entertainment too, a way the get the bonding going. After all, a cool vacation with the family is much needed.
Dad’s teach us how to create income from multiple sources. Taking up part time jobs, helping neighboring kids by taking tuitions, investing through mutual funds, investing in commodities, all are ways of alternate income. Many parents buy properties like the second house, office space, small shops in malls, to start earning extra income through rents. In simple, they teach us that planting seeds of investments along the way, yield returns for a long term.
They teach us the prominence of prioritization and staying focused to keep finances under control. This extraordinary skill of staying focused when trying many things at once, helps them take aggressive decisions that drive results. Successful dads wonderfully maintain the balance of living by leading a life below their means and realizing profits. They always manage cash conservatively, without any unnecessary credits.
Our dads plan everything! They ensure to secure the family by allocating assets after the death, through Wills. They know that life changes and one day they have to leave the world. Yet, our loving dads ensure that the finances and assets are distributed among the dependents, and even plans for the prosperity, by giving due importance to writing a Will!
Aren’t these truly worthy lessons? They teach us that we have to follow our passion with whatever we do, whether it is about being an entrepreneur, or being generous with sharing, or making investment choices at the same time going by the numbers and calculations.
Remember every small lesson and move ahead in life. Gain more valuable advice from finance experts like Arthayatra. Our mission is to bring high-quality financial advice affordable to everyone.
