Every time mom would refuse to buy you that remote-controlled car or that cute soft toy, it was dad who would come to your rescue. Most of the times he’d buy it for you, sometimes he won’t. On days when he won’t, he’d sit down with you, look into your eyes and ask you whether you really need it or you just want it. Dads are practical beings. While their reasoning prowess and problem-solving abilities remain unmatched, finance management is their forte.
Have you ever met a better economics teacher than your dad?
Fast forward to June 2018 and here we are, all grown-up and earning a living. Whether we’re working with MNCs or running our own entrepreneurial establishments, we still turn to our dads for financial advice. This Father’s Day, we bring you the 5 most effective finance tips every dad has bestowed his child with:
Health is wealth: Whether you stay with your parents or thousands of miles away from them, your health is always a big concern for them. That’s why, dad wants you to opt for the best health insurance plans available in the market. He knows medical emergencies can bankrupt you if you do not have insurance. Today we must take out time to thank dads for being our guardian angels.
Saving is key to a bright future: Remember how dad contributed to your piggy bank savings when you were young? Dad still feels it’s his duty to remind you of adding more savings to your bank account so that you can have a financially secure future. Every time he discusses finances with you, he can’t stop stressing on the importance of saving money and not wasting it on things that you don’t need. Since you only have a finite amount of financial resources, it is essential to focus on bigger things in life.
Take risks, invest your money: When dad taught you not to be afraid of taking risks, he was preparing you for adulthood. Money doesn’t grow on trees but it can if you invest it in the right places. If you don’t invest, you are missing out on opportunities to increase your financial worth. There can be times when you might lose some of your money, but didn’t dad always say that losing is part of the game.
Save your taxes, but never evade them: Did you file your IT return on time? Every year dad asks you this question during tax filing season. To ensure you save tax, he encourages you to opt for employee tax benefits provided by your employer. In addition to giving you the best advice on how you can save tax under Sections 80C, 80D and so on, he also expects you to file your IT returns on time so that you can do your bit in the development of the country.
Spend your money wisely: Dad is wise and expects you to be wise. It is easy to spend money but it is oh-so difficult to earn it. That’s why he always advises you to spend your money on things that you’re passionate about. For instance, your father will never discourage from buying an insanely expensive SLR if you’re passionate about wildlife photography or a telescope to gaze at stars and constellations if it makes you happy. He wants you to follow your heart and chase your dreams. Your happiness is what makes him happier.