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Passing on financial wisdom to your children
Passing on financial wisdom to your children
ATLANTA - Father's Day is a time to reflect on relationships. And, dad, while it's a day about you, don't forget the gifts you can leave your children. Here are three lessons that will last a lifetime.
PROTECT, SAVE, AND ENJOY
FOX 5's Dana Fowle sat down with a financial planner who sadly lost his father when he was just a boy. And this has caused him to reflect on what his dad gave him.
FINANCIALLY PROTECT YOUR FAMILY
"The first one protect, ya know, is a lesson I learned when I was very young," said Bud Boland a wealth advisor for Brightworth. "As a matter of fact, when I was 6 years of age, my father passed away very unexpectedly. And thankfully he had life insurance to protect against the loss of his income, and it’s that life insurance that enabled my mother to raise my two siblings and me and to educate us."
TEACH YOUR CHILDREN TO SAVE MONEY
Dads, use your life experience to teach your children to save money. Have them earn it. Teach them about compounding interest.
When your children receive money either through gifts, a job, or an allowance, have them put 20 to 30 percent aside in a long-term savings account. Get them in the life-long habit of saving.
But, don’t forget to live.
ENJOY THE JOURNEY
"And you have to, frankly, this is something I had to learn personally - to live in the moment," Bud Boland advised. "Enjoying the journey and enjoying the fruits of your labor now does help to keep you motivated toward long-term savings goals and help to recharge your batteries a bit."
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