Father’s Day: Timeless Wisdom from Dads

Over time, fathers have always been there to support us during our wobbly moments – whether we are taking our first steps, struggling to learn cycling or trying to manage our finances. Their valuable insights have always helped us get through various hurdles. As a celebration, let’s understand how their views and guidance shaped the way we manage our finances.

Lessons Form Dads

Here are the few things that dads say, that have a deeper subtext to them and can help us learn more about finances:

1. Paise ped pe nahi ugte!
   Translation: Money doesn’t grow on trees!
   Money can be a limited resource for the working class. Managing it wisely can either make or break your lifestyle. By sharing these words of wisdom, fathers taught us why it is important to handle your finances efficiently and prioritise your expenses. These small decisions can result in a significantly better lifestyle.
2. Hamare zamane mai ₹1000 me poora ghar chalta tha!
   Translation: In our times, ₹ 1000 was all it took to run the household!
   Although we all have heard this or a statement resembling this emotion multiple times, we may have missed the underlying subtext that talks about inflation (diminishing value of money). The comparison in this statement brings out the astounding fact of how much inflation can affect our lifestyle with time and why it is important to keep up with it.
3. Itne paise kaha kharch hue?
   Translation: Where was the money spent?
   Reporting our allowance expenditures, though occasionally felt like a chore, might have unknowingly laid the foundation for our financial tracking habits today. It’s understandable, considering Dad was the one financing our needs.
4. Aaj paisa bachaoge toh kal paisa tumhe bachayega.
   Translation: Save money today and money will save you tomorrow.
   Fathers have always taught us how compromising today and saving money can help cover future contingencies. Thanks to this advice, forgoing instant gratification to reach long-term goals has become a habitual approach in finances. It might have meant saving up for that coveted video game instead of buying candy every week, but the patience paid off when the bigger purchase finally arrived.
5. Khud kamaoge tab keemat samjhoge
   Translation: You’ll understand money’s worth when you start earning.
   Dear dads, we get it now. The value of a hard-earned rupee hits differently. We appreciate the late nights you put in and the sacrifices you made to ensure we had what we needed. It has shaped our approach towards finance– we understand the connection between effort and reward, and the importance of not taking financial security for granted.

Check Up on Them

Fathers have always been one of the supporting pillars of the family – handling the finances and tracking expenditures as well as saving for the future. However, it is important to understand that sometimes, even the strongest fathers can use a little support. So, taking this Father’s Day as an opportunity, consider having a conversation with your father about his financial situation.

1. Retirement planning
   Is he on track for a comfortable retirement? If he’s nearing retirement age, is there a clear plan for managing expenses and generating income? Tools like investment portfolios, and pension plans can help in building a retirement corpus so that he can be financially independent even after retirement.
2. Contingency planning
   Is he prepared to handle any curve ball financially that life may throw at him? Is there a fund to cover for unexpected medical bills or job loss? If not, make sure that dads understand the importance of having a contingency fund. Help him plan out the process for building up an emergency fund.
3. Insurance coverage
   Is Dad adequately insured? Over time, life always teaches us to expect the unexpected. Having life insurance can provide financial security for his loved ones in his absence, while with health insurance, he can access necessary medical care without financial burden. Review his current policies and ensure they meet his evolving needs.
4. Future goals
   Is there any goal he is struggling to save up for? It may be a dream car, a new phone or accumulating capital so he can start his own business. Help him understand the power of compounding and how investing efficiently can help him reach his goals faster.
5. Debt management
   Are his debts in check? Are the interest rates causing a financial strain? You can work with him to understand how to reduce the burden by available tax benefits or if possible, plan out a roadmap that can help in clearing the debt over time. Remember that you are not alone in this. A session with financial advisors can always be beneficial.

Finally

On Father’s Day, let’s go beyond traditional gifts and cards and lend out a helping hand by having “the” conversation with him. This small effort from you can convey to him that you care about him and fortify your bond. Motivate him to reach his goals by learning how to invest. Open a Demat account with Angel One, which offers a user-friendly platform where you can manage all your assets in a single account.