Father’s Day 2018: 7 money lessons dads silently instilled in us

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Published: June 17, 2018 10:59:37 AM

Let us take this day to remember 7 money lessons fathers silently instilled in us, along with wishing them an awesome Father’s Day.

Happy Fathers Day 2018, Father's Day 2018, Father's Day gift ideas, Happy Father’s Day wishes, Happy Father’s Day quotes, money lessonsFather’s Day 2018: It could be a money management hack or an investment tip that you swear by now, it is possible that it came from your father.

Father’s Day – one of those times we hunt for that leather wallet or crisp shirt for our fathers. One of those times, we read and pass the sweetest dad-quotes on social media and WhatsApp. However, this is also a time to remember. None of us can deny that the best of the financial lessons come from family. It could be a money management hack or an investment tip that you swear by now, it is possible that it came from your father. The same old boring, reluctantly-listened advices.

Let us take this day to remember 7 money lessons fathers silently instilled in us, along with wishing them an awesome Father’s Day.

1. It’s never too early to start saving

Fathers have a knack of dropping this particular advice-bomb, especially when you get your first salary or bonus (which you were planning to splurge). And there goes your party plans or shopping agenda in an FD or a mutual fund or some other insurance or tax-saving scheme. Of course, you will remember to utter your thanks when you receive the enormous corpus after the plan’s maturity date.

2. Once cheap can be twice buys

Who doesn’t love terms like ‘steal-deal’, ‘bargain’, ‘heavy discount’ etc.? Thanks to the e-commerce boom, we got too used to getting things ‘cheap’. May be because dads are from a discount-less generation. But what they bought then lasted. What is better – buying a T-shirt for Rs 150 online only to fade or tear in 2 months or getting one for Rs 500 that will last for a few years?

3. One is never too old to save

Fathers are forever investing (however small) here or there. No, I am not saying all of them are Scrooge-personified. They do like paying and spending on themselves on their families. But, if you notice, a little bit always goes to some chit fund or savings. Even as the risk appetite goes down, the ingrained thriftiness stays. And it is not a half bad quality to imbibe from dads.

4. Never go out wallet-full and empty-stomach

You will just return with huge hole in your monthly budget and wonder how it happened. You will look at the dozen grocery packets and wonder, if you had needed even half of those. Hunger pangs do this to you. So, always grab a bite before you step out.

5. Live within income

We groan when they say this. It is often noted that the current generation is not as uncomfortable as the previous generation when it comes to debts. With stacks of credit cards and instant loans in one’s name, it is common to have fathers after their lives to close the debts at the earliest. This is because daddy dearests are from a generation when credit cards and EMIs didn’t exist or were rare. They were taught to be weary of debts from an early age.

6. Count before you give or take

Many a time people hesitate to do this because they do not want to seem untrusting. However, fathers have this ironclad habit of counting in front of the person before lending money to someone or taking from anyone. Counting ensures that no leakage happens on both sides. And this habit can actually save relationships.

7. Financial knowledge

We all can learn from the patience our dads have – asking a dozen questions about a scheme or to go through the fine print painstakingly. With the amount of research they do to before making even the smallest investment, it is hardly surprising that children also tend to follow the same when they become adults.

In a nutshell, whether one likes to accept or not, their reiterated pearls of wisdom have helped and will continue to help as you forge our path to financial freedom. Keep brushing up these lessons. They will come handy when you have these money chats with your own kids.

(The author is Founder & CEO, ClearTax.in)

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