Aditya Birla Sun Life Mutual Fund

Know the best things to do this Father's Day

Jun 15, 2018
3 mins | Views 222

The tradition of Father’s Day started over a century ago. An interesting backstory goes that it is celebrated after a Sonora Smart Dodd of Spokane, Washington wished to designate a day for her dad who had taken the responsibility to single handedly raise her and her 5 siblings. In 1910, Spokane’s mayor announced June 19th as a day to celebrate Father’s Day.

Father’s Day unlike other celebrations may be understated but it speaks of deep respect and love for our fathers. The bond with fathers is a unique one. It has love and learning both entwined in one. It happens so often that we fondly remember our dads for the life teachings they gave us in our growing up years.

Father’s Day is a perfect time to thank our dads for invaluable lessons and at the same time ensure we are imparting learnings that will shape bright future for our kids. Basics about money should make it to the top of the list because familiarizing children with finances will create a sound foundation.

Here are some lessons fathers should aim to teach children this Father’s Day as there is no better satisfaction than having moneywise kids.

  • Live within your means: Once in the habit of living within means, children start recognizing wasteful expenditures. It can make bring content and make a happy family.
  • Pay back debts first: Borrowing in various forms like credit cards, loans are inevitable. Clearing the debts first as a practice is certainly the way to financial freedom. Children too should always be made aware that bucket lists will be fulfilled after loans have been paid back.
  • Don’t delay money matters: Any fee, due dates, deposits, renewals etc. should be attended to in time. Avoid procrastination like a plague is lesson children are better off imbibing early.
  • Set Goals: Whether new sports gear or enrolment to special training, children should be encouraged to set their goals and work hard to achieve them. Creating milestones is the best way to do that. In the end, there will always be incentives waiting. Children should set goals with their money too.
  • Investing will take you places: Children in their studies and pursuits like sports or performing arts can appreciate results, hard work brings. Likewise, investments are required today to secure a tomorrow.
  • Patience is a Virtue: Instilling patience in children is a must because they can get tempted to give up soon. After all, long term investments have a higher pay off.

Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

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