It’s Father’s Day time, and we would like to honour the men, and the women too, who have been parents to us. Our dads.
… And by ‘Dad’ we don’t necessarily mean our fathers. Ever seen the Omo Father’s Day advert that went viral on YouTube? It showed a little boy reading a Father’s Day card, with all the important things dads do listed in it like providing financially and teaching right from wrong, to his grandmother. She was his ‘Dad’.
There is a curious alchemy that brings someone into the role of ‘dad’ that is not necessarily linked to genes. Yours might be someone who isn’t your birth father, either. And they deserve a shout out too.
So, here, four things we’re thankful for from dad this Father’s Day, and the important financial lessons that go along with them.
1. Support is paramount
The biggest thing we love about our Dads is simply that they’re there. When last did you have a massive life event and your dad wasn’t interested, didn’t stand by your side? A great father or a dad will always support you and believe the best in you, even when things go south. Just like dads, your finances are supposed to be there for you when great things, good and bad, happen for you. It’s the value of having power over your finances, to provide yourself that safety net.
2. A dad who stands for good values teaches us to stand up for ourselves
A great dad will tell you that sometimes in life a man – or woman – needs to stand for something. If you’re lucky, the father you grew up with or the man you call dad has stood for integrity, hard work, honesty and dependability. He stands firm.
Likewise, with your finances it’s always a good thing for you to tell financial professionals what you believe in, and stand by that. Want Shariah financing options? Don’t want to invest in stocks of companies you believe are unethical, like perhaps Steinhoff? Tell your advisor, and stand firm when trends or others are singing a different tune.
3. There’s nothing panic does better than calm
A dad is by definition the still point of calm in a world of chaos – telling us to just relax. He’s got the life experience, he’s been around the block and he knows enough to tell you that the fact that that bond hasn’t come to maturity yet or that you can’t by your dream home for a first house is not the end of the world. He’s strong and constant, and there’s a valuable lesson in that financially: don’t panic. Don’t be swayed by every geopolitical uncertainty or every move of the market, rather stick by your financial decisions if they’re in line with your personal financial plan.
4. Honest advice is the gift of a true Dad
It’s not always easy being a dad – most of us have at one time had some hard truths to face because Dad was brave enough to tell it to you straight when you weren’t doing what was best for you. A great dad is like a lighthouse in a storm – when you can’t see clearly and don’t know up from down, he does. A good financial advisor is the ‘dad’ of your financial future, an immovable light of wisdom in hard times, so get the best one you can.
Happy Father’s Day to all the fathers and the dads out there!