Father’s Day: Financial Wisdom
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This panel included Rod Griffin: Senior Director, Consumer Education and Advocacy, Experian; Forbes Advisor; Benjamin Curry: Assigning Editor, Investing, Forbes Advisor; Paul Moyer: Founder of SavingFreak.com; Ryan Luke: Personal Finance Blogger; Alicia R. Hudnett Reiss: CERTIFIED FINANCIAL PLANNER™; Paulina Likos: Investing Reporter at U.S. News; Molly Ford-Coates: Founder, Ford Financial Management; Beverly Harzog: Credit Card Expert and Consumer Finance Analyst for U.S. News; Todd Christensen: Education Manager at Money Fit by DRS; and Miguel A. Suro, Esq.: Owner, RichMiser.com.
Questions We Discussed:
Q1: What is some financial advice for new dads?
Q2: How and when should fathers talk to their children about money?
Q3: What advice should fathers give their children about money?
Q4: How might a father’s financial behavior affect their children’s money habits?
Q5: What are some resources fathers can use to teach their kids about money?
Q6: How can fathers help their teens with money management and budgeting?
Q7: What are some money mistakes fathers should avoid making with their children?
Q8: What are some tips for aging fathers helping their adult children financially?
Q9: How can fathers make sure their families are financially protected?
Q10: Any other financial tips for fathers out there?
Retweet these insights from our community:
A1: Start a 529 Plan or start a savings account for college. It’s never—ever!—to early to start the college fund. #creditchat
— Beverly Harzog (@BeverlyHarzog) June 17, 2020
A2: If dads are shopping with their kids, that’s a good opportunity to explain why you’re purchasing a particular product versus its competitors. Having these conversations can help kids make similar financially astute decisions in the future. #creditchat
— Paulina Likos (@Paulina_Likos) June 17, 2020
A3 Fathers should consistently be giving their kids knowledge of how much things cost, how to save money when buying an item, what we do to reduce our costs so we can redirect that money to more enjoyable activities, and how we earn money to pay for everything. #CreditChat
— Paul Moyer (@SavingFreak) June 17, 2020
A4: Parents should be models of the behavior they want their children to emulate. Plan, save, invest, and spend prudently, and tell your kids what you’re doing and why. Avoid giving bad examples like excessive spending or an overreliance on debt. #CreditChat
— Miguel Suro | The Rich Miser (@therichmiser) June 17, 2020
A5: Books are a great way to help teach kids about money. You can also play games that like Monopoly & Life to share money lessons. #creditchat https://t.co/TsgLIgf5GF
— Kembala Evans (@Kembala) June 17, 2020
A6: Include teens in budgeting, vacation planning and other money decisions that include them. Then show them how to follow through. #creditchat
— Rod Griffin (@Rod_Griffin) June 17, 2020
A7: For new dads, a common money mistake is buying everything new. Hand-me-down strollers or other baby gear can save a massive amount of money, which can be put towards bigger costs, such as childcare or education. #CreditChat
— American Consumer Credit Counseling (@ACCC_TalkCents) June 17, 2020
A8: As your children become adults, you can help guide them when it comes to buying a home or making any big purchases. #CreditChat
— Navicore Solutions (@navicorePR) June 17, 2020
A9: Having an emergency fund is essential. Both partners need to know banking information and passwords. Also, get with an attorney and have a will in place. #creditchat
— Beverly Harzog (@BeverlyHarzog) June 17, 2020
A10. Teach children about personal finance and personal financial responsibility, and that money management skills are life skills they will need and use forever. #creditchat
— Alicia R. Hudnett Reiss, CFP® (@AliciaRHudnett) June 17, 2020