27 July 2021

Future Proofing Your Family's Finances


So you’re an “evolved man” now.  You don’t “mansplain” and you certainly don’t sit with your legs apart on the Tube or the bus, no matter how much your biology says otherwise.


But despite all this evolution, that same biology just won’t let you give up on one thing: Taking care of your family and at no time in history has this been more important than right now.  If it’s one thing we have all had to learn of late, it’s how to be a better guardian of our families' financial security.  This may be the last bastion of positive masculinity we have left, so blokes - we must get it right.  We’ve previously looked at the many Dads Duties that we regularly undertake, so today - we’re taking it to the bank.



Image by August de Richelieu


TOP FINANCIAL PLANNING ADVICE FOR DADS, FROM DADS


The first and possibly most important bit of advice that anyone can give you is this:  it is never too early to start your financial planning journey and it doesn’t matter if you have £ 100 a month save or £ 1000 a month, the key to creating a legacy as well as a financial safety net which could ultimately lead to some wealth creation, is not how much you earn, but how much you save.  


If like many British dads you’re in the recovery process Post-Covid and money may be too tight to mention, you could seek to start creating new sources of income.  Dad’s everywhere are looking to online trading, selling goods on platforms like Facebook’s “marketplace”, trying their hand at the CFD game, (that’s foreign exchange trading to you and me) and while some of these options may take some upskilling, they can be a lucrative way out of a current financial bind.


This tip is an “add-on” to the first but it’s well worth it.  Pay yourself first.  Yes, you have to keep track of bills and mounting interest charges, etc. but you have to set aside some money for yourself too - this can be added to a savings regime or savings account and if it’s not spent by the end of the month, roll it over to the next and keep adding to it.  You’ll be surprised how quickly it adds up and before you know it, you’ll be ready too…


Set Up an emergency fund.  Don’t fall into the new age trap of thinking that “planning for an emergency causes the emergency”.  Why not ask any of your friends if they feel that way after this year.  A solid amount of readily available (but not too readily mind you) cash can mean the difference between a few more mortgage payments...or the alternative.  Don’t get caught with your pants down again.


It might seem redundant “after the fact”, but there is no time like the present to start planning your financial future - with the long-term in mind.  Wealth creation doesn’t happen overnight and if you’re not the kind of guy that’s naturally gifted with this sort of skill, then get online and find a financial planner/broker who can guide you through it.  


Make no mistake, we’re not out of the woods yet and who knows what’s happening around the corner, but in a world gone mad, the buck stops with Dad.


SHARE:

No comments

Post a Comment

Blogger Template Created by pipdig