Financial Advice By Indian Dads
Indian parents have always been financially prudent and there is a lot that one can learn from their father in terms of financial management. Here’s a roundup of some valuable lessons one can learn from our fathers
Most Indian fathers don’t spend on extravagant clothes or a flashy lifestyle. They manage to shape the lifestyle to suit the financial need. They will go that extra mile and brutally bargain to save every rupee they can. Every single sacrifice and bargain today goes towards a financially secure tomorrow. That is why Indian dads never miss the deadline of bill payment.
Save for a Rainy Day
Indian Dads always remind you that you need to be financially prepared for the bad days, whenever they may come. Be ready for those emergencies by having a dedicated savings account, preferably a high-yield savings account. You’ll want to have enough in the bank to cover at least three to six months’ worth of expenses.
Knowledge is power
Rarely would you have seen your dad jump into something without due diligence, especially matters related to finances? Before making any investment they spend hours reading and comparing, which highlights why one should ensure financial literacy is on point. The same applies to owning a credit card as well, as, without a thorough understanding of the hidden charges, you could be looking upon extra charges upon charges. Also, do your research and find out about the rewards and benefits of the credit card you have so that you can make the most of the money you spend.
Start planning for your retirement from the day you start working
It’s easy to spend the money you get from hard work on things and experiences, however, don’t forget to pay yourself first by setting aside money for retirement, plans and goals before making funds available for fun or other discretionary expenses. We all learn to live with our net proceeds and income, and it’s important not to forget the long-term benefits of compounded growth.