Father’s Day is upon us already, and as it does with every
passing year it seems as if time is speeding up. And in the areas of financial
management and planning, time is a critical element. More importantly however,
is how a father teaches their children the importance of work, budgeting, bank
account reconciliation, and saving some for a rainy day.
My father, armed with an eighth grade education, didn’t
explain much in the way of money, only that if you don’t have any you’ve got to
either work for it or go without. He still had to be a pretty money-savvy guy
to lead a household with five kids without exterior assistance. He didn’t
realize it, but he taught us to be rather frugal and gave us each a strong work
ethic. This came in handy many times throughout my life, most of which when I
worked full-time as a Journeyman Toolmaker while attending college full-time
for my Bachelors in Accounting, then later when I earned my Certified Public
Accountant designation – also while working full-time as a Staff Accountant.
He never was able to see me graduate college or earn my
designation as he passed away from cancer in early 2003. Although his time had
run out, the lessons I learned earlier in life gave me a mindset to keep tabs
on my money, plan for the future, and know there are limitations on both funds
and time. Use them wisely, and you’ll probably come out on top. If not you’ll
more than likely struggle for everything, including the valuable time you want
to spend with those you love.
The truth has been said, “One of the most important gifts
you can give is your time”. Spend some of that time teaching your children the
value of money management – a skill they will use throughout their whole life, passing
the knowledge gained and wealth earned down to their children and beyond. If
you aren’t sure how to reconcile a bank account or create a household budget,
contact a professional to help guide you in the process. The money spent will
be more than a wise investment – it will be worth its weight in time.
