Iowa Fiduciary

Financial Advice for Father’s Day

Fathers take pride in their children and want them to succeed in all they do.  They want them to make smart financial decisions and learn from their lifetime of wisdom. But when was the last time you gave your dad financial advice? With Father’s Day right around the corner (June 19th), it’s time to change the way we celebrate the occasion by offering dads some tips to help them enjoy their retirement to the max. 

The best gifts for Father’s Day are often thoughtful ones because they come from the heart. If you want to give him something that’ll last longer than the joy of seeing him open the usual socks/whiskey/cologne combo, you can start helping him reach financial independence in retirement. Here are some pointers on how to help set your dad up for financial success.

Plan for the long term.

There are two main reasons to plan for the long term: retirement, and unexpected expenses.

  1. As we age, it’s important to save money for retirement. We may also have other financial goals like saving for a child’s college education or buying a home for your children. Put away as much as you can to compensate for these large expenses. Once your money is saved, reach out to your Fiduciary advisor for ways to help see your money grow.
  2. Secondly, there are unexpected expenses we face every day, from medical bills to car repairs and replacing broken appliances. The best way to help prepare yourself financially is by making sure you have enough saved up in your emergency fund so that when these things happen, they don’t completely derail you financially—you’ve got the money ready!

Invest in the right financial accounts (and not just the one that’s most convenient).

It’s important to invest in the right financial accounts, not just the one that’s most convenient.

Sure, you could use the bank that is closest to you. Or maybe take advantage of a better interest rate at another institution. Or maybe go for rewards or bonuses that come with certain services—who doesn’t love extra cash? But if your only consideration is convenience and reward, then your finances will never be on track.

It’s time to start thinking about more than just convenience when choosing financial tools, institutions and assistance. It’s time to start thinking about hiring a Fiduciary and investment advisor with clear goals in mind. By speaking with an experienced financial planner, they can help guide you through the process of choosing investment accounts best suited for what matters most: your future well-being

Help protect your family with insurance tailored to their needs.

Insurance will help protect your family, no matter what the future may bring. If something were to happen to you, life insurance would provide money for your loved ones so they could continue living comfortably. Disability insurance would replace your income if something happened and you couldn’t work anymore. Health insurance can cover the cost of treatment for any medical conditions your family members may develop in their lifetimes.

In addition to safeguarding against financial loss, these products also provide peace of mind because they help ensure that your loved ones will be taken care of should anything happen to you or them—and that’s priceless!

Plan your will and estate plan.

For many Iowans, the most important thing about an estate plan is that it lets you designate who gets what after your death. If you have children, this can be especially important because it allows them to help avoid the long legal battles that frequently ensue when there’s no clear plan. In addition to making sure that any assets are distributed how they were intended and avoiding costly court battles (and possibly inheriting debts), having a plan in place also gives you more control over how your estate is managed while still alive.

Effective estate planning can help you to manage your affairs during your lifetime and control the distribution of your wealth after death. Your Fiduciary should offer effective estate strategies that can help spell out your healthcare wishes and help ensure that they’re carried out – even if you are unable to communicate. It can even designate someone to manage your financial affairs should you be unable to do so.

Enjoy life while you can.

It’s easy to get caught up in the hustle and bustle of everyday life, but it’s important to stop and enjoy what you have. While we all want more money, we don’t know how long we’ll be able to enjoy the things we already have.

So this Father’s Day, spend some time reflecting on your dad’s life as a family: are there any changes that could help him save? Is there something else he would rather do than work? Are there activities or hobbies that bring joy into his life? Make a list of everything that brings him happiness and peace of mind—then make sure they’re part of his everyday routine!

It is never too early to start thinking about how to help provide financially for your family.

Fathers are likely to be one of the main financial providers for your family. It is never too early to start thinking about how to help provide financial security for him now he’s getting older.

In today’s economic climate, financial advisors top the list of trusted sources for general financial and money management advice. But finding a financial advisor isn’t always easy. It’s important to choose someone you can trust, who makes you feel comfortable and whose skills are a good match for your individual needs. If you are looking for an Iowa-based, full-service financial firm you can count on, contact the team at Johnson Wealth and Income Management here today. Our friendly and courteous team are waiting for your call.

We hope you’ve enjoyed learning more about financial planning for dads!

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