“Let me double-check with my dad.”
Whether it’s a clever life hack, a career tip or that pesky flat tire you just can’t seem to fix, there’s a good chance you can recite (perhaps begrudgingly) the tried-and-true life lessons your father ingrained in you at a young age. Whether or not you’d like to admit it, those words of wisdom have probably paid off as you’ve forged your own life path and tackled tough decisions. Maybe you dust off the lessons he taught you and reuse them in conversations with your own children.
With Father’s Day right around the corner, we decided to skimp on the traditional gift (no more ties, please!) and pay tribute to the priceless advice that dads dispense every day. Here are the four truths our advisors always turn to:
Patrick Brault, CPA, CTFA | Principal, Regional Director
“I always find myself reflecting on the days I spent working alongside my dad. He was well known for abiding by what he called “The Three Ps”: the need for the right people, product and price. While he applied it to his career in the tourism industry, I find the principle particularly valuable in my work as a financial advisor. As a fiduciary, I try to give my clients the best service and financial advice possible, and prepare them for whatever life changes may come their way.
My dad also had a lasting impact on my personal financial habits. I remember the day I received my first paycheck — he took me to the local bank and helped me set up my first savings account. Right away, I got into the habit of depositing those checks and seeing that balance increase. I’m proud to say that my daughters are all great savers, as well.”
Dean Stange, J.D., CFP® | Principal, Senior Financial Advisor
“While I don’t remember our family ever sitting around the table and discussing finances much (if ever), my siblings and I learned several lessons from our father on the importance of money and how to use it, through his example. We didn’t live extravagantly beyond our means, and my parents clearly saved for the future. At an early age, they opened a bank account for my siblings and me and gave us passbooks (remember those?) that showed the value of our accounts with interest. As teenagers, the money we earned from work and through gifts always went into our savings accounts first.
I have used those same techniques with my teenage children. They each have a bank account and always save part of their birthday money or wages from working. Since it is so easy to do now, I have also opened investment accounts for each of my kids to introduce the concepts of long-term saving and investing.
The big difference between my father and me is that I talk to my kids regularly about money and the markets. I want them to develop an interest in investing at a much earlier age. Beyond those conversations, my wife and I try to set a good example for our kids on how we use money — we don’t live beyond our means, and we regularly talk to them about deferring current ‘wants’ to save for the future.
Looking back, most of the money lessons my father taught me are still staples for sound financial advice in any generation.”
Nate Wenner, CPA, PFS, CFP®, CIMA® | Principal, Regional Director
“One of the best pieces of financial advice that I got from my dad was when I started my first ‘real job’ as a CPA after graduating from college. He told me in no uncertain terms that I should save into my company 401(k) plan — at least the amount necessary to get the employer match (‘free money’), and if I could manage it, even more.
He said that the tax benefits and compound growth of my 401(k) contributions would vault me toward my financial goals right out of the gate. His advice was true then and is still true today.”
Brad Mueller, CLU®, ChFC® | Principal
“My father is a barber and is still working (and enjoying it) in his 70s. The most important money lesson he taught me was to learn how to live a happy life with whatever amount of money I had — a piece of advice that I’ve held close throughout the years.”
On behalf of all of us at Hewins Financial | Wipfli Hewins, we’d like to wish a Happy Father’s Day to all of the amazing dads out there!