Thanks Dad. My sons are learning what you taught me
Even if you can afford to cover all expenses in full, you’re likely teaching your child a more valuable lesson by encouraging them to share some of the financial responsibility for their education. If you don’t have the financial resources to assist them as much as you’d like, you can still be helpful by alerting them to the potential pitfalls of taking out a student loan.
My youngest son will soon be a father for the first time, which means all of my sons will be dads. When my first grandchild was born, I began looking at Father’s Day from a slightly different perspective.
I no longer view it as being about me. Rather, I see it through my sons’ eyes. I enjoy seeing my young grandkids making cards for their dads and the older ones honor their dads in other special ways. For me, it’s more fulfilling to see the grandkids excited about taking care of dad than it is to receive a Father’s Day gift.
I don’t know the details of all my sons’ finances, but I do know they all handle money responsibly. And from what I can see, they set a good example. Their kids are constantly learning the value of a dollar and the importance of responsibility and a strong work ethic. Qualities that are especially important in this day and age when so many employers complain about the difficulty of getting reliable help.
Like all financial advisors, I’ve always encouraged parents to save for their children’s education. Over the course of my career I’ve run countless financial projections on the cost of sending a child to college. It isn’t getting less expensive.
Every household is unique, but based on my experience as both a father and a financial advisor I’ve arrived at an interesting point of view. I don’t think it’s financially healthy to completely pay for a child’s higher education, whether it’s college or trade school.
I think an essential part of an education is navigating the transition to being an independent adult. And that especially includes financial matters. In other words, I believe it’s a valuable life lesson for them to have skin in the game for their own education, as opposed to having everything provided for them.
Even if you can afford to cover all expenses in full, you’re likely teaching your child a more valuable lesson by encouraging them to share some of the financial responsibility for their education. If you don’t have the financial resources to assist them as much as you’d like, you can still be helpful by alerting them to the potential pitfalls of taking out a student loan.
If you can help a bit, that’s fine. But what you can definitely do is explain the loan terms so they fully understand what they’re getting into. A loan isn’t a gift; it’s a major responsibility that requires one to pay back the principal and interest.
Through my eyes, I remember all the valuable life lessons I learned from my deceased father, both though his words and by example. From my perspective, my father established a blueprint that encompassed money, work ethic and embraced the necessity of responsibility.
I absorbed and valued the blueprint and in turn passed it on to my boys. I feel fortunate that they, too, are sharing these values.
In my opinion, a good father is far more than just a bank. A good father wears many hats. It’s not always an easy role and it can be stressful. But seeing your own kids become caring parents makes it all worthwhile.
On that note, Happy Father’s Day to all you dads out there. Email your questions to kenmorris@lifetimeplanning.com. Securities offered through Kestra Investment Services, LLC (Kestra
IS), member FINRA/ SIPC. Investment Advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS. Society for Lifetime Planning is not affiliated with Kestra
IS or Kestra AS. https:// kestrafinancial.com/ disclosures.