Fatherhood is a magical experience. It is a roller coaster ride filled with thrills, excitement, and adventure. Let’s take a look at top ten tips for first-time dads to help you learn money skills and make your ride more manageable. 

Tip #1: To achieve your financial goals and build a successful life for your children – adopt a growth mindset.

Change is the only constant. The best way to mitigate the effects of this change is to be adaptable. 

Make financial plans for the good times, the bad times, and the unexpected. Your mindset determines your growth. Avoid holding yourself back. Follow through on your plan and stay committed.

Tip #2: Plan your salary carefully.

Budget your expenses at the beginning of the month, and pace them out in order to avoid living on a shoestring budget at the end of the month. It is a timeless pearl of financial wisdom.

Tip #3: Life is too short to live in a happiness trap.

If you want something, plan for it financially. Make it happen for your children and family.

Tip #4: Utilize the time to your advantage.

Compounding time with consistency is a magical superpower. Make the most of it!

Tip #5: You can do anything… but not everything.

Make sure you hire an expert with care. Having done so, trust the experts to help you reach your goal.

Tip #6: Learning to say no is an essential part of managing finances.

As a father, you should learn to say no as often as you say yes. Budgeting effectively means canceling unnecessary noise.

Tip #7: NOW is the time to chart your financial roadmap.

The future is an illusion. If you don’t start today, all you will have tomorrow is regrets, and possibly a big deficit to deal with.

Tip #8: For your family, wishful thinking is terrific. 

Planning realistically is essential. Making an impact is better. Hence, it is important to set S.M.A.R.T. goals – specific, measurable, achievable, realistic / relevant, and time-bound.

Tip #9: Be proactive and take control of your finances.

Engage the services of an experienced and credible financial planner. Align your goals with your current and future circumstances. 

Tip #10: Health, wealth, and happiness are not mutually exclusive.

Please don’t treat them as milestones to be reached one after another. All of them are interconnected. Work on becoming financially healthy and balancing your life.

Bonus Tip: Fathers are not ATMs. They are the first teachers in a child’s life.

Don’t let your children view you as an income source at any time. Make sure they see you as a trusted source of guidance and someone with first-hand experience with money management. 
These tips would be just that unless you start applying them. To create a roadmap for your financial journey, speak with our award-winning experts. From financial plans for your children, family security, to retirement plan for your financial freedom – the financial plan will be your GPS to help you get from where you are, to where you want to be.

Whether your dreams are big or small, it is never too late to start planning for your finances and building your wealth. We will help build the financial plan and investment strategy you need based on your goals.