As Father’s day approaches this weekend, the eInvest team made a realisation. Our Dad influenced each of our first investments.
It seems that we don’t just inherit our Dad’s hair colour, height or football team, but we often inherit our Dad’s values, ideas and approaches when it comes to investing.
How your parents approach money is often the first way you learn how to invest. For Jodi at eInvest, her Dad bough her a bar of silver. For Tamas, his Dad bought some Woolsworths shares. They now both work in finance, trying to provide awesome solutions to investors. Perhaps their Dad’s did something right!
Introducing kids to saving and investing early is a great way for Dad’s to be a good financial role model. Talking about money around the dinner table, in a healthy manner, can demonstrate that investing is a normal thing to do, and not something scary.
What to do if you don’t have an investment Dad
Not everyone has an investment Dad. Perhaps you never want to repeat their financial mistakes or you just don’t have them around to seek their advice. That’s ok, there are other ways that you can seek our a positive role model when it comes to investing. Hiring a good financial advisor is a good start as they can tailor the advice to your specific circumstances. It might also be worth speaking with friends who seem to have their act together and ask what they do. Podcasts such as My Millennial Money are also very helpful.
So this Father’s day, consider where your dad’s investment advice has gotten you. If it has been good advice, thank him! If not, consider seeking out other role models. Investing isn’t scary or difficult. It’s actually quite empowering.
Need investment ideas? If you like steady, reliable income consider the eInvest Income Generator fund (managed fund)(Code:EIGA) for 7% targeted annual income – much better than a term deposit! If you want strong capital growth, consider the eInvest Future Impact Small Cap fund (managed fund) (Code:IMPQ) – it invests in high growth Australian companies that solve future problems of our world.
Disclaimer: This promotional article is provided for information purposes only. Accordingly, reliance should not be placed on this promotional article as the basis for making an investment, financial or other decision. This promotional article does not take into account your investment objectives, particular needs or financial situation. While every effort has been made to ensure the information in this promotional article is accurate; its accuracy, reliability or completeness is not guaranteed. Past performance is not a reliable indicator of future performance. Please read the PDS prior to investing and see our terms and conditions.