WASHINGTON (6/10/14)--When in need of some guidance, many often turn to their dads in hopes of attaining ever-valuable fatherly advice.
With Father's Day fast approaching, financial experts from the National Foundation for Credit Counseling would like to impart some advice of their own in honor of that day for dads.
When asked to finish the sentence, "If I knew what I know now," concerning what they would have done differently at the outset of their financial lives, these financial experts offered the following tutelage:
- Wait at least 24 hours before making a major purchase, and "I'm not sure 48 hours wouldn't be a better suggestion," one expert said, citing the example of a time the individual impulsively bought a car that needed entirely too much maintenance.
"Although numerous hikes from a car broken down on the side of the road did provide a lot of exercise, I let my wants override my needs and paid for it over many years," the expert said;
- "I would stress the importance of saving for college," answered another expert, who described seeing many clients recently shackled with overwhelming student loan obligations. "This is something I'm working on with my own kids, and something I hope they pass along to theirs. ... Consider having them contribute to it so they are part of the process. It might even make them study harder;"
- Seek professional management of retirement savings early in your career. Putting someone in charge of monitoring personal finances made a difference for one financial expert;
- Lobby school officials and districts to incorporate financial education as part of their standard curriculum; and
- The two ways of getting everything you want in life is to, one, work harder and accumulate more, or, two, desire less."
"When I accepted No. 2, life was much more enjoyable," an expert said.