I’m going to a baseball game with my family and some friends on Father’s Day, so my 10-year-old daughter is essentially off the hook for getting me a gift since I’ll be happy enough if she can sit through a game. She’s not a fan.
And while I’m not shelling out $50 to the Oakland A’s so I can play catch with her on the field after the game — a Father’s Day ripoff I’ve already written about — there’s some financial advice I want to give her on this day in June to remind her how important she is to me and some of my hopes for her.
My wife and I set up a college education fund within a month of her birth that we contribute to monthly.
When she does go to college, I hope she uses the money well, works summers to supplement it, and doesn’t have to take out student loans or work much while in college. Years of debt shouldn’t be the price of an education. Hopefully, we’ve helped make her financial life during and after college a bit easier.
A savings account
She also has a savings account where most of the money she receives for birthdays, Christmas and other events is kept. I hope she becomes a saver and always has an emergency fund and travel fund moving in the right directions.
A well-paying, fun job
I don’t know what career path she’ll eventually choose, but I hope it’s one she chooses because she’s great at it and enjoys it. I didn’t choose journalism for the high pay, but it’s a job I fully enjoy.
A college education is likely to help her more than anything to get there. And a job in the public sector may be even better, according to a study by the Center for Retirement Research at Boston College.