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.
College fund
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.
It found that public sector workers have lower mortality rates than private sector workers, particularly for women. Why? Because the public sector employs more educated workers, and more educated people have lower mortality. A job as a public librarian may not pay so well, but you’ll live longer, especially if you’re a woman.
Money wisdom
This may never come to any of us, but I at least want my daughter to have the chance to learn how to best use her money and how to make it work for her. From investing to everyday purchases and planning for retirement to everything in between, I hope she tries to learn about each area for her money before she starts using it.
For me, it came in part from researching stocks for a class project in high school, joining an investment club at work, joining my first 401(k) plan at my second job out of college, having a paper route, and working part-time the last two years of college. While I’ve made plenty of money mistakes, I think the groundwork I did, and continue to do, helps me avoid some.
Happy Father’s Day
There are plenty more things I want to give her that go beyond financial advice on Father’s Day, starting with the importance of being there for people you love. Not just by going to work every day and paying the bills, but in other ways that go beyond finances. That’s a story for another day.
Happy Father’s Day, everyone.
I wonder why more educated workers have a lower mortality rate. Maybe it could be access to employer medical benefits?
Good question. The report didn’t get into that but said that educated workers lived longer than those without.
Your daughter is very lucky to have such a great dad. With your advice and wisdom guiding her, I have no doubts that she will flourish financially as she steps into adulthood.
Thanks for the kind response, Kristi. Hopefully this will help others.
Your daughter is lucky to have you as her father. I know your daughter will be as good as you are. Keep up the good work Aaron. Good luck!
Thanks, Jayson. Father’s Day was a lot of fun, and I’m hoping she reads these posts someday. Until then, they’re lessons I’m trying to work on with her.