If you're in doubt about what kind of gift to get for Father's Day, think about the gifts your father imparted to you.
Not your first bike or baseball glove, but the nontangible gifts that did the most to get you to where you are today:
The healthy dose of No's that accompanied the Yeses of your youth; the boundary-setting and risk taking you learned from Dad.
The ideas that set you on a path to financial security as well as shaped your character and gave your life meaning may suggest that you forsake the necktie and golf clubs in favor of an extra measure of respect and sincere expression of gratitude.
Here are five life-changing lessons our fathers transmitted to their children:
1. Discipline
Fathers teach their children rules through game playing. The squeals of delight in a drawn-out pillow fight aren't only recreational but educational.
The roughhousing taught us to set boundaries — that this far you can go but no farther.
Studies show that children lacking this formative education act more aggressively.
In the financial sphere, the beginning of wisdom is that investors should not behave so aggressively that they can lose it all.
The rules may vary, depending on specific needs, but financially astute people know they must follow a disciplined rules-based path toward building wealth.
2. Setting Goals
Fathers are keen on challenging their children. Whether through educational or athletic pursuits or career ambitions, their message to us is that if the goal is worthwhile, we should pursue it regardless of the short-term pain.
Work hard, get out of your comfort zone, overcome obstacles — whatever it takes — but stay focused on your goals.
In the financial realm, the surest path to wealth comes from setting achievable goals and investing small amounts regularly.
