How do you learn about something like the right way to shake someone’s hand? Sure, it sounds simple enough, but the subtle nuances can make it or break it. You have to know the right type of pressure to apply, the appropriate length of time to grip someone’s hand and to make eye contact when greeting someone with a handshake. As you can see, there’s a lot to it.

Legacy PanningMost of us were probably taught this very basic, but important lesson by our fathers. If you were lucky enough to have your father involved in your life, then you understand that there are volumes of material we could write about the important lessons and wisdom he passed down.

Don’t get me wrong, mothers hold an equal if not more important role and provide as many life lessons and as much wisdom as fathers, but since it’s Father’s Day, it’s time to reflect on dad.

We probably learned or modeled a lot of our behavior from our father, both good and bad. This carries over into the world of finance as well. How your father and parents collectively managed their money has a stronger impact on us than you think.

poor financial planning

Take, for instance, the children of the Great Depression. They followed their parents’ lead and were pretty good at saving and, for the most part, not being frivolous in their spending habits. This isn’t a judgment on how you spend or save your money. It’s not even a commentary on whether or not your parents were good financial role models, but rather the realization that we may have some habits programmed into us from our upbringing.

Do you recognize some of your parent’s financial habits or lessons that you still use today? This Father’s Day got me thinking about some of the financial lessons my father passed on to me and how they were incorporated into my life. One thing is for sure, the world has become more complicated and moves at a much faster pace than during my parents’ generation.

I’d like to think that if my father had been able to glimpse the future, he would have suggested that I get help from a financial professional. The amount of information and options available in retirement planning can feel overwhelming, not to mention keeping up with the changing market conditions.

Fortunately, it’s never been easier to talk to a financial professional and get a second opinion. Most financial professionals offer a complimentary meeting for just that reason. If you have questions, want information, or feel that you need some guidance, it’s a great way to get some answers. So remember to take a moment and reflect on Dad, and if you’re a father, we wish you a happy Father’s Day as well!