Wednesday, January 23, 2013

#122: Knowing Finances

W-2’s start filling up the mailboxes and receipts are finally being pulled out of the wallet. It’s the beginning of tax season, and everyone seems confused…except for Dad.

Dads are accountants, financial advisors, bank tellers, mortgage lenders, and investment bankers are rolled into one. You got a question about your savings account? Dad will tell you the benefits of your interest rate compared to the fluctuating market. Why is your loan rate so high? Dad will explain the variable increases of prime. Balancing a checkbook? Well, no one does that because it is the 21st century, but Dad does because he is old school. “Always leave a paper trail.”

And when you think you’ve asked Dad all you can about finances; that is when you realize you need help with insurance claims. Dad can step up to the plate in that aspect as well, spelling out your deductible, patient balance and percentage of coverage. My head started spinning at out of pocket…

Dad is there to guide, support, and mold us into sufficient beings. But no matter if you are age 10 getting your first allowance, Should I spend it all on gum or chocolate?, or if you’re age 35 looking to increase your IRA contribution, How much does my company match?, you will be calling Dad. Dad is a financial guru without being licensed. CFA, CPA, MBA should all be replaced by DAD.

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