The 4 Most Important Pieces of Advice This Financial Advisor Gave to His 3 Daughters

The 4 Most Important Pieces of Advice This Financial Advisor Gave to His 3 Daughters

Gabrielle Olya    Mon, February 28, 2022,

In today’s “Financially Savvy Female” column, we chat with Urban Adams, an investment advisor at Dynamic Wealth Advisors and the father of three young adult daughters. Here, he shares the financial lessons he taught them, his advice for other parents who want to raise financially savvy females and how being the father of daughters affected how he advises others in his practice.

What are the most important financial lessons you taught your daughters?

There are quite a few I taught them, [but the most important were] 1) wants versus needs, 2) saving for larger purchases, 3) independence by having their own money, and 4) awareness of what was saved for college for them.

Whenever a financial lesson to be taught presented itself, I would discuss it with them individually or as a group. More specifically, one example was opening checking accounts for them at the local credit union when they each turned 13. This got them comfortable with using a debit card, managing the balance, spending, etc. When each got their first job with W-2 income, I helped them open a Roth IRA to begin saving for retirement.

As the father of daughters, it was important for me to set them on a path to being financially independent. I have told my daughters numerous times over the years (they are 18, 19 and 21 now) that I will teach them the tools to be financially independent — with the aim of not having to be dependent on a mate or partner.

More personally, I’ve told them many times over the years that the only male they would ever be financially dependent on was me — and I was teaching them the lessons that would help them avoid being dependent on anyone.

When should parents start talking to their daughters about money?

To continue reading, please go to the original article here:

https://finance.yahoo.com/news/4-most-important-pieces-advice-190012038.html