Advice on Love & Money from the Dads of Zeta
June 20th, 2021 | 2 mins
Happy Father's Day from Zeta! To celebrate, we asked our own dads for their best advice on love and money.
1. Communicate with your partner: Get on the same page about your expenses, and understanding what are needs and what are wants.
2. Make saving a priority: Make sure you drop a portion of your paycheck directly into a separate savings account, tax advantaged account, etc. It puts you on a streamlined path to saving, and has a psychological impact on how much money you feel like you can burn (i.e., however much is in your checking).
3. Ask for help: Work with a financial advisor to help with investing and financial planning. They'll keep you from making costly mistakes.
4. Don't forget about the now: While it’s great to have and save money—as the Beatles said—Money Can’t Buy You Love! You should make sure you strike a good balance between saving for your long-term goals and spending (wisely) now on things that bring you both enjoyment for a happy life together.
5. Play the long game: Don’t ignore retirement when you’re young. It’s easy to see it as something so far away, but today relatively few have a pension and social security is barely enough to live on. Give your future self a hand—worst case scenario you have some money when you retire.
6. Cover your bases: Buy whole (not term) life insurance when you're young. In addition to insurance coverage, it builds cash value over the years.
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