Happy Father’s Day - A Letter to Our Daughter
The nine basic steps above summarize one of my favorite books, The Simple Path to Wealth, by the financial author JL Collins.
The book is the inspiration for this blog post as I want to share my thoughts and journal the financial aspirations that I hope my daughter learns from. So, along with the nine basic steps outlined above, here are a few more to follow.
Dear Naomi -- my little Mimi,
You have stolen our hearts from the moment you took your first breath. Since I can be a tad eccentric with finances, I figured I would write a few things that you can learn from as you grow into an amazing member of our society. Here are some of my financial recommendations to you:
Avoid bad debt. Never try to keep up with the Joneses.
Set up a strong financial foundation by keeping track of your expenses and savings.
Continue to fund your Roth IRA. Mom and Dad established a Roth account and invested funds in an aggressive low-cost index fund-- automate these savings habits and invest regularly.
Being financially independent is about controlling your needs and building your net worth. Spend on what you value and keep your goals aligned to what matters to you.
Create and stick to a financial plan and adjust/recalibrate as needed (new job, marriage, children, etc.)
Choose to live a fulfilling life and NEVER base your financial decisions and successes on what other people are doing.
With life, but specifically with finances, keep things simple. Don't overcomplicate your financial affairs.
We love you very much,
Dad
