Developing a financial plan ensures the entire family comes first
How many of you remember going out for a special dinner when you were young?
For me, it was McDonald’s each month on the Fridays that my dad was paid. Each of us always had a ‘meal deal’ before there was such a thing. My dad always made sure that our ‘meal deal’ included dessert. It was a time that we all enjoyed as a family; however, I was oblivious to what my dad was holding in his hand at the end of the table.
It was a single cup of coffee.
If any of us would ask why he wasn’t eating, he would reply along the lines of not being hungry or that he would catch some of my mom’s great cooking at home later. Even though this happened on a regular basis, I never did question my dad about this.
Why did I choose financial planning?
At my dad’s 60th birthday party, that memory of McDonald’s coffee was brought up again. This time, my brother explained more of the story – which finalized a question I had long been searching for an answer. Up to that point in my career I was enjoying my work as a financial planner, but I wasn’t convinced about why I was a financial planner. Turns out, the story I learned about my dad rekindled a bucket list desire to write a book.
As my brother explained to us, our dad only had a cup of coffee so that he could put that small amount of extra money to something that he defined as more important. I did hear many times that “we are living from paycheck to paycheck.” To me, this meant that we didn’t have much money. We never talked about money in our family. It wasn’t a taboo – it just wasn’t talked about. At the same time, each of us had what we needed in life. Every birthday and Christmas we always had more than we would ever need. I even had a new pair of soccer cleats each year for a sport that I loved to play.
Lessons from my father
I didn’t grow up wanting to be a financial planner. I remember taking a test in high school that told me I was destined to have a job that was based outdoors. The only career that I was told not to pursue was cabinet making, as my dad didn’t want his kids to follow in his footsteps. That may have been the first financial lesson my dad taught me. Work towards a job that will provide what you define as important for your family. My dad worked harder than anyone else I knew, but at that time, the salary wasn’t substantial.
The second financial lesson my dad taught me was how to complete a tax return the year I received my first paycheck from of all places… McDonald’s.
When I was writing my book, Financial Fotographs: How to Talk to Your Family About Money, I often thought about the cups of coffee I drink when meeting with clients as we talk about their goals, budget and financial plan. We work together to make sure that they are able to enjoy the fruits of their labor by having their finances in order so that they don’t have to live paycheck to paycheck.
Why do I do what I do?
Because I want everyone to have a financial plan in place so they don’t have to be someone’s dad/mom/family member only drinking a cup of coffee because they are looking after their family first and their personal needs second.
I have to say though, McDonald’s does make some great coffee…