Your dad has always been someone that you have looked up to. He taught you the first thing you learnt about money. Why not return the favour this Father’s day? Here are some people who did.
The first hero in your life, the man who worked all his life to ensure that you had the best things, the man who will go to any length to make you smile, the man who has your best interests at heart, the man who taught you what life was all about, the man you always wanted to emulate. Your dad!
A Father is, of course, a guiding light whose love shows us the way. But, as Margaret Truman said, “It’s only when you grow up and step back from him — or leave him for your own home — it’s only then that you can measure his greatness and fully appreciate it.”
You realise how he is your own superhero whose tightened purse strings opened up magically just to delight you! But when it came to spending on himself, he was probably more conservative. Perhaps a little of that conservativeness showed itself when he made investments too.
It is an open secret that it isn’t that easy for the risk-averse to save or invest like it was a decade or two ago. Interest rates on Fixed Deposits which were at 12% are now down to 7%. Many older dads don’t know much about the awesome returns that Mutual Funds have been known to give in the long run or the amazing cashback that a Credit Card provides. Maybe this Father’s Day you could share with your father a little of what you know about saving and investing. Help him get some extra cash to indulge himself!
Don’t know how you can do that? Don’t worry, here are some people who taught their dads neat little tricks about money. Maybe you could follow what they did? Ready to know more? Here we go!
Navin Chandani, Chief Business Development Officer, BankBazaar
Navin is very clear about what he wants his father to do. “This Father’s Day I would like to share with my Dad the benefits of using a Credit Card. These are manyfold – including convenience, safety, savings in the form of discounts, cash back, and reward points that could be used for future purchases. The Credit Card can be used for everyday spends and is far more beneficial than a Debit Card or cash.”
And Navin, don’t forget to mention that he can opt to repay Credit Card purchases through EMIs.
Aditya Bajaj, Category Head – Savings & Investments, BankBazaar
Here’s one who refuses to believe that there is anything his father doesn’t know about money. Says Aditya, “What can I teach my father about money or wealth when I have, myself, learnt the meaning of money from him. Without having had any formal education on financial planning, most fathers in those times still knew how to save and grow wealth in the most efficient way. In fact, my father is the one who really taught me that ‘if Income is what you earn, savings is what you keep, wealth is only generated when you ‘INVEST’.”
What if he were to advise his dad on money? Aditya says, “Back then if Mutual Funds were as popular and easily available as they are today, I would have probably suggested that he keep all his savings in Long-Term Equity Mutual Funds.”
Aditya, we are sure you have told your dad about how investing through BankBazaar is hassle-free. Not yet? If your dad hasn’t registered on BankBazaar, get him on board today!
Jomy Augustine, Principal Software Engineer, Oracle India
Having been raised by working parents, Jomy realised that his father never lived lavishly because he wanted the best for his son. His family saved extensively to build their house. Now, Jomy wants his dad to live life king size. Says Jomy, “I don’t want my dad to leave the comfort of his home. That’s why I advise him to go digital. Whether it is booking tickets or paying bills, I tell my dad to do everything online.”
Why not ask your father to renew his insurance policies online, Jomy? Psst…on BankBazaar, the process has minimal paperwork and the policy will be mailed to him. Tell him about it!
Parul Shrivastava, Assistant General Manager, BankBazaar
Parul loves her dad and thinks she doesn’t need to teach him anything. But the one thing she would like to tell him is, “Papa! aap Mutual Fund me paise kyon nahi daalte. Sirf PPF aur Fixed Deposit na, thoda purana sa concept hai. Thoda mixed sa profile hona chahiye.”
Will dad listen to you, Parul? She says, “I know the dialogue that would come from him…Dekhte hai!”
Maybe, Parul, if you tell him about how Mutual Fund investments on BankBazaar are totally paperless, papa maan jayenge!
Priyank Jain, Senior Product Manager, BankBazaar
Priyank has a ton of things to tell his dad. Says Priyank, “My dad uses cash for almost everything. I want him to start using a Credit Card to shop, for utility bill payments and to travel. Using the card wisely will help him build his credit history.”
Priyank has already convinced his dad to invest in Mutual Funds. Not only that, Priyank wants his dad to diversify his investment portfolio instead of putting everything in one basket.
Insurance is also important. So, Priyank, it will be good to ensure that he has adequate Life and Health covers.
Shweta Jain, Founder, Investography
When the daughter is in the business of money, can the father be far behind? Of course not! Unlike the typical conservative dad, Shweta’s father likes taking risks when it comes to investing. So, Shweta’s advice to her dad is, “Understand the impact of diversification. When you are convinced about something, you tend to put your all in it, which is a quite risky.”
Now that deposit rates are going north, you could perhaps ask your dad to invest in Fixed Deposits. What say, Shweta?
Santa Patnaik, Senior Legal Counsel, BankBazaar
It’s clear that Santa worships his dad when he says, “Dad, you gave us the best life we could have ever asked for. You also spent every rupee for our happiness, giving equal importance to saving for our security. Now that the joys of retirement allow you to live a life of comfort and give you the time to do things you always wanted to do, it’s also time for you to start investing in Mutual Funds for better returns. Equity funds allow you to make withdrawals anytime.”
And Santa, tell him that he can also invest in liquid funds which are almost like Fixed Deposits but can give better returns.
Give your father something valuable this Father’s Day. Want to gift your father a financial product like a Credit Card or help him invest in Mutual Funds? Step this way for the best offers!