June 2016 Edition
How many of our financial habits are derived from the relationship we have with our parents, and in particular, our father? While the pattern of financial decision making has changed dramatically over the past few decades to a more balanced approach with both parents engaged evenly in the process, fathers have always played a key role in creating the foundation of many of our financial planning habits today. If your parents were savers and lived within their means, you likely prioritize saving in a similar way, while perhaps balancing your personal instincts with those of your spouse. If they believed in insurance to manage risk, you may likely have the same philosophy.
But how do you get on track when the examples that were presented didn't create a path towards financial security? Everyone priorities their own personal security, and the security of their family differently, and you can always use those experiences to build your own philosophy around savings, retirement planning, and risk management. OK, so your parents didn't own a lot of life insurance to replace income and cover living expenses for the family if something were to happen. There are many factors which could have contributed to that decision not the least of which is that they didn't talk to someone they could trust about their needs...
This Father's Day, thank your father (if possible) for all of the wonderful lessons he provided to you, I'm sure he had a good guide at some point along the way as well.
ECONOMIC HIGHLIGHTS
- Energy prices still remain highly affordable, however, and should continue to support stronger consumer spending
- The Consumer Price Index should grow by 0.4 percent for May driven by higher gasoline prices and tighter job and product markets pushing up the core rate (up by 0.3 percent)
- Volatile multi-family housing starts should edge down a tad after jumping last month, but this should be offset by more single-family starts - pushing total housing starts up to an annualized rate of 1.18 million units
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