Fishing, Finding Time & Financial Matters: 5 Lessons I Learned From My Dad – Finger Financial Five #6

My dad and I would go fishing on Saturday mornings in the ponds and rivers around Marion County.  It was a very peaceful time for me.  This is where the name, Riverbend came from.  There were a number of lessons learned during this time I spent with my dad.

Lessons I Learned From My Dad: 

1. Be prepared by having options – We were primarily cricket fishermen. Our fish of choice were, brim, molly, and the occasional crappie. Sometimes we needed to adjust the depth of the bait, by moving the rubber band farther away from the cricket, so the cork would stop at the rubber band and the cricket would be deeper in the water.   If that didn’t work, we would use beetle spin or bass fishing.
   • Financial lesson:  have diversity with your investments.  Nothing works all the time.
2. You must fish to catch fish – Sometimes I would take a little too long to rebait my hook.  My dad would say, “You can’t catch fish, unless your hook is in the water.” There was a 100% chance I would not catch anything unless I was fishing.  Even a bare hook in the water, is better than a baited hook in the boat.  I needed to at least give myself a chance to catch something.
   • Financial lesson: staying invested increases your chances of success.
3. Go where the fish are –If a place was not protected from the wind, or was too muddy for the fish to see our bait, we would try another spot.  When we found a good spot to fish, we would keep going back.
   • Financial lesson: Understand the basics of financial health; save 10-20%, have an emergency fund with 6+months, of cash, and have an idea on where you want to go.
4. Patience – Some days it felt we would catch a fish every cast.  Some days took a much longer.   We were doing the right things; it just took time for it work out.
   • Financial lesson: Time takes time.  Success does not happen overnight.  Keep doing the right things, day in and day out.  It may feel like nothing is happening on a daily basis.  It is just hard to notice progress in very short time periods.  Success will come if you keep working for it. Warren Buffett did not become a billionaire until age 56. He is now worth $79 billion at age 90. [1]
5. Remember the real reason you’re doing what you are doing. We did not catch fish every time.  Not even close to it.  That is why it is called fishing and not catching.  What was I guaranteed to have that day?  Time with my dad.  Time in nature. Catching fish was a bonus.
   • Financial lesson: money is simply a tool.  Use it wisely.  Don’t get fixated on a number in your portfolio.  Focus on your experiences, not on material things.  The happiest people I know, think about relationships.

What is most important to you? What do you most enjoy spending time doing? What is limiting you from doing that? What lessons did you learn from your dad?

On the lighter side, we are heading up to Columbia to see my mom and sister and her family. Before we go, Elliott and I are running a Turkey Trot Thanksgiving morning. I am glad Elliott is joining me.

Happy Thanksgiving,

Jeremy Finger, CFP®, CIMA®, CRPC®, CPFA
Founder & CEO
Wealth Management Advisor