As we enter the holiday season, many of us are taking time for reflection and to express our gratitude toward family and friends. On a personal level, taking time to educate myself on how to improve as a parent is always a goal that is top of mind. Perusing my Feedly over the last couple weeks, I noted several family-focused articles that caught my attention.
What’s more, I realized the applicability of the principles have much greater reach than within my own family. After all, at Dakota Coast Capital, the foundation of the business is family. Therefore, serving to impact clients’ lives is just a natural extension from how I connect with my own family. The following three articles all struck me with relevant principles that were worthy of sharing and what I am striving for everyday at DCC.
Lead By Example
“Do As a I Say, Not As I Do.” Have you ever uttered those words to your child? I certainly have. It may be some of the worst instruction that we can provide. If we are not leading by example, we should not be surprised if our kids sometime behave inappropriately. Can anybody relate to letting a bad word slip and hear that same word from your toddler two hours later? As parents, our children often emulate our every move. It’s critical that we present the behavior that we want to see out of them. As the author in this article points out, financial behaviors are no different. Our children need to learn to manage their finances just as much as they need to learn to tie their shoes or drive a car. AND, it’s most crucial that parents model financial behaviors with spending, saving, and investing habits to prepare their children for promising financial futures.
- Kiplinger: 5 Timeless Financial Lessons Our Children Need Now by Craig Hawley
Embrace Change… And Uncertainty
As parents, our work-family balance is constantly evolving, though consistently a juggling act. Working parents need support and planning, including financially. The authors highlight the challenges of being a working parent and having to continually adjust to the moving target of being a good parent while at the same time growing a promising career. We all have to simply get comfortable with the uncertainty of it all and embrace the changes that are to come – while also building as much of a support network as we can. Simply put, we can all only do our best and have faith that things will work out.
- Harvard Business Review: How Being a Working Parent Changes As Children Grow Up by Danna Greenberg and Jamie J. Ladge
The Power of Story
Family stories help kids shape their identities... even when it seems that they may not be listening. This article reminds us of the importance of the holiday season in sharing those noteworthy family anecdotes from the past. Often, it’s those personal stories that resonate most with those you love. Although most of us tend to forget the specifics, the facts and figures, often the feelings of connection that stories evoke remain palpable over the long run and can really help our children gain and retain some of life’s most important lessons.
- Wall Street Journal: The Secret Benefits of Retelling Family Stories by Sue Shellenbarger
Hopefully, you’ve found something in the highlighted articles above that can help you in your family relationships. I’m hoping to focus my own efforts as a parent on each of the broad themes that I took away from the writings.
As it relates to Dakota Coast Capital, we will also strive to hold on to the key tenants, as well:
Leading by Example.
We invest your hard-earned money using the same investment philosophy, strategy, and process as we do to invest our own money. Now, of course, we customize your portfolio to your specific goals and circumstances, so the exact allocations may differ as a result. However, the overarching core tenants are extremely consistent. We believe wholeheartedly in our investment approach.
Investing is inherently risky. There are so many unknowns regarding financial markets that we have no choice but to embrace the uncertainty. Importantly though, risk and return are related. Risks and uncertainty are what allow for upside in investing – not just downside. That’s the good news. Said another way, without uncertainty, investing likely wouldn’t provide us with nearly as much opportunity. At DCC, we offer you the support and expertise you need to navigate the inevitable market turbulence that will come and help you can reach your financial goals.
Connecting through Story.
We want you to understand our entire process and strive to be as transparent as possible in our communications. We try to distill challenging investing or financial planning concepts down into bite-size pieces that you can internalize. Our goal is for you to understand the “Why” behind everything we do and leave every discussion feeling peace of mind.
If you think that we could be helpful to your family, please feel free to reach out to Dakota Coast Capital. We are happy to offer complimentary initial consultations or 2nd opinions on your current financial situation.
Nothing contained in this article shall constitute an offer to sell or solicitation of an offer to buy any security. Material in this article is original or from published sources and every effort is made to verify its accuracy. However, we cannot fully guarantee the accuracy or timeliness of such information. Readers are cautioned to consult their own tax, legal, and investment professionals with regard to their specific situations.