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Take care of your family

October 21, 2020

What fathers can teach their kids about money

Now that most of us are asked to stay at home, we have the opportunity to teach essential life lessons to our children. One of which is the importance of saving and investing money.

Many families are starting their recovery and setting their sights towards a secure and thriving future. Although it is tough for many parents and children alike, this unprecedented crisis is a unique opportunity to teach valuable life lessons and set good examples for the younger generation.

Fathers like myself can take inspiration from celebrity and Sun Life Ambassador, Piolo Pascual. Like me, he is a father who dreams of a bright future for his son. In a recent SunTalks session, Piolo shared his story on how he is raising a financially independent son.

1. Save money
"When Inigo was growing up, I would always remind him to save", shares Piolo. From my end, my son is 10 years old and we regularly teach him about the importance of saving even if it has to be through play or things he can easily relate to like the virtual coins he earns when playing mobile games. 

While 10 years old may be too young to learn about money, insurance, and investing, my wife and I try to expose our son to these terms so that he is comfortable with them when he grows up. It's important to expose our kids to different things and make them comfortable talking about finances.

2. Set a goal
Having a financial goal gives us a purpose for every financial decision that we make. Piolo shares, “I always remind Inigo to remember that you are working hard for something, for your future”. As parents, we can give our children examples of what good goals could be: having an emergency fund, saving for education, or getting insurance to protect our health and wealth.

3. Be practical
"Inigo is more practical than me when it comes to spending. He is very careful not to spend more than what he has in his account. He is not the type who would splurge. And I'm very happy and proud that he is very practical", says Piolo.

This pandemic is a unique opportunity to discover what's important as a family. Right now, we can teach our kids the real-life difference between needs and wants, and why it’s important to differentiate one from the other.  

4. Get proactive
When our kids are bored at home, we can teach our children to be proactive and creative. Sometimes they are frustrated that they cannot go outside and play, visit relatives, or go back to school like they used to. As parents, we can communicate that there are creative ways that they can take to turn negative situations into positive ones. We have to encourage our kids (and ourselves) to do something new each day. We can also share inspiring stories on how others have found ways to be resilient in the most trying times.
Piolo notes that “this crisis will come to past and we just have to be hopeful that no matter what happens, as long as we are creative enough, as long as we are positive that as soon as this ends, there are ways to support not just ourselves but our families by already planning for the future”.

5. Help others 
Achieving financial success is not just all about accumulating wealth but using money as a tool to help others. It’s important to teach our children that we are part of a bigger community, outside of our own families, and that we are made to help one another.
When our kids grow up to be more financially educated than others, they should also know how to reach out and encourage others to make the right financial decisions. Like Piolo said, “It’s important not to isolate ourselves. Being part of a bigger community is important. We can all be a source of support and inspiration to one another because we are created for something bigger than ourselves”.


Teaching these money lessons early on will give us parents the peace of mind that whatever happens, our children can grow up to become successful, financially independent adults. To learn more, watch Piolo’s SunTalks session here.

Every parent dreams of a bright future for their children but these days, many of us worry about our own health and mortality. Hospital bills and other emergencies can negatively impact what we’ve set aside for our children’s education. Did you know? Getting diagnosed with critical illness can cost at least 1 million pesos.

Piolo recommends the Sun First Aid and Sun LifeAssure to parents like us who want to protect their savings in case of costly health emergencies. Insurance products like these can provide life insurance protection with guaranteed cash benefits when you need them the most. To know more about what these health-geared life insurance products can do for you, reach out to a Sun Life Financial Advisor, which you can do via this form. With Sun Life, you can worry less about life's uncertainties so you and your family can always look to a brighter future.

 

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