Continuation of the 3-part series How to Raise Money-Smart & Future-Ready Kids Part 1 and Part 2
The best way to teach our children about money is to set a good example. It would be difficult and more uncomfortable for us parents to teach something that we ourselves are struggling with. This includes being prepared for your children’s education and having money for life.
If you are reading this today and you face uncertainties when it comes to your child’s future, there is a doable solution that you must start learning about:
1. Insurance Products – there are plenty of insurance products that can help you provide for your child’s quality education. This varies from pre-need educational plans to endowment plans whose benefits you can use for your child’s education. Do not hesitate to ask a financial advisor to learn more and choose the best insurance that will suit your personal needs and financial capacity.
2. Mutual funds – another option is to invest in mutual funds that allow your money to earn more versus keeping it in a regular savings account. Nowadays, people can start investing in mutual funds with just P5,000 and grow it enough to prepare for their family’s future.
It is important to fully understand an investment product before putting your hard-earned money into it. Do speak with a financial advisor to know if mutual funds are right for you.
My son was less than a year old when I bravely took the plunge and subscribed to my first Sun Life Endowment Plan called Sun Peso Provider 10. The endowment plan is payable in 10 years which my husband and I take turns in paying every quarter.
Now we feel more secure about our son’s high school education plus, receive a starting fund for his college education among many other benefits and riders.
Watch: How Judy Ann Santos-Agoncillo prepares for her child’s education
It is safe to say that we parents, regardless of where we came from or our status in life – only want the best future for our children. It is time that we take our country’s financial literacy to the next level, and as they say “the hand that rocks the cradle is the hand that rules the world”.