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.
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.
"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.
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.
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.
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.