Getting Started

Break The Cycle

By Fitz Villafuerte, Brighterlife.com.ph

BL_blackbassFilipinos who love watching telenovelas are surely familiar with the following lines, which parents usually say to their child:

Anak, ikaw na lang ang pag-asa namin para sa magandang buhay.

Mag-aral ka ng mabuti anak, para mai-ahon mo kami sa kahirapan.”

Ngayong may trabaho ka na, pwede ka nang tumulong sa mga gastusin dito sa bahay.

These lines, which have probably brought many viewers to tears, have been used and reused on TV for many years now. But while it may be an ideal plot for a drama series, I feel that real life should offer a different scenario.

The main message of children loving and helping their parents is, of course, worth promoting. But it may be time for us to let go of the belief that parents should be totally dependent on their children when they get old, especially in terms of finances. Some parents seem to consider their children as “financial investments” and the act of raising them as a “retirement plan” and this is not an idea that I subscribe to.

The good news is that it is a situation that we can actually do something about, before we hit our golden years. Here are a few ways how:

  1. Do financial planning so you can map out and prepare for your future needs.
  2. Look for and avail a long-term health care plan which can take care of your medical bills in your senior years.
  3. Learn how to invest now for your retirement.
  4. More importantly, teach your child how to be financially free by encouraging them to learn with you.

These are just a few of the things you can do to help break the cycle. Let’s not let our children become part of the Sandwich Generation, or the generation of people who are caught between caring for their aging parents while also supporting their own children.

It will be more fulfilling to see our children living full lives instead of being tied down with our own financial needs.

Fitz Villafuerte started his journey towards financial freedom 10 years ago and he shares the lessons he’s learned in his blog Ready to Be Rich. He seeks to inspire people in making wise decisions on investments, business, and personal finance.

Photo used under Creative Commons from blackbass

kristinjewel on

This article really inspired me and obviously a lot of Filipinos who’ll be having the chance to read this will be able to relate themselves. That’s why my mom whose a Sun Life financial advisor was the one who taught us how to be financially free at the youngest age of 21. We should encourage the younger generation to practice the habit of saving for the future. Everyone wants to have something to get when the need arises, and there goes Sun Life to help us achieve this needs. More power to you guys!

Thor on

Very encouraging Filipino point of view. A must read for every Pinoy out there. I’m glad I don’t watch telenovela or soap opera.

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