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Do you rely on your children as your future investment?

Do you rely on your children as your future investment?

In the Philippines, most parents rely on their children to take  care of them and provide them everything when they grow old. They consider them an investment which will give them great returns when they grow up and started working. This has been a cycle and most parents rely on it. For some, they will say there’s nothing wrong with it. With our culture of strong family ties, it become a norm that most Filipinos are following.

However, in my point of view, this is not a good way of thinking. It is the sole responsibilities of the parents to take care of their children. That includes giving them good family, good education, good way of life and other things that we can provide to them. However, they they grow up and started to have a family of their own, is it right for parents to demand to their children that they are responsible for them? I say no to this one.

This is an excuse for parents who failed to plan for their retirement. Since they have nothing left for themselves, they rely on their children. It is good if the children can take care both of their family and their parents. However, in the Philippines where most families are living in poverty, this is not a good scenario. How many times I’ve read stories of parents being abandoned by their children because they cannot take care of them.

old-man

There is nothing wrong with growing old and staying with your children. The problem will arise if you are old, no money and not even your children can take care of you.

Try to read the story of two lola: Lola Pilar and Lola Penny from Bo Sanchez site.

This is a future problem that we all needs to face. Proper planning with savings and investments if the only way to stop this from happening to us. It is not correct to rely on “bahala na” attitude. There are lots of uncertainties in the future but you can do your best to prepare for it.

Children as investment has been a cycle in our culture. We need to stop this now and take full responsibilities of your future. Save as little and as much as you can. Start planning for your retirement or you’ll regret you didn’t.

P.S. A year ago, I do not know anything about investment. Then I joined Truly Rich Club by Bo Sanchez. It was the best decision I ever made in my life. Brother Bo is a spiritual preacher and at the same time, financial literacy advocate whose purpose is to help people become rich in order to serve the LORD with the money that they have. He guided me along the way, explaining how I can manage my money and make it work hard for me. Now I’m investing in stocks and mutual funds and have a clear path for my future. Soon I’ll open UITF account as well. All are made possible by his guidance and teachings on every steps to become an investor. Being OFW isn’t forever, this is my EXIT PLAN. It’s amazing how his teachings change my life. I’m inviting you to join the club too, JOIN TRULY RICH CLUB. If you have any question, feel free to leave your comment below. CLICK HERE TO JOIN

About Richard Macalintal

Hi my name is Richard. I am a Registered Financial Services Consultant in Singapore. If you have any queries or you need help on your insurance policies and investment linked products, feel free to message me :-) We can have a cup of coffee while I do financial review and give advice with regards to your finances :-) Contact me thru email rlmacalintal(at)yahoo.com or SMS me +65 82235186. Disclosure: I am a Financial Consultant of AIA. The statements or opinions expressed on this site are my own and do not necessarily represent those of AIA.

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