09/08/2019
In such a close-knit family culture like the one we have here in the Philippines, it’s natural to want to help out. But oftentimes, in their desire to help, a lot of people ignore their own financial health—and that’s NOT GOOD.
Here are a few steps advised by Mr. Randell Tiongson, a Registered Financial Planner, to take if you want to support your family and save for your own future:
1️⃣ PUT THE MASK ON YOURSELF FIRST. - Before you can help anyone else, HELP YOURSELF FIRST. Take care of your own finances first.
2️⃣ GET LIFE INSURANCE. - Your contributions are vital to your family, so it makes sense to PROTECT YOURSELF with life insurance in case you're unable to work.
3️⃣ KNOW YOUR FAMILY's FINANCIAL SITUATION INSIDE & OUT. - When you know how much money they truly need, you can measure it against what you can provide as assistance.
4️⃣ SET LIMITS.- When you help, make sure it is not encouraging the habit of dependency and entitlement.
5️⃣ TEACH THEM GOOD MONEY HABITS.- Teaching your family good financial habits will be much more help to them in the long run than simply giving them money.
Read more: https://bit.ly/2KlSDRQ
