Financial lessons from Filipino fathers: 5 tips for personal finance success
Ever find yourself scratching your head over how to handle your first paycheck or figure out how to budget your allowance? Trying to save for the future while still having fun in the present? These are common questions for young professionals and teens navigating the tricky world of personal finance.
Filipino fathers, often seen as the family's "haligi ng tahanan" (pillar of the home), provide a solid foundation and share wisdom that spans generations. Among the most valuable lessons they impart are those related to financial stability and prosperity.
Here are five pearls of financial lessons from Filipino fathers that they often share with their children, advice you might hear from them now and then.
Save a portion of every income
One of the key financial tips Filipino fathers give is the importance of saving. They stress setting aside a portion of every income, no matter how small, to create a safety net for the future. "Kahit gaano kaliit ang kita mo, magtabi ka palagi para sa kinabukasan," translates to "No matter how small your income is, always save something for the future." This advice is often followed by opening a savings account and regularly depositing part of your earnings.
Financial Lesson on Living Within Your Means
Filipino dads stress living within your means to stay debt-free. They teach their kids to distinguish between needs and wants, focusing on essential expenses first. Their advice, "Wag kang bibili ng hindi mo kayang bayaran," or "Don’t buy things you can’t afford," underscores the importance of financial discipline. They also believe it's perfectly fine to enjoy your money on food, travel, and dates, as long as you spend responsibly. Creating a budget helps track your expenses and ensures your spending aligns with your income, allowing you to enjoy life while staying financially secure.
Invest in education
In Filipino culture, education holds a special place as a pathway to brighter opportunities. Fathers often urge their children to see education as an investment with long-term benefits. They often say, "Ang edukasyon ang pinakamagandang pamana," which means "Education is the best inheritance," stressing the importance of prioritizing educational expenses.
Investing in additional training and seminars is another way to continually broaden one's knowledge. Attending these events not only helps fill knowledge gaps but also offers chances to connect with like-minded individuals pursuing similar life goals. Building these connections can be valuable for personal and professional growth.
Avoid debt and borrow wisely
Filipino fathers stress prudent borrowing, urging their children to take loans only when essential and ensuring they can comfortably repay them. The Filipino advice, "Umutang ka lang kung kinakailangan, at siguraduhin mong kaya mong bayaran," translates to "Borrow only if necessary, and make sure you can afford to pay it back," highlights the importance of careful financial planning. This involves assessing the need for loans, understanding interest rates, and planning repayment terms before committing to borrow. Moreover, to maintain trust and avoid becoming the talk of the town, it's crucial to repay debts according to agreed terms.
Value hard work and perseverance
In the eyes of Filipino fathers, hard work and perseverance are key ingredients for financial success. They often share the wisdom that "Walang madaling pera, lahat pinaghihirapan," meaning "There’s no easy money; everything requires effort." This encourages a dedicated and disciplined approach to work, with the belief that it fosters continuous growth in both career and financial stability. When you cultivate the discipline and dedication to your work, you'll gain a deeper appreciation for the fruits of your labor. This mindset naturally leads to more prudent financial spending and planning.
The financial guidance from Filipino fathers is rooted in their years of experience and cultural values that highlight prudence, hard work, and foresight. By honoring and embracing their advice, Filipino children can lay a sturdy groundwork for financial stability and success.
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