Live Richly by Yhel

“I don’t call it “Life Insurance,” I call it “Love Insurance.” We buy it because we want to leave a legacy for those we love.”
“In case you can’t be there to catch them, make sure you leave a safety net.”

"You need to learn how to save first. You cannot invest what you do not save. You cannot save if you don't know how to save."

-Randell Tiongson

Set aside 20% of your income to save for the future. Pay it first.
Treat it like a bill that you must pay. That's your FAMILY'S FINANCIAL FUTURE BILL.

***Spending for my parents and saving for my retirement***
By: Randell Tiongson -

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 to take if you want to support your family and save for your own future:
1. Put the mask on yourself first. If you’ve been on any flight (and you actually pay attention to the flight attendants’ pre-flight instructions), you know that when the oxygen masks drop, you’re supposed to put the mask on yourself first before you help put the mask on others. It’s the same for your finances; before you can help anyone else, help yourself first. Do you have an emergency fund? Is a portion of your salary going toward retirement already? Are you free from high-interest debt like credit cards? If yes, then you can step up and contribute to your family. If not, take care of your own finances first.
2. 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. You can consider term life insurance plans, which provide coverage for serious illnesses and death for a certain period of time. You may also consider health insurance or HMOs if health is a major concern for you.
3. Know your family’s financial situation inside and out. Knowing your family’s financial capabilities will help you keep better control of your own finances. What do they need help with? How much do they need to pay whom? This may not be an easy conversation to have, but it’s important so that you don’t overextend yourself, and they don’t become reliant on you at the expense of your own future. When you know how much money they truly need, you can measure it against what you can provide as assistance, and you can provide for them while saving for yourself.
4. Set limits. Exactly what monetary help does your family need? How much will they need from you monthly, and for how long? What is the maximum you can provide for them? What are their financial goals? Setting these markers down will ensure that you stay on your financial track while still being able to help your family. When you help, make sure it is not encouraging the habit of dependency and entitlement.
5. Teach them good money habits. Like the old saying about teaching a man how to fish, teaching your family good financial habits will be much more help to them in the long run than simply giving them money. Help them set a budget so they can meet their expenses, or assist them with finding money-making opportunities so that they can sustain themselves with minimal help from you. This way, they can have their own sources of income other than just you—freeing your finances up so you can save more, build your wealth, and be in a better position to help them out if more financial setbacks arise.
Discussing family finances is not the easiest thing to do, but it’s very important if you want to help your family while still helping yourself. Improve your finances and get yourself on solid ground before you commit your resources to helping out. It’s important to be there for your family, and by following the steps above, you can ensure a good future for yourself while getting your loved ones on better financial footing.
What does the bible say about these things?
We should honor our parents—“Honor your father and your mother, that your days may be long in the land that the LORD your God is giving you. (Exodus 20:12, ESV).

Read more: https://business.inquirer.net/.../spending-for-my-parents...

𝗜𝗠𝗚 𝗠𝗲𝗺𝗯𝗲𝗿𝘀𝗵𝗶𝗽 𝗣5,500

𝗬𝗲𝗮𝗿𝗹𝘆 𝗔𝗰𝗰𝗿𝗲𝗱𝗶𝘁𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗻𝗲𝘄𝗮𝗹 𝗣1,500

𝗔𝗻𝗼 𝗻𝗴𝗮 𝗯𝗮 𝗺akukuha 𝗺𝗼 𝗸𝗮𝗽𝗮𝗴 𝗜𝗠𝗚 𝗠𝗲𝗺𝗯𝗲𝗿 𝗸𝗮?

𝗜𝗻𝗰𝗹𝘂𝗱𝗲𝘀: ✓𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 - 𝗙𝗥𝗘𝗘
✓𝗨𝗻𝗹𝗶𝗺𝗶𝘁𝗲𝗱 𝗧𝗿𝗮𝗶𝗻𝗶𝗻𝗴𝘀 - 𝗙𝗥𝗘𝗘
✓𝗨𝗻𝗹𝗶𝗺𝗶𝘁𝗲𝗱 𝗪𝗼𝗿𝗸𝘀𝗵𝗼𝗽 - 𝗙𝗥𝗘𝗘
✓𝗣1,000 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗶𝗻 𝗺𝘂𝘁𝘂𝗮𝗹 𝗳𝘂𝗻𝗱 𝘄𝗶𝘁𝗵 𝘇𝗲𝗿𝗼 𝗲𝗻𝘁𝗿𝘆 𝗳𝗲𝗲
✓𝗣100,000 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝗮𝗰𝗰𝗶𝗱𝗲𝗻𝘁 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
✓𝗙𝗿𝗲𝗲 𝗲𝘆𝗲 𝗳𝗿𝗮𝗺𝗲𝘀 𝗳𝗿𝗼𝗺 𝗞𝗮𝗶𝘀𝗲𝗿 𝗮𝗻𝗱 𝗜𝗠𝗚
✓𝗙𝗿𝗲𝗲 𝗨𝗡𝗟𝗜𝗠𝗜𝗧𝗘𝗗 𝗺𝗲𝗱𝗶𝗰𝗮𝗹 𝗰𝗼𝗻𝘀𝘂𝗹𝘁𝗮𝘁𝗶𝗼𝗻 𝗮𝘁 𝗞𝗮𝗶𝘀𝗲𝗿 𝗠𝗲𝗱𝗶𝗰𝗮𝗹 𝗖𝗲𝗻𝘁𝗲𝗿𝘀
✓20% 𝗱𝗶𝘀𝗰𝗼𝘂𝗻𝘁 𝗼𝗻 𝗺𝗲𝗱𝗶𝗰𝗮𝗹 𝗹𝗮𝗯𝗼𝗿𝗮𝘁𝗼𝗿𝘆 𝘁𝗲𝘀𝘁𝘀
✓24/7 𝗮𝘀𝘀𝗶𝘀𝘁𝗮𝗻𝗰𝗲 𝗳𝗿𝗼𝗺 𝗺𝗲𝗺𝗼𝗿𝗶𝗮𝗹 𝗰𝗼𝗻𝗰𝗶𝗲𝗿𝗴𝗲
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝗖𝗔𝗥 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲𝘀
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝘃𝗲𝗵𝗶𝗰𝗹𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲, 𝗳𝗶𝗿𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲, 𝗲𝘁𝗰.
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝗮𝘀𝘀𝗼𝗰𝗶𝗮𝘁𝗲 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗽𝗹𝗮𝗻𝗻𝗲𝗿 𝗰𝗲𝗿𝘁𝗶𝗳𝗶𝗰𝗮𝘁𝗶𝗼𝗻
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝗥𝗲𝗮𝗹 𝗘𝘀𝘁𝗮𝘁𝗲
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝗡𝗼𝗻-𝗟𝗶𝗳𝗲 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲
✓𝗗𝗶𝘀𝗰𝗼𝘂𝗻𝘁𝘀 𝗼𝗻 𝗦𝗽𝗲𝗰𝗶𝗮𝗹 𝗖𝗼𝘂𝗿s𝗲𝘀
✓𝗥𝗘𝗖𝗢𝗚𝗡𝗜𝗧𝗜𝗢𝗡𝗦
✓ 𝗘𝗫𝗖𝗟𝗨𝗦𝗜𝗩𝗘 𝗘𝗩𝗘𝗡𝗧𝗦 (𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗰𝗼𝗱𝗲𝗱 𝗺𝗲𝗺𝗯𝗲𝗿𝘀)
✓𝗪𝗢𝗥𝗟𝗗𝗪𝗜DE 𝗣𝗥𝗢𝗧𝗘𝗖𝗧𝗜𝗢𝗡 (𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗖_____________________________𝗟𝗘𝗠𝗘𝗡𝗧 𝗕𝗘𝗡𝗘𝗙𝗜𝗧 (𝗜𝗻𝘁𝗲𝗿𝗻𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗖𝗼𝗱𝗲𝗱 𝗠𝗲𝗺𝗯𝗲𝗿𝘀)
_______________________________
𝗢𝗽𝘁𝗶𝗼𝗻𝗮𝗹: 𝗮𝗱𝗱 500 𝗽𝗲𝘀𝗼𝘀 𝗮𝗻𝗱 𝗴𝗲𝘁 𝗣50,000 𝗟𝗜𝗙𝗘 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 (𝗰𝗼𝗻𝘃𝗲𝗿𝘁𝗶𝗯𝗹𝗲 𝘁𝗼 𝗺𝗲𝗺𝗼𝗿𝗶𝗮𝗹)

𝗬𝗼𝘂𝗿 𝗺𝗼𝗻𝗲𝘆.
𝗬𝗼𝘂𝗿 𝗰𝗵𝗼𝗶𝗰𝗲.

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