As I was driving home one night, I chanced upon what I assumed to be a married couple riding a motorcycle. Almost nothing was remarkable about them. In fact, as I shifted my sight to their shoes, theirs were faded black with dirty white creases, a sure sign that these shoes had seen better days.
What caught my eye was the seemingly brand new transparent plastic bag that the passenger was carrying. In the bag was a crisp orange box that appeared to contain one of the popular doughnut brands in the country.
Then it struck me…of course! It was payday on that day and this couple was probably bringing the traditional pasalubong or gift to their children. For sure, the parents will even tease their kids a bit by hiding the box and asking their children to guess what surprise they brought this time. And while it is but a simple luxury to have doughnuts on payday, it will surely light up the eyes of the children and provide another opportunity to bond for the family.
Something clicks when couples begin to have children. Suddenly their efforts are shifted to providing a good life for their offspring. Without need for priest, minister or judge, a promise is silently made.
I have always maintained that a guarantee is only as good as the guarantor. And the promise silently made by parents is one of the most solid guarantees there is in life. But, to paraphrase the Bible, “while the spirit is willing, the body is weak.”
There will be a host of factors that can thwart the plan of parents to keep their promise. This is why parents need help in minimizing the risk of breaking their promise, particularly when it comes to those promises that use money as a tool (e.g. education, shelter, food, transportation, etc.) And this is where financial products providers come in.
Banks provide an invaluable aid in cash management particularly when it comes to safekeeping of cash. Lending institutions offer aid in times of cash shortage. Insurance companies provide the avenue for passing on the costs from untimely encountering perils to life and property, a process akin to reinsuring that no less than insurance companies practice themselves. Banks, mutual fund and insurance companies combine to help parents accelerate wealth growth. On top of these financial institutions are the regulators like the Bangko Sentral ng Pilipinas, Securities and Exchange Commission and Insurance Commission which ensure that the same financial institutions keep their promise. And let us not forget the growing army of financial planners who provide guidance on wise money management.
Life’s many challenges make promises somewhat difficult to keep; but it does not mean that promises are meant to be broken. And with the help of financial institutions, their regulators and financial planners, parents have a fighting chance in keeping those promises to their children, even as simple as bringing home doughnuts on payday.
(Originally written by Efren Ll. Cruz, RFP at http://www.savingstips.com.ph)
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