I can’t really say if we have gone through the worst possible financial crisis ever since I can only speak from our experiences, but Jay and I have gone through some really tough times together. I mean, we’ve had a time when, had it not for friends who came to our rescue, our then 2-year old Pablo wouldn’t have food to eat and milk to drink for days. Or how about that time in December of 2009 when we had to wait three days before we were able to have our electricity reconnected? We went creative on that one! The Christmas tree was […]
Money Matters: School Allowance and Money Management
A few years ago, I came across the three jars concept in teaching kids about finances and money management. The three jars concept teaches kids to divide their money in three jars labeled for giving, for saving, and for spending. In most videos I’ve watched on YouTube, the money that goes to the giving jar is meant to teach the child to give to charity institutions and for those in need; the jar for savings is meant to teach the child to learn to invest; and the jar for spending is for his own expenses. School Allowance I’ve taken note of the […]
Money 4 Life: Of Life Insurances and Estate taxes
Have you ever daydreamed about the death of a fictional long-lost relative who left all his wealth in your name? People think that when someone leaves them an inheritance, they will simply assume ownership once the original owner passes away. But the truth is that it’s not that simple. I remember a friend of mine who “inherited” some properties when her father died; she told me that she only “seemed” rich in paper, but she’s actually poorer because her expenses increased. Aside from paying for the yearly taxes of these properties, she had to come up with money to pay for […]
Money 4 Life: Good debt, bad debt
I come from a family that frowns on any form of debt. Growing up, my parents would tell me that it’s okay if we had less properties than our friends because at least we don’t owe anything that can be taken away from us. The only loan they had then was for the house that we were living in which they completed paying off in fifteen years. I saw debt from my parents’ perspective. My father, who is a lawyer, represented many companies in cases involving huge debts. Some of my dad’s clients were people we personally knew, with children I grew up with. And […]
Money 4 Life: How we chose our Financial Advisor
Choosing the right financial advisor (FA) is one of the most important decisions we have made in our journey to financial freedom. We’ve been presented to by many different financial advisors from different investment companies, and they all did so well, so if it were only a matter of competence, we had a buffet of them. But my husband and I realized that we were not only looking for someone to call when we need to cash in our investments, but that we were choosing someone who will partner with us in working towards the goals we have set for […]