MANILA, Philippines — One of the biggest sources of anxiety for parents is the uncertainty of their children’s future. All a parent wants is the assurance that his or her child will be safe, happy, and comfortable.
However, parents begin to lose control over these things the moment their child leaves the nest. So more often than not, parents do their utmost to prepare ahead for their child. Anything from a good education to a property in their name can provide a head start. This is their legacy.
“Financially, of course I would like to leave my legacy,” says Bob Ilagan, a 56-year old father of 4. “I would like to have 4 condos so that in due time, each of my kids will get one just to help them out as they move on in their lives.”
Condominiums, for example, are practical investments because, foremost, they provide shelter and a venue to start a family. And compared to their house and lot counterparts, are also convenient, easy to rent out, and are more affordable. Plus, they appreciate in value as time goes by, especially if in a prime location or developed by a reputable brand.
This is in contrast to typical heirlooms like vintage cars, watches or jewelry, which are wonderful luxuries, but are rather impractical and depreciate with time. Even money, if not invested properly, depreciates.
Especially in this generation of YOLO chanting Millennials who are constantly in pursuit of their passions, financial legacies are reassurances more for the parents’ peace of mind. So while children are always encouraged to pave their own way in the world, when the going gets tough, a financial legacy is there to act as a kick-starter or a safety net.
Practice makes perfect
“I have always been preparing my children to be independent,” says Ruby Gan, a 54-year old single mother of 2. “I did not employ any maids so they know their way around the house. House chores and responsibilities are meant to be shared and not relegated on the woman alone.”
Some legacies are not tangible, but are passed down through example.
For Ruby, being a single mother to two sons meant that she had to work especially hard to get to where she is today. She considers the “never say die” attitude that she inherited from her grandfather her most valuable asset.
Financial legacies are nearly useless if they aren’t accompanied by good values. Think about it, what kind of legacy would be more practical: a property, or the attitude to work for and deserve a property?
A worldly legacy
Having a child requires a shift in perspective. In the first quarter of life, it’s all about “you, you, you.” But the moment a child enters the picture, it’s all about that child and his or her future. Take it from Samantha Zaragoza, a 29-year old first-time mother.
“At first, I was obsessing about his development and milestones,” she says. “I want to give him a good head-start and I don’t want his potential to go to waste.” Five months shy of turning 2-years old, Samantha and her husband have already invested in a property and a trust fund for him while saving up for his education.
When it comes to investing in a child’s future, parents will do the best they can. Quality does not depend on price. Consider the brand or reputation. Is this school reputable? Is this carmaker trustworthy? Is this property developer dependable?
The idea is that investing is necessary because it’s the legacy parents will be passing on to their children. But actually, investing is necessary because from the moment the child is conceived, their legacy is born. – Rappler.com
*Two cheerful Asian business people and Asian family photos from Shutterstock