TIME TO OPEN OUR MIND TO FINANCIAL RE-EDUCATION
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Are you worried about the US Economy? Most of the Filipinos I interviewed in their fifties and over working in
Washington DC area have no clue whatsoever on what’s going on with Social Security retirement benefits
that they believe would give them a better life, perhaps in the Philippines, when they retire. So, most of them
have no savings, living pay check to pay check and are in huge debt. I am not at that age bracket yet but
unfortunately I used to have the same lifestyle and belief system.
This is the time for serious financial re-education of our fellow immigrants. Yes, the pasture is still greener
here in the US in spite of the present economic condition in comparison of the Philippine economy. The fact
is the financial landscape is changing and Americans are becoming either wealthier or poorer and the
American middle class are disappearing. Do we need to be worried? The wealthy still need our services,
the nurses are forever in demand and so are teachers, nannies and housekeepers. The problem that I see
is once we, Filipinos; become familiar with American way of living we tend to forget the basic and simple life
we were accustomed back in the Philippines. We believe that all is fair and equal in America, that we can
eat what they can eat; we can wear what they can wear, have what they have without checking the balance of
our pocket books. We follow the latest trend and style of this materialistic society. So, low and behold we are
also at the same trap facing severe financial difficulty. It may not look like it seems to some for now but are
we prepared for any unexpected?
This is the time to think about our future. It doesn’t matter what we do for a living as long as it is decent. It
doesn’t matter how much we earn as long as we know how to keep for tomorrow. It doesn’t matter how old
we are as long as we know how much longer we can live at peace. I doesn’t matter who won the
Presidential election. I doesn’t matter who said would bring change and promises of better policy and
regulations, health care for every individual and bail out for homeowners in foreclosure. What matters is
acknowledging that the change must begin from us. Robert Einstein said “Insanity is doing the same thing
over and over and expecting different result.” It’s time to think wisely, read the fine print before signing any
contract and make sure you have 4 - 6 months if not 1 year cash reserved before getting a liability that will
enslave you for a lifetime. Do not spend your cash reserve as much as possible, if you want something try to
make more money or buy it when you are cash ready.
We can predict our future by looking at what we are doing right now financially. Do you have a mortgage debt
and any consumer debt? Plan to pay it off early so you can save interest and years off your payment. When
your home is paid off it will become an asset. Then start your retirement fund. Avoid unnecessary
purchases. Live simply but enjoy your hard earn money. You can retire with a peace of mind in any
economic condition if you do. It’s not too late to build our own economy if we can start now.
Jocelyn Wing
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