There are only two "destinations" that a person will have: Dying too soon or Living too long. Filipinos are so caught up with living at the moment that most neglect to prepare for these.
On Living Too Long
What is your retirement plan?
What if you live up to 20 years more after your planned retirement age? Where will you get the money to fund the lifestyle you desire when (let's face it our body and mind will eventually deteriorate) you will not have the physical capacity to earn from any day job? Are you confident you are doing now the right preparation to live comfortably, free from financial worries, during your golden years.
Here are the sad facts according to a Senior Citizen survey in Philippines:
40% of senior citizens are supported by their Children
30% of senior citizens are living off from Charities
20% of senior citizens are still Working
8% of senior citizens are living off on Pension
Only 2% of senior citizens surveyed achieved Financial Independence
These facts are not shocking. In the Philippines it is a common scene to see Lolos and Lolas (Grandmas and Grandpas), those whose children can't support them, are still working or asking for money on the streets. Others are "lucky" to live in some charity organizations.
This is not the kind of future I envision for myself and my husband. The thought of being a pabigat (burden) to our child for our financial needs when we retire is unthinkable. I love our boy so much. That's why we are trying to learn and learn, gain financial literacy, so we are better equipped to make wise financial decisions.
How about you? Will you belong to the 2% when you retire?
Join the Truly Rich Club now and change your financial mindset.