My family and both my parents’ family weren’t well-off. We weren’t old-rich, like some of the many family friends we have. My parents built from hard work, perseverance, and faith, the material wealth my siblings and my relatives enjoy or benefit from. Today, an Insurance agent visited our home and had me signed some papers (turns out to be Insurance Policy Contract) which I willingly signed as it was instructed by my mother. I had with me, my cousin and another family member, while I was signing and answering sheets of paper, the agent naturally got to talking about the Insurance products their company offers, and showed evidence of how easily it looked like to save money on insurance. I, too was also listening, and I admit that I bought it.
When my parents arrived home, I naturally told my mother how I signed some papers today upon her request and innocently dropped the fact that my two other relatives got themselves an Insurance deal. I didn’t think much about it when I said it, then my mom’s mood shifted and she angrily asked me to call my two relatives to the room. It was then that I realized that I needed training. In Accountancy we’re taught how to solve but not how to deal with money and people, to analyze the repercussions of not having enough money and signing-up for something as big as an Insurance. I thought insurance policies weren’t so complicated but I was wrong. It turns out if one misses to pay (after a 30-day grace period) the whole insurance shall be forfeited. Then all the money you would’ve already paid the company will never be yours, not a cent. My mom’s words made a lot of sense and although she said things angrily it didn’t sound like it came from hate but more like a concern and fear for my two relatives who didn’t know what they just got themselves into.
Truly, if I want to be financially stable, I must know first to faithfully stick to my saving habits. If I told myself, that I will save this much and save it on a particular day then I should without fail. She was apparently training my two relatives to pay their savings dues in a Cooperative without having to deal with penalties if they couldn’t pay. Then eventually, if already feasible, would’ve allowed them to invest on an Insurance on their own.
I didn’t appreciate the money lessons that I could get from my mom. I’ve only just seen my mom as my mom, not some Financial Advisor, like the others that follow her. But now, I’ll be more aware that I am actually living under the same house with one of the best Financial Coaches.
My Life is a Journey 