Generation X are those people who are sandwiched between the needs of their parents, and the needs of their own children. They still support their parents, and they support their own family. I know a lot of them who are OFWs who try their luck abroad as DH-Domestic Helpers, Caregivers, Nannies, Teachers, and Professionals. They work abroad to earn more so that they can provide more to the needs of those whom they leave behind in the Philippines. They are in Saudi Arabia, Dubai, Israel, Japan, Vietnam, Malaysia, Singapore, and Hong Kong. They normally don’t have retirement pay, and most don’t intend to stay long abroad. They simply plan to work for 5 to 10 years and then go back for good. They are our heroes. They sacrifice a lot by staying away from their families, so they can provide for them.
Most of them earn more than double of what they can earn in the Philippines. A DH can earn as much as 25,000Php in Hong Kong while they can only earn about 8K/month in the Philippines. The families they leave behind depends on them so much. They are most often times used as source of emergency funds. Their families thought that their income is unlimited. Most of these Gen X who are abroad sets up a business they let their families take care of. However, due to lack of Financial Education, they normally do not know how to handle their finances. They plan to work for no more than 10 years, go for good in the Philippines with the business they set up, but they end up working all their lives, with failed business, and with no savings in their retirement. That is their challenge.
Those that opt to stay and battle it out in the Philippines face the same challenge of supporting their own families, and their parents, on a daily basis. They would normally live in separate houses, as most married couples wouldn’t want to live with in-laws. Income normally isn’t enough for their own family’s needs. They fall prey to loan sharks, credit cards, and all kinds of loans. I know this first hand. I’ve been through it too.
They earn but their expenses; on both ends, more often than not exceeds their income. They pay other first before they pay themselves. Warren Buffet put’s it accurately.
But, there is hope. FINANCIAL EDUCATION is the Key that will enable the Gen X to start investing, wherever they are. The most important Concept Gen X needs to know is the “Pay God, and Yourself First”. This is the “Prosperity Formula” that Bro Bo Sanchez teaches us. We just simply save and invest 20% of what we earn. And we do this by making sure we spend less than what we earn, and earn additional income by engaging in a business. A business, they can do in their part time. More importantly, they also need to get their families financially educated so they appreciate the value of money and how to save and invest.
Bottomline here is that those who Gen X work hard for, need to Invest on Financial Education. Those that rely on us have to know the proper way of handling our finances. Then, we need to make sure we do our best to Invest for our future as no one else will do it for us. Not the government, not our children, nor our parents who depends on us.
If you are Between 35-50 years old and you have a family that you support, including your parents, this guide is for you. You are the Gen-X I am talking about. You need to act on your Financial Strategy NOW. Contact me at 0920-902-1217 or eMail me at richbenj.santiago@gmail.com.
God bless us all!
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