Dads Financial Toolbox

Asset vs Liability

Son: Dad, may I speak with you?
Dad: Go ahead.
Son: Among all my classmates, I am the only one without a car. It is embarrassing.
Dad: What do you want me to do?
Son: I need a car. I don't want to feel odd.
Dad: Do you have a particular car in mind?
Son: Yes dad (smiling)
Dad: How much?
Son: 200,000 pesos
Dad: I will give you the money on one condition.
Son: What is the condition?
Dad: You will not use the money to buy a car but invest it. If you make enough profit from the investment, you can go ahead and buy the car.
Son: Deal.

Then, the father gave him a cheque of 200,000 pesos. The son cashed the cheque and invested it in obedience to the verbal agreement that he had with his father.

Some months later, the father asked the son how he was faring. The son responded that his business was improving. The father left him.

After some months again, the father asked him about his business
again and the son told him that he is making a lot of profit from the business.

When it was exactly a year after he gave him the money, the father asked him to show him how far the business has gone. The son readily agreed and the following discussion took place:

Dad: From this I can see that you have made a lot of money.
Son: Yes dad.
Dad: Do you still remember our agreement?
Son: Yes
Dad: What is it?
Son: We agreed that I should invest the money and buy the car from the profit.
Dad: Why have you not bought the car?
Son: I don't need the car again. I want to invest more.
Dad: Good. You have learnt the lessons that I wanted to teach you.
- You didn't really need the car, you just wanted to feel among. That would have placed extra financial obligations on you. It wasn't an asset then; but a liability.
- Two, it is very important for you to invest in your future before living like a king.
Son: Thanks dad.

Then the father gave him the keys of the latest model of that car.

MORALS:
1. Always invest first before you start living the way you want.

2. What you see as a need now may become a want if you can take a little time to get over your feelings.

3. Try to be able to distinguish between an asset and a liability so that what you see as an asset today will not become a liability to you tomorrow.

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"Yes, enjoy the fruit of your labor, but do it according to your priority and capacity.
1. Provide first for God (tithes)
2. Save a portion of your salary for emergency and future needs
3. Spend for your personal and family's needs
4. Use the remaining for fun and entertainment.
Needs before Wants 🙂"

"
I AM SINGLE WITH NO DEPENDENTS, DO I STILL NEED LIFE INSURANCE?
Single people with no dependents are often advised that they don’t need a life insurance policy. However, there are some reasons why you might need life insurance even if you're single.

1. If God calls you home today, who would pay for your funeral expenses? If you don't have life insurance, someone else (e.g., your family and relatives) may have to foot these bills. According to a friend, even if you have a memorial plan in place like St. Peter, funeral expenses can still amount to at least 100k. The death benefits of a life insurance policy could be used to cover these expenses.

2. If you have debts in excess of your assets or if you owe money together with someone else, you might be needing a life insurance policy. If something happens to you, who would pay for these debts? Would your partner in debt be able to make the monthly payment on her own? If not, then a life insurance policy is needed with your partner in loan as beneficiary.

3. If you are trying to have a family in the future, it’s wise to get a life insurance policy as early as possible - while it’s more affordable and while you are insurable. I have clients who are not insurable already even they are only in late 20s because of a medical condition. You must prepare early because you might have trouble buying life insurance later when you're older, especially if your health has begun to decline.

At the end of the day, the main reason why you will be getting a life insurance policy is because you want to be responsible not to be a burden to people you will leave behind when God calls you home. 🤗

As a single person, a small life insurance coverage enough to meet the above needs would be fine, what you should focus more on is HEALTH INSURANCE.

The next questions would be:
As a single with no dependents, How much life insurance I should be needing? What health insurance do I need?

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"Money is just a tool. Don't make it your master.
God has promised something greater than the lies money has told. 👆
Use money to love people. Yung tao yung mamahalin, hindi yung pera. :) "

For the love of money is the root of all evil: which while some coveted after, they have erred from the faith, and pierced themselves through with many sorrows.
I Timothy 6:10



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