Don’t Give Up On Family: How Marriage and Kids Can Boost Your Finances

Is it just me or there’s indeed a growing number of people who chose not to get married and have children? Even a random Uber driver (Mr. Kim) we met in Korea has the same sentiments. 

On our 15-minute drive from Myeongdong to our Airbnb, Kim told us that his 33-year-old (only) son doesn’t want to marry.

“Why is that?” I asked.

“I am not entirely sure.” He said. “This is something new to me, but I think it’s for economic reasons.” He continued. His cheerful aura began to fade as he continued to share about his son’s chosen path toward the unmarried life.

In case you’re wondering, no I don’t speak Korean. Or at least, not yet. But of the many drivers we had, Mr. Kim was the only one who could speak decent English. Nevertheless, he isn’t the only person who I have talked to about this subject lately. I can name several people in my circle who chose not to get married, nor have children.

Based on observation, you can divide these people into two groups. The first group are the ones who chose not to have a family of their own simply because they don’t want to. The truth is, not all people are called to marriage and parenthood. The other half of the group are the ones who want to get married, who want to have children, but chose not to for practical reasons.  

If you belong to the second group, please grab a chair. Let’s process this together like what my friend (let’s call him Andrew) and I did.

Counting The Cost Of Marriage And Parenthood.

Andrew is a long-time friend, and he is now an architect. He’s been in a relationship with Anne for five years. They were in their mid-thirties when I had a conversation with Andrew over dinner.

“How’s life with children?” Andrew asked.

“I love it.” I replied, then slapped a plate of raw beef strips on the grill.

“How about you?” I asked. “Any plans of starting a family?”

The beef sizzled and blanketed our space at the corner of the restaurant with a mouthwatering charred aroma.

“You know what bro, I think I’m ready to start a family with Anne,” he replied.

I grabbed the tongs and clipped a few cooked beef strips to his plate. “That’s great, so when is the proposal?!” I jokingly asked.

“That’s the thing bro, I think I am ready emotionally. But financially? That’s a different story.” He said.

“Have you seen the cost of getting married these days?!” He continued.

“I went to a wedding yesterday. I heard they spent more than two million pesos!”

“And let’s not even dare talk about having kids. The last time I checked, parents are estimated to spend around ten million pesos to raise a child to adulthood.”

Andrew gulped down a shot of Soju, and said, “Jed, I really wanted to have my own family. But I don’t think it’s even practical to have one these days.”

Do you relate to Andrew? I’ve talked to several people who share the same struggle. One told me that his main issue is inflation. He said he doesn’t like to get into something that isn’t sustainable. He’s apprehensive about his capacity to support his family in ten years because of the rising costs. Another friend shared that he plans to have three kids. Yet, he believes it’s wiser to spend thirty million on his real estate business and vacations rather than on kids.

The Art Of Walking On A Tightrope.

A man holding a pole is walking on a tightrope.

“As a man, I get it.” I told Andrew. “Life today can feel like walking on a tightrope. Every step is costly, and we’re not even sure if we’ll make it to the other side in one piece. Who in their right mind would add more weight to such a dangerous act?”

“Exactly!” Andrew exclaimed.

I leaned in and placed my hand on Andrew’s shoulder. “But as a husband and dad, I think we might be seeing it the wrong way.”

Have you heard of Freddy Nock? He is a real-life tightrope walker who holds the record for “the highest tightrope walk.” In 2015, he walked 347 meters between two Swiss mountain peaks. Despite being 1,100 feet in the air, he traversed the rope for 39 minutes without a safety net and harness. If that’s not risky enough, he even crossed the peaks carrying a twenty-foot pole weighing at least thirty pounds!

Now, you might think Freddy is out of his mind. Who would carry a pole longer than a car while walking on a rope as wide as your thumb without any safety gear? A background in physics would show that the pole’s weight will keep his feet in contact with the rope, while its length will prevent him from tipping over. This is the art of walking on a tightrope. It’s a defiance of common sense. It’s strange, but it is true, what we see as a burden is actually Freddy’s key to success.

“I see where you’re getting at,” Andrew said. “Are you saying that marriage and parenthood are similar to that pole?” “Although many perceive them as cumbersome loads to our journey, they are, in fact, crucial components to our success?”

“You said it perfectly.” I replied.

Marriage And Parenthood As Pre-requisites To Success.

“But how does this even apply in real life?” Andrew asked.

Six months into marriage, everything I worked for fell apart. Due to reckless decisions, my business crashed and burned, taking all my savings down with it. I was buried under a mountain of debt while suffocating in bills that are impossible to pay. (What a fantastic way to kick off our happily ever after, wouldn’t you say?) It took me seven grueling years to claw my way out of the pit. As I look back, I don’t think I could ever recover without Lalaine and the kids.

1. Marriage: The power of two in achieving goals.

“It’s not good for a man to be alone.” God said in Genesis 2. So He gave him a suitable helper, a woman, his wife. God designed marriage to make your life easier because you now have someone to help you, so to speak.

In The Millionaire Mind, Thomas Stanley surveyed 1,000 millionaires and found that over 90% are married. In fact, most of them didn’t become wealthy until they married their spouses. The study presented a correlation that building wealth has something to do with husband-and-wife teamwork. They believe that having a supportive spouse is one of the top factors toward economic success.

In 2021, Lalaine and I started pursuing a goal that seemed impossible to achieve. Our income doesn’t look so good, and we’re still inching our way out of debt. The plan was to take the kids to Super Nintendo World, Osaka by 2023. It was a mental hiccup we took seriously during the pandemic so we’ll have something to look forward to. But even if the target looked bleak, it boosted our productivity and sharpened our husband-and-wife teamwork.

We hustled, saved everything we could, and cut back on anything we didn’t need. It was a grind! But by the end of 2022, we could already smell Kobe beef and hear those Super Mario theme songs playing in the background! What started as a crazy dream was now within our grasp. “We were actually going to do it!” I told Lalaine.

Unfortunately, things went south by February 2023, as I was diagnosed with Vestibular Neuritis. This viral condition destroyed our momentum by keeping me in bed for 9 months. “We are still short of the budget we need to make the trip. I don’t think we can go to Japan this year.” I said. But my wife pressed on. She told me to “hold her beer” by carrying every load I couldn’t carry that year. Fast-forward to November 9, 2023, we celebrated her birthday at Kinopio’s Café in Super Nintendo World.

“The truth is, Freddy is one gush of wind away from falling off the tightrope,” I told Andrew. “One misstep and his life could be over. I don’t care how much money you’ve saved; a health issue or a poor decision can ruin everything you’ve worked for. Having someone to carry you (or at least be there with you) during the trying times will help keep your feet in contact with the ground, and move forward.

2. Parenthood: The crucible for personal growth.

“How about having kids?” Andrew asked.

95% of the married millionaires I mentioned earlier have kids. The average number of children is three. Most of them believe that having a family complements – not competes with the process of getting wealthy. The reason perhaps is that family life helps us build character. In his survey, Thomas Stanley asked the millionaires what they think are the essential factors for getting wealthy. This is the result:

The Top Elements Of Financial Success

  1. Being honest with all people. (Integrity)
  2. The ability to control your impulses, stick to your plans, and make sacrifices in the short term for long-term goals. (Discipline)
  3. Getting along with people. (Social skills)
  4. Having a supportive spouse. (Family)
  5. Time, effort, and dedication. (Hard work)
  6. Living below means. (Frugality)
  7. The ability to bounce back from adversity. (Resiliency)

With this data, we can submit a case that building wealth is less about what we do, and more about who we become. It is less about the result of our work, and more of a by-product of personal growth.

Jim Rohn said, “If you took all the money in the world and divided it equally among everybody, it would soon be back in the same pockets it was before.” Why? Because rich people have already acquired the experience, knowledge, and behavior to be wealthy. It’s only a matter of time when money flows back their way. The same is true to those people who still lack character. Money will trickle away from them until they develop the necessary attributes to be affluent.

If you intend to become financially successful, focus on your personal growth. And what better way to accelerate maturity than raising children? In his book, Parenting, Paul David Tripp presented the idea that as parents train their kids, they are also in return being trained by them. Parenting is a powerful driving force for personal growth. While it brings immense joy and fulfillment, it also presents a unique set of challenges that push individuals to develop and mature in ways they might never have anticipated.

Parents, wouldn’t you agree that raising children has stretched your limits? Wouldn’t you say that it somehow made you a little more patient and responsible than before?

Becoming a dad reshaped me in many ways only because I wish to be a good example to my kids. It’s unnatural for me to be frugal, to work hard, nor to delay gratification. I know because that’s the reason I got into so much debt. But I’m at a point today where I can comfortably manage our expenses, save for the future, and even indulge in a few luxuries without worry. My economic well-being is incomparably better with my wife and kids than when I was by myself.

3. Favor: Experiencing God’s provision in family life.

December 2016 was the end of our first trimester. It was also the month when we announced to our families that we were pregnant with our first baby. Gifts poured in, covering almost all we need to care for a child based on our check-list. Baby clothes? Check. Diapers? Check. Toiletries? Check. We even got a stroller, and a plethora of baby bottles that can feed our newborn until he’s a teenager.

The following month we went to a mommy fair hoping to strike a deal for a breast pump. Of course, the first thing we did was sign up for the raffle. We were dreaming of winning a fancy new pump, but instead, we scored another baby bottle. “Seriously?” I groaned to Lalaine. “Another bottle? We’re practically swimming in bottles! A pack of diapers would’ve been way more useful.”

Five months later, I found myself eating my words. Joab arrived five weeks early, a tiny infant barely larger than a regular iPad. He was so fragile, so delicate, that he couldn’t even latch onto Lalaine for feeding. We tried every bottle we had. Ironically, the only way he could take milk was from that very bottle we had won at the fair.

16 day old Joab and his bottle.
16-day-old Joab and his bottle.

This is just one of many stories that come to mind when the waves of family life threaten to overwhelm me. Let’s be real, raising a family is hard. There are days when the noise is deafening, the demands are endless, and the challenges seem insurmountable. But then I remember those moments of unexpected grace, those times when a simple baby bottle becomes a symbol of hope in the midst of chaos. Who would have planned for a premature baby? Yet, Someone has already prepared the bottle that will feed our child before he was even born.

Freddy Nock may have all the necessary tools and exceptional skills to walk the tightrope. But I can imagine as he steps onto that slender thread suspended high above the crowd, a silent prayer would still escape his lips, hoping for a higher power to guide him.

I’m reminded that we’re not alone in this journey. As the proverb says, “He who finds a wife finds a good thing and obtains favor from the LORD.” God is a pro-family God, walking beside us, providing for our needs in remarkable ways. I’m blessed to experience this truth firsthand. It’s in those moments of surrender and trust that we discover the true strength and beauty of family life.

Closing thoughts

A photo of a mother and a child.

It’s been a year since Andrew and I spoke. We both got busy, and weren’t able to catch up with one another until a few weeks ago. I was surprised to learn that he and Anne were no longer together. Apparently, he was on the verge of proposing, but decided to prioritize his career instead. “I’m choosing the good life, bro,” he’d said before we hung up.

Andrew’s choice of words was interesting. “The good life.” What does that even mean? Strangely, I felt like I could grasp what he was saying. There are days, when the pole becomes too heavy that I catch myself wondering: would life be easier, and happier, if it were just me? Less worry, fewer expenses; more time, more energy, and perhaps, more achievements.

I’m currently studying Mandarin and I came across the word “good” (好). What’s fascinating about this character is that it’s a combination of the words “woman” (女) and “child” (子). There are a variety of interpretations for the construction of the word, yet none of them relate to money, career, or possessions.

“An excellent wife who can find? She is far more precious than jewels,” says Proverbs 31:10. And in Psalm 127:3-5, we read, “Children are a gift from the Lord; they are a reward from him. Children born to a young man are like arrows in a warrior’s hands. How joyful is the man whose quiver is full of them!”

Both the Chinese character and the verses we read are powerful reminders that true goodness and treasures of life are found not in fleeting material wealth, but in the enduring bonds of family.


Follow the Journey

This journal is my way of making sense of the lessons from the journey. Get the next full entry delivered straight to your inbox.

6 Things I Learned After A Dog Bit My Daughter’s Face

It was an accident. My four-year-old daughter, Jrue, and four-month-old Shiba Inu, Kiseki were playing. Kiseki was about to lunge at the toy Jrue was holding when she bent down to reach for her homework that was lying on the floor. It was an unfortunate timing that resulted in my daughter getting canine teeth marks on her face.

But things happen for a reason. Because of this incident I learned the risks, as well as the right practice to keep our children safe around dogs. This post will explain the dangers of rabies and the steps to follow after a dog bite.

A toddler-aged Asian girl happily playing with a Shiba Inu dog.

1. A bite on the face is an emergency case.

I didn’t witness what really happened. All I got was a reenactment from the kids after they had settled down. I came in five minutes late after the incident and only saw a weeping Jrue with blood dripping from her left cheek. “Should we take her to the doctor?” Lalaine (my wife) asked. I checked the bite, and based on my own assessment, it was minor. She has two punctures the size of a sesame seed. One on her cheek and one under her lower lip. She also got a very light, wolverine-like slash under her eye.

“Nope, I don’t think we need to. The extent of the damage is minimal.” I replied. “Let’s just wash it with water and soap, then apply some antibiotic ointment.” I continued. “Besides,” trying to reassure her, “Kiseki is already fully vaccinated. What’s to worry about?” 

But Lalaine wasn’t at peace with my response because of a similar incident that happened two decades ago. Her nephew was bitten by their chow-chow on the face, and was advised to be admitted to the hospital immediately. “That injury was significant,” I countered. “His upper lip needed to get stitched.” Still unconvinced, Lalaine asked me to seek advice from Kiseki’s veterinarian. 

I grabbed my phone and sent this message to Dr. Nor:

“Good day Doc! My daughter was playing with Kiseki, and was bitten accidentally. She has two VERY SMALL punctures on her face. Question: does she need to get shots? Or we can simply wash it then apply antibiotic ointments? Thank you in advance!”

Then she responded:

“Good afternoon. Please wash the affected area with clean water and soap. For your daughter’s protection, I advise you to bring her to the nearest animal bite center to get anti-rabies shots since this is a bite on the face.”

I like Dr. Nor, but I’ve only known her for two months. I guess that’s my way of saying that I’m not fully convinced with her response. It’s possible that she leans more towards the conservative side. I needed a second opinion. I messaged another veterinarian, Dr. Franz, who we’ve known for decades. I trust him completely, but his clinic is now too far from where we live. I sent the same message to him, and this is his response:

“Since the bite is on the face, you need to bring her to the doctor for the necessary shots against rabies.”

I quickly changed my shirt and drove Jrue to the nearest ABC (Animal Bite Center). Later I found out that a bite on the face is considered an emergency case.

Young asian girl cheek with dog bite mark.

2. You should visit the Animal Bite Clinic (ABC) no matter how small the punctures are.

The nearest ABC is 15-minutes away from our house. On the way there, I still questioned whether we’re overreacting to a small wound. Perhaps I should have sent the photo of Jrue’s face, so they could see how insignificant the punctures are. But since we have already left the house, my best bet is for the person in charge to say, “That’s too small to worry about. You can go home now.”

I slowly peeled the band-aid off my daughter’s face as we arrived. The nurse (Rachel) examined them and asked, “Did those bleed?” “Yes, the one on the cheek” I replied. “Your daughter needs to go through Post-Exposure Vaccination.” Rachel advised. I don’t like to pretend that I am familiar with this procedure, so I asked, “What is boast-enclosure vaccination?”


What is post-exposure vaccination?

Post-exposure vaccination is a medical treatment for people who have been bitten or scratched by an animal, particularly a dog, that may have rabies. The vaccination aims to prevent rabies, a deadly viral disease that affects the nervous system.

The patient will receive a series of rabies vaccinations, usually given over a period of three to four weeks. The usual schedule is two shots on both shoulders on the day of exposure (Day 0), and then more shots on Days 3, 7, and 28. It’s essential to complete the entire vaccination series to ensure full protection against the virus.

If the bite comes from a confirmed rabid animal, the patient will receive a dose of rabies immunoglobulin (RIG). This provides immediate, short-term protection by blocking the virus at the site of the bite.

Post-exposure vaccination is highly effective if administered promptly after exposure. Rabies is almost always fatal once symptoms appear, so this treatment is crucial for preventing the disease.

Post-exposure rabies vaccination card.

“She has to go through all of this even with this teeny tiny wound?” I asked with a pleading look. “Any wound from a potentially rabid animal should be treated right away.” Rachel replied with a straight face.

3. Fully vaccinated animals can still spread rabies.

I don’t know why I feel like I have to “save” my daughter from the vaccine. In truth, getting the rabies shot will make her safer. I’m not sure why I need to overthink this. Why not get the shot and go home? Maybe because one, it’s going to be messy. Try telling a four-year-old girl that she’s getting multiple injections this week. I’m sure she’ll go berserk.

Two, it’s going to be time-consuming. We already have lots of matters to attend to this week – and now we have to add more to our plate.

Three, maybe the biggest one, is guilt. I was the one who brought Kiseki to our home. Therefore, it would be because of me that Jrue has to go through the pain. I guess that’s the ultimate reason I was forced to give Rachel my final plea:

“Does she still need to go through the procedure even if our dog lives indoors and is fully vaccinated?”

Rachel explained, “Anti-rabies vaccine protects dogs from rabies, but it doesn’t prevent them from carrying and spreading the virus. In addition, the Department of Health (DOH) says that vaccinated animals still have a 1% chance of catching rabies.”

In short, “Yes.”

4. Rabies is not the only concern after a bite.

I’m terrible at math, but I know 1% is virtually 0%. Yet, that percentage is something you do not want to mess with. The World Health Organization (WHO) said rabies causes about 59,000 human deaths every year in more than 150 countries. That’s about 6 deaths per hour.

“But rabies is not the only concern,” Rachel added. “Dog bites can also cause nerve and tissue damage as well as bacterial infections like tetanus.”


What is Tetanus?

Tetanus is a serious infection caused by bacteria that enters the body through cuts in the skin. It causes muscle stiffness and spasms, typically starting in the jaw (“lockjaw”) and spreading to other parts of the body. It can be life-threatening if untreated.

The most effective way to prevent tetanus is through vaccination. The tetanus vaccine is usually given as part of the DTaP (diphtheria, tetanus, and pertussis) or Tdap booster vaccine. Adults are recommended to get a tetanus booster every 10 years.


“So, you’re saying Jrue needs a tetanus shot too?” I asked. Rachel flipped through Jrue’s vaccine records and said, “Yup, she’s already due for a booster.”

5. Rabies vaccines do not work right away.

“Okay, let’s do it.” I told Rachel. “But let me talk to my daughter first.”

I told Jrue what she had to go through: two anti-rabies shots on both of her shoulders plus a shot of tetanus toxoid. After learning that, she folded her hands, looked down, and started to sob. “This is going to be messy,” I told myself. But it’s a process I’m now willing to do for Jrue’s protection and my own safety from my wife. I’m certain Lalaine’s going to kill me if something happens to our daughter.

Rachel asked me to fill out some forms while she siphoned the vaccines into a syringe. She asks if Jrue is allergic to anything, since the shot could cause allergic reactions. “None that we know of.” I said.

I placed Jrue on my lap as Rachel approached us with a tray of three syringes, ready to be served. I hugged Jrue and told her that she could do this. But as soon as she saw the needles she began to struggle and jumped off my lap. The next thing I know we were playing cat and mouse around the clinic. She ran and hid from me, while I did my best to catch her. We did this for like eternity.

I have no idea what happened next. All I could remember was Jrue and I were back on our monoblock chair hugging one another. She already had those colorful band-aids on her shoulders, and I was all sweaty. Thank God we braved through the first day. I launched my e-wallet and scanned the QR code to pay the bill.


How much does dog bite vaccines cost?

According to Rachel, the cost of vaccines vary across different Animal Bite Clinics. But in our case, the total bill for day 0 of post-exposure vaccination was Php 1,600. Here’s the breakdown:

2 shots of anti-rabiesPhp 650
1 shot of tetanus toxoidPhp 950
Total costPhp 1,600
Cost breakdown for anti-rabies shot and tetanus booster.

As we get ready to head out, Rachel said that I should watch out for Jrue and Kiseki. “Come again?” I said. “Rabies vaccines don’t do anything until the 6th shot.” Rachel advised to carefully monitor any symptoms that may develop. “What are the symptoms we have to watch out for?” I asked. This is what she said:

Initial symptoms of rabies

  • Fever or hot flushes.
  • General weakness or discomfort.
  • Headache.
  • Diarrhea.
  • Prickling or itching at the bite location.

She also added that it’s critical to observe the dog that bit Jrue. If Kiseki suddenly falls ill, or looks weak and doesn’t eat much, I have to bring her back to get the (RIG) shot since the risk for rabies is high.

“Great.” I said. “Thanks for the info, Rachel.”

I guess it’s going to be a long week for us.

6. Rabies symptoms can take days, months, or even years to show up.

We’re already done here, but my curiosity about the subject suddenly kicked in. I pulled the white monoblock chair back and sat on it. Jrue was sitting on the bench behind me, while Rachel was behind the desk in front of me. I said, “Rachel, you know I have been a dog owner for the most part of my life and I never had any shots despite the countless bites and scratches I got.”

She responded, “That’s good to hear. But I also have to caution you that rabies could take days, months, or even years to show up.” “Years?!” I asked. “You heard that right. Years.” She replied. “We have reported cases that rabies showed up 6 to 10 years after the bite,” she continued. “They thought it was an ordinary fever or diarrhea, but they’re actually symptoms of rabies.”

“What causes the variance in the incubation period?” I asked. “There are several factors. But mostly it depends on the person’s immunity, and the location of the bite.” Rachel answered. “Bites on the face, which is the case for Jrue, is an emergency situation because it’s near the brain. Likewise, any bite on any major veins is also critical because it hastens the travel of the virus.” She paused, then asked, “When was the last time you got exposed to a dog bite?” I showed her my scar on my left thumb, and said, “Maybe three weeks ago.” Then it hit me. I looked Rachel in the eyes and asked, “should I get vaccinated?!”

“Did it bleed?” She asked back.

Conclusion: Every dog (and cat) owner should get vaccinated.

For the first time in my life I got vaccinated for anti-rabies. I am not sure whether Rachel was an amazing resource person, or an extraordinary sales woman. Either way she got all of us, (Joab and Lalaine included), to get the anti-rabies shot.

The truth is, we do not have to wait to get bitten or scratched before we get vaccinated. It’s a good protocol for all aspiring dog (and cat) owners to get vaccinated before they get their new pet. This is called a Pre-Exposure Rabies Vaccination.

Rachel told me that pre-exposure vaccination is similar to post-exposure vaccination but has less number of shots. Post-exposure has a total of 8 anti-rabies shots, while pre-exposure only has 6. But the main advantage for pre-vaccinated people is they do not need rabies immunoglobulin (RIG) when they get bitten. RIG is often expensive and in short supply in certain areas. All they need is a booster shot of anti-rabies.

Before we went home, Rachel also oriented us about the efficacy of the vaccines in our body. She said that after we complete the series, we will be safe from any exposure for 3 months. If we get bitten after the window time, all it takes to keep us safe is to get a booster shot. For maintenance, we can either get a yearly booster or do a vaccination series every two to three years.

Pre-exposure rabies vaccination card.

P.S. What if your dog bites a person?

I was having lunch with a friend recently and found out that he was bitten by his neighbor’s mini pinscher. I’m not sure how the dog owner handled it, but according to Republic Act No. 9482 “Anti-Rabies Act of 2007”:

Dog owners should assist the bite victim immediately and shoulder the medical expenses incurred and other incidental expenses relative to the victim’s injuries. Pet owners who refuse to have their dog put under observation and do not shoulder the medical expenses of the person bitten by their dog shall be meted a fine of Twenty-five thousand pesos (P25,000.00).

If you are the victim, the first aid to a dog bite is to clean the wound immediately. Wash the wound with soap and water for 5 to 10 minutes to reduce the risk of infection. Seek medical attention immediately if the bite is on the face or major body part – especially if the bite is from an unknown dog.

Did this resonate with you? Share your thoughts and stories in the comments below! And hit that notification bell to subscribe for more insights on navigating the joys and challenges of family life… we appreciate your support!


Follow the Journey

This journal is my way of making sense of the lessons from the journey. Get the next full entry delivered straight to your inbox.

Financial Literacy for Dads: 7 Reasons It’s Crucial for Every Family

Effective money management is vital for a family to thrive. Yet, only 35% of adult males are financially literate worldwide. This indicates that the majority of fathers today lack the necessary skills to provide economic leadership for their families.

This post will show you seven crucial reasons why dads should pursue financial literacy.

Summary

Financial education isn’t taught in schools. Dads must take the responsibility to learn about money through books and other means. Fathers who are proficient at handling money will raise financially responsible kids and build an economically stable household.

A photograph of a young father immersed in his finance studies. He is sitting at a desk in a cozy, modern living room, with financial books and a laptop in front.

1. Filling the Void: Why Dads Are Key to Their Kids’ Financial Education

If there’s one big idea to take away from this post, it’s this: schools do not teach about money. I hope this reason alone will spur us fathers to learn about personal finance. Schools not teaching financial literacy means our kids won’t learn how to properly handle money unless we teach them to. Sure, they may learn it from someone else. But with such noise and conflicting views on this topic, how sure are we that they are learning the right way?


Three reasons why schools don’t teach financial education, according to Time.com:

  1. There are not enough qualified instructors. Only one in five teachers feel qualified to lead a personal finance class.
  2. The concepts of personal finance are not standardized. If concepts are not tested, it can’t be taught.
  3. Lacks clarity. There is no governing body to mandate personal finance classes. Each state has its own ideas on how to go about it. As a result, there’s no clear agreement on what kind of method works.

2. Leading by Example: Dads’ Financial Habits Shape Their Kids’ Future

Based on a study, parents who are financially responsible are more likely to have kids who:

  • Discuss financial matters with them. (83% vs 66%) 
  • Cultivate patience and the ability to delay gratification. (52% vs 40%)
  • Are honest about their spending habits. (43% vs 34%)

The keyword here is “parents”. Both mom and dad should exemplify financial responsibility to their children. We have already learned that only 35% of adult males around the world are financially literate. What about women? Well, they are even behind by 5%. Only 30% of adult females worldwide are skilled at handling money.

As heads of the family, we must ensure our wives are also capable of managing our finances. When both parents demonstrate proper financial discipline, children are more likely to follow.

3. Building a Lasting Legacy: Financial Literacy as a Gift for Generations to Come

The Bible says that, “a good man leaves an inheritance to his children’s children.” While inheritance involves more than just money and possessions, most parents choose to pass down riches to their children. I’m sure they are handing them over with good intentions and love. Unfortunately, inherited fortune often does more harm than good when handed to financially incompetent descendants.

The truth is, passed down wealth has the potential to ruin our children’s lives. The accumulation of money and possessions over time is often accompanied by challenges that build one’s character. Those who did not earn the money will almost never appreciate how difficult it was to create wealth. We will only produce entitled heirs if we hand over our assets without giving them proper financial training.

It’s easy to pass down the wealth. Passing down the character is a different story. Let’s train our children to be capable inheritors.

4. Shielding Your Loved Ones: Dads as the First Line of Defense Against Financial Threats

There are scammers out there who are always ready to pounce on the ignorant. Financial literacy is a weapon we can use against those predators.

For example: Did you know that achieving a 10-15% annual return on your investments is no easy feat? With this knowledge, you’ll be more cautious when someone tells you that he can make your money earn more than this amount. Ignore, especially those who say they can double or triple your capital in three months. There’s no such thing.

Another red flag to watch out for is the word “guarantee“. The truth is, there are no guarantees in the financial world. We all play by the risks we can tolerate: high risks give high returns; low risks give low returns. If someone promises you a low risk with a high return investment, then it’s a potential scam. On the other end, I’m sure nobody wants to venture into anything high risk with low return.


A quick overview of risk tolerance:

  • High-risk, high-return = Aggressive investor.
  • Low-risk, low-return = Conservative investor.
  • Low-risk, high-return = Scammed investor.
  • High-risk, low-return = Foolish investor.

The more we pursue financial literacy, the better we protect our family from scammers.

5. Financial Harmony: Budgeting Fosters Peace and Stability at Home

It’s not a mystery that most trouble families are facing almost always involves money. In fact, financial conflicts are one of the leading causes of divorce. Now, I’m not downplaying the complexities of this matter. But the usual culprit for this issue is the couple’s contrasting view about money.

Learning how to budget as a family will foster teamwork and unity. It enables us to be more accountable to one another, especially when making financial decisions. Where do we eat? Can we buy this one? When’s our next trip? Is it possible to help a friend in need? Most of our day-to-day questions about money can be answered objectively when we have a budget. It will no longer be who has the final say, but whether our budget allows it or not.

As you embark on studying about money, you will discover that there are different budgeting strategies available today. There’s the 50/30/20, the zero-based budgeting, envelope system, and more. Find the one that will work for your family. But for me and my wife, we initially followed the zero-based budgeting and revised it along the way. It’s the system we used to pay off eight credit cards.

6. Savvy Spending: Empowering Dads to Make Informed Financial Choices

Here’s a question: if you have enough money for a property or a luxury car, which one will you buy? If you answered property, you are, in general, a smart consumer. Why? Because the property is an asset, while the car is a liability. Property values tend to stay the same or increase over time, whereas brand-new cars lose 15% to 20% as soon as you drive them off the dealer’s lot.

The same concept applies to many things, like watches. Buying a more expensive luxury watch that holds or increases its value over time is smarter than purchasing a cheaper one that doesn’t. Assets are anything that has the potential to increase your cash flow, while liabilities are anything that decreases. Having the eye to differentiate between assets and liabilities is crucial to our financial health.

Assets by RichDad.com
An Illustration of Assets by RichDad.com
Liabilities by RichDad.com
An Illustration of Liabilities by RichDad.com

Let’s see a slightly different case. It’s on sale, which do you buy: a branded shirt or toothpaste? If you choose toothpaste, again, you generally are a smart shopper. Toothpaste is a need. You brush your teeth daily (unless you don’t). Every penny saved on essentials is a real saving. The branded shirt, in contrast, is a want. You can buy an equally comfortable shirt at a much lower price from a different brand.

7. Breaking the Chain: Dads as Catalysts for Positive Financial Change

How do most fathers lead their families today? Chances are, we lead using the examples set by our parents. I’m sorry, I don’t mean that in a disrespectful way. We are grateful for all the lessons we have learned, but it is crucial to determine whether those lessons are worth passing on to the next generation.

In my case, I grew up having a positive view of debt. We talk about it every day at home as if it’s a part of our family. We discuss how the tycoons started small, and would not be who they are today if it weren’t for the loans that helped them get there. This eventually led me to live life on credit, which has put me in serious financial trouble for seven years.

I learned things the hard way. Now I know the truth about the destructive nature of debt. Our family’s concept of “debt is good” stops with me. What I’ll pass down instead are the habits of saving, investing, and having a frugal lifestyle.

Final thoughts

Many children may never receive any financial education without our guidance. As dads, we play a vital role in shaping our children into capable and contributing members of society. It is our responsibility to not only achieve financial literacy for ourselves but also to impart that knowledge to our children.

Call to action

What’s the most important financial concept you intend to teach your children today? Share it in the comment section below.

Did this resonate with you? Share your thoughts and stories in the comments below! And hit that notification bell to subscribe for more insights on navigating the joys and challenges of family life… we appreciate your support!


Follow the Journey

This journal is my way of making sense of the lessons from the journey. Get the next full entry delivered straight to your inbox.