What type of parent are you? It's your choice.

I didn't manage to write a blog last week because I was so busy with the wedding of my brother. Weddings are a great family event but a very expensive one. Weddings are a perfect example of the great difference between wealthy families and poor families.

In wealthy families, the newlywed couple often receive cash gifts, houses or cars from their parents. This provides the newlywed couple with a great start to their life together.

In poor families, the newlywed couple receive nothing and often are in debt because of wedding costs and the increased expenses that result from being married. Plus the fact that most newlyweds still have to support their parents or siblings after the wedding.

I'm not trying to state the obvious here! My message today is for the parents, especially those with young kids. Today you have a choice! When your kids get married, are you going to be the parent that gives your kids a great head start in life? Or, are you going to be the parent that has to suffer the SHAME of having to ask your kids for money? Even after they have their own family.

I know you what you are saying... I love my kids and if only times weren't so tough I could save. Listen, in the Philippines, times will always be tough. So you have to find a way to save in good times and in bad.

Luckily, you don't need much to in order to give your kids a great head start in life. Only buy your kids toys and gifts on birthday and Christmas. That's it. The money that you save from the weekly or monthly toys you buy for them should be saved. These days we are lucky, because of the imported toys from China, we can buy toys for as little as PHP50 to 100 pesos. So what happens? Our kids end up with more toys than they need!

What if you could save PHP100 a week and invest it until your kids get married? Say, 20 years from now. Invested in a mutual fund at 12% per annum compounded, you will hand your children a check for nearly PHP375,000 on their wedding day!!! What a wedding present that will be!!! Your kids will never remember that PHP100 peso toy you gave them but they will never forget the great headstart that you will give them in their new life together.

For more information on how I can help you email me on hoover@barongroup.com.ph.