My parents’ sudden passing on the same day in 2021 changed our lives forever. We are still devastated and picking up the pieces, keeping their memory and legacy alive in what we do. The silver lining is, their death brought so many life lessons. Through the grief, our family learned to navigate the practical side of their passing, like closing accounts, settling estate taxes, and taking on the family business. Papa and Mama were not very wealthy, but they did work hard and had financial goals. The pandemic, their illness, and eventually their death just underscored the value of preparedness in me.
Grieving and Facing Reality
“Dennis still needs you.”
They have been gone for almost two years now. My sister, who is our youngest sibling, and I, the eldest, are the ones given the responsibility of running the small business that my parents left us. Partly and subconsciously, we try our best every single day to run it the way they did.
Sometimes, though less efficient and less profitable, we want to stand by their principles in running a business. We feel so inadequate and many times, we feel frustrated. Honestly, my sister and I never intended to take over the business, which is why we did not get a proper turnover before they passed away. We were not trained for this.
That is what Mama was probably thinking when she uttered these words to Papa before they left, “Liam (for William), I still need you. Your kids still need you. Dennis is right there beside you. He still needs you.” Yet they still left this world after 30 days of battling with COVID-19 and its complications. And just like that, the team that had been known for decades as WilMar, was suddenly gone in one day. That was the saddest day that would change our lives forever.
Adulting Came
Needless to say, my parents’ departure from this world catapulted me to adulthood, or “adulting”, as millennials would call it. I realized that I have not fully “matured” until they left. Moreover, I realized that I don’t know how to make appropriate decisions about many things in life and business.
Like now that I became the designated caretaker of the building. In the past, I didn’t handle the maintenance of our 3-door, 3-story property back then. When I see that something is broken, I would just tell my father. Sometimes he does the repairs himself because he was quite the handyman. Or at least he knows who to call. He knows what supplies or equipment to buy as well as where to buy them.
As I discover the many parts of the building that need fixing, those words ring in my mind again, “Dennis needs you”. As I supervise the repairs, I am now aware of how much it costs to own and maintain a house. Moreover, I realized there are unplanned expenditures, such as termites, water damage, and roof leaks. A couple of months ago, we had to have the entire roofing replaced!
The Financial Preparedness Part
But learning how thrifty and modest my parents were, they were able to leave something for us. Knowing that made me less worried about the expenses because they had funds for us to draw from for the repairs.
These funds also made us worry less in case we fail in the business. This is why even though there is a lingering fear that we might not be as savvy as they are in running Bacolod Wilmar Enterprises, the backup cash served as a fallback just in case we bungle this up.
A big portion of these funds comes from the life insurance and mutual fund investments that my parents had. Trying to keep my emotions at bay while suddenly faced with all the decisions I had to make, I was able to have a clear mind in operating the business quite successfully because I had less financial anxiety. My parents’ foresight and financial preparedness have continued to bless our family and business to this day.
What Ifs?
Now the question is, what if they did not prepare financially? When the pandemic happened, like many businesses, our store also struggled to stay afloat. As the restrictions were lifted, business was still slow even until they died. What if they left us with a huge hospital bill to settle?
I was once again invited to a webinar series called Sun Talks: Digital Media Edition. On the third episode, Jennifer Del Mundo, or Miss Jenny, the Agency Strategy & Digital Transformation Head of Sun Life Philippines, shared her thoughts on a topic entitled, Your Own Financial Goals.
As I listened to her sessions last August 3, I got overwhelmed after realizing that I have not done proper financial planning. Or maybe, I felt that what I have done so far was not REAL financial planning.
Miss Jenny set a high bar for financial preparedness. Through her personal testimony, she showed us was preparing for a brighter future should be like.
Never Too Late to Start Your Financial Preparedness Journey
At the same time, I felt a sense of relief that with Sun Life products that are easy to get, I also felt that it is not too late to start even at the age of 47.
Maybe I might not be able to reach the same amount of investment that Miss Jenny has since she started quite young and has been doing it for decades. However, with the help of Sun Life Financial Advisors, there seems to be a product for everyone or everything or every status. I admire Miss Del Mundo for having covered all the bases in her life.
Though some of these were already introduced in the previous episodes. It was quite refreshing to review the Financial Planning Pyramid.
How Much Do You Need?
What I also like about Sun Life is their Investment Calculator which can be accessed at sunlife.co/SunTalksInvestmentCalculator.
During the session, they guided us in trying out the Investment Calculator. This helps a lot in setting financial goals. For example, if you plan to buy a car, just input the variables needed, such as initial investment amount, frequency in investing, the regular amount you will save, and how long you want to do it.
Here is one good tip about financial preparedness: don’t save what is left after your expenses. Instead, set aside your savings once you receive your income, like your salary, then spend only what’s left.
Some religious sectors might think that this is being selfish or being like the foolish rich man who stored up wealth in his barns. When he died, he was not able to bring everything that he accumulated on earth.
I beg to differ though. I believe in God and what He wants for His creation: That we may have life and have it to the full.
Furthermore, I am also aware that I cannot bring my earthy wealth with me in the afterlife. But I am living to leave prepared while at the same time being a blessing to my loved ones and others.
Conclusion
According to Forrest Gump, “Life is like a box of chocolates, you never know what you’re gonna get.” Yep! Life has a lot of variables. We can never prepare too much. And also, financial preparedness is not about being selfish. This is more about freedom and being good stewards of what God has entrusted us.
