Raising young savers and investors

  

“Raising young savers and investors”

SunStar Davao, June 20, 2020

Two years ago, I had the privilege of featuring the inspiring story of the Dimailig family in my article, “Starting ‘Em Young to be Money Smart”. 

In my write-up, Doris Parel-Dimailig, a full-time mom and businesswoman, together with seafarer-husband Gerald shared how they raised their sons Patrick and Jed Benedict (now 19 and 14, respectively) to become good financial stewards even at a young age.

Mommy Doris is a certified Jack Canfield Trainer of the Success Principles. She graduated with a Bachelor of Science degree in Business Administration Major in Marketing from the Ateneo de Davao University and completed her Masteral Degree in Business Management from Cor Jesu College in Digos City.

A Land Bank employee for twenty years, Doris is active in advocating financial literacy and conducts one-on-one and group coaching on various topics such as saving, budgeting, getting out of debt, and investing in the Philippine stock market. She has also given personal finance talks to various schools, organizations, and offices.

Financial literacy for kids and teens

Wanting to spread financial literacy among parents, kids, and teens, Doris recently launched her first-ever book, “Raising Young Savers and Investors: How I Taught my Children to Save and Invest in the Stock Market”.

In the book’s introduction, Doris writes that it is important to teach children how to responsibly manage money because their generation is exposed to consumerism and materialism.

She observes that “some children draw their self-confidence from having the same luxuries that their friends or other people have. They feel they are entitled to have certain luxuries, without understanding the cost”.

Doris warns that if this is not corrected early, this harmful mindset and attitude will persist throughout adulthood. She emphasizes that “teaching financial education to children will also instill in them the positive values of self-control, discipline, accountability, and generosity to others”.

Real-life stories

I loved how Doris candidly shared real-life accounts of their family’s journey to financial literacy and stewardship in her easy-to-read book. Her strategies are simple, doable, and most importantly, proven to be effective.

For instance, the Dimailigs implemented a money jar system for their kids’ school allowance to teach them the concept of budgeting. Each transparent jar is labeled as save/invest (25%), charity (5%), and tithes (10%). The remaining 60% is for spending. This system has positively influenced Patrick and Jed to distinguish their wants from needs and totally changed their attitude about handling money.

Doris taught them that “money has to be saved and invested so it will increase its value”. To illustrate this, every end of the month, the savings from the money jar are deposited into their individual bank accounts. As soon as the bank money reaches P1,000, it is transferred to their stockbrokers’ account where they can buy shares of stocks from their favorite companies.

In 2016, youngest son Jed received the Outstanding Kiddie Saver Award from the Bangko Sentral ng Pilipinas, a nationwide search for young Filipinos who have developed the good habit of saving money at an early age.

Perseverance and financial freedom

The value of long-term investing in stocks and/or mutual funds was also imparted to the Dimailigs’ loyal nanny Loveme who finished her college course while working for their household.

Their former yaya is now enjoying her job in the corporate world and sets a portion of her monthly paycheck for her investments.

     

Doris’ timely book aims to guide parents and educators to successfully teach young children and even adults valuable money management skills to build a financially secure future.

“Money is a tool to fund both our needs and dreams. Motivate our kids to save by explaining that their savings can fund their future studies, hobbies, interests, and activities based on their core values. In addition, educate them that money can be earned by working hard either through employment and/or entrepreneurship, and investing in the stock market and mutual funds”, she advised.

THE PHILIPPINES’ WARREN BUFFET. The book author with Edward K. Lee, founder of COL Financial, a.k.a. the Warren Buffet of the Philippines. Doris shares that “Filipino citizens can open an account with COL Financial via online or through their Investor Centers in Makati, Cebu, Davao, and Ilocos”.

For inquiries on the book “Raising Young Savers and Investors: How I Taught My Children to Save and Invest in the Stock Market”, please get in touch with Doris Dimailig at www.facebook.com/mommydoris or e-mail her at dorisdimailig@gmail.com.

           

E-mail the author at mom.about.town.dvo@gmail.com. Visit http://momabouttowndavao.blogspot.com/.