Right after graduation, I considered myself financially independent from my parents, a.k.a broke. It’s funny how one shifts from “living in our home” to “living in my parents’ house”. As a young adult fending for myself, I start to truly appreciate how my parents kept it together financially over the years. They have worked so hard on giving us our wants and needs by continuously looking for ways to expand their income.
I believe they started with a small business selling dry goods in the local market, as a young couple. When that did not work out, my mom pursued her career as a nurse and my dad went abroad to work as an electrical engineer.
With their savings, they started small businesses like selling imported goods, operating a taxi franchise and even a carinderia. They then reinvested their earnings from these small businesses (combined with their savings as employees) to turn the property they inherited into a rental apartment units. From then on, my dad did not have to work abroad and my mom continued her career as a public health nurse. Our family may not be rich, but we truly lived off passive income. Suffice to say, we lived comfortably ever after.
What my parents have done for us is nothing short of a stroke of genius. From their story, I have learned the following about money:
1. If at first you don’t succeed, expand your means and try again.
2. Success does not happen overnight. You must earn your keep. No shortcuts!
3. You can start by being an employee with a part-time business.
4. Reinvest in real estate.
5. Do great things for the people you love.