Pursuing Financial Freedom the "right" way.

I read with interest various blog posts regarding whether one should give allowance to their parents or applying for bursary when one don't really need it.

I guess it struck a bell within me to make me write this post today. 

In July this year, i wrote a $5,000 cheque to my Alma Mater. I committed to the school that i will donate the same amount for 10 years as long as i am working. It is my way of saying thanking to the school who made me what i am today (be it good or bad), for helping me meet my wife there and my way of giving back to society. I definitely hope the money I donated will be put to good use for students who truly need it.

As mentioned in this post, me and my wife not only don't borrow from our parents, we have been giving to our parents since the day we draw our first pay check and the amount has been increasing over the years whenever we receive a pay increment. In recent years, I also top up both my parents' CPF account each year. Whether they need the money or not is secondary. It is my way of thanking them for bringing us up. Of course I do agree that what they want from us is not just money, it is our time too! So do spent time with your loved ones, including your parents. I stay very close to my parents because i want my kids to be close to them. 

In my view, giving money to our parents on a regular basis instil a lot of financial discipline. This is because i impose on myself that the amount must be set aside for them each month regardless of whether i am working or not. As such, i will not conveniently forget and spent it on something frivolous. It is quite sad sometimes to read story about a mother being able to raise up 4 kids single-handedly but the 4 kids cannot afford to take care of the elderly mother. It is truly sad if a parent has to sue their kids for maintenance allowance. Of course i will not go into the debate as to whether the parents have been a responsible parents. If you have not been giving, my kind words will be to give your parents an allowance each month, even if it is a token amount but let it come from your heart cheerfully.

My message today is whilst it is good to be pursing financial freedom when you are young, my gentle advice is to do it the "right way". Of course you may disagree with me as to what is the 'right way' but i do hope that one day, when you reflect back on your life, you will be able to say proudly that you have achieved financial freedom in a way that will make both your parents and your kids proud of you. This has been and will always be my goal in life.