April 2022 - To strengthen and equip families in the area of financial savviness, Family First Global (FFG) organised the second webinar from the Family Health 360 series on March 26, 2022 titled "Financial Storms: Preparing Your Family for Economic Challenges", live via Zoom and social media.
In a world of uncertainty compounded by the global crisis, the webinar was a very timely and needed initiative, as possessing the know-how on managing one's finances has become all the more necessary in securing stability for the family.
"Financial Storms: Preparing Your Family for Economic Challenges" featured 3 panel speakers who are successful corporate veterans from the oil and gas and FMCG industries, and also husbands and fathers who are deeply devoted to their families. Close to 400 people from 15 nations were in attendance.
Marc Belton, former Executive Vice President for Global Strategy, Growth and Marketing Innovation at General Mills, shared his experience on the importance of spending in line with one's core values. Mr. Belton said that to pursue true wealth, one must have faith, which gives substance to life; purpose, which can become reality through the use of an individual's unique gifts and talents; family, which is a key source of love and happiness; and community, where family and friends can live harmoniously with one another. In summation, creating wealth is beyond making money.
The second panel speaker, Glenn Yu, CEO of SEAOIL Philippines, elaborated on practical tools that families can utilize to access their budgets, in order to be able to pivot and adapt to a constantly changing world. Mr. Yu introduced the concept 'Envelope Budgeting', which defines the categorisation of expenses based on priority - 50% allocated to essentials and debt obligations; 20% for savings, investments, and additional debt; and the remaining 30% for things or experiences that can contribute to the family's comfort and happiness. According to Mr. Yu, while the more financially-savvy spouse should take the lead in managing the family's finances, both the husband and wife must consult each other and have transparency in their expenditures to avoid any conflicts.
Lastly, Hans Helmerich, Chairman of the Board at Helmerich & Payne Inc., focused on the importance of finding the right mentors/trusted advisors to glean their wisdom on managing finances. He challenged the general perception of debt, stressing the dangers of borrowing and owing money, and to avoid a legacy of debt for our children to inherit. Mr. Helmerich also highlighted that through successful financial management, we are able to strengthen our legacy. This can also be accomplished through creative solutions.
Weathering financial storms will be challenging, but overcoming this hurdle is possible if one is 100% committed. Be clear on 'what' you are spending on, and always remember the 'why' and the 'who' before taking the plunge.
Next month, FFG is set to organize a new webinar that will provide insights on Raising a Resilient Generation in a Fragile World. The event will be held on Saturday, May 28, 2022, 10 AM (Singapore time). More details will be revealed in the coming weeks.
For more information on upcoming events and other initiatives, please visit the official FFG website and/or the Fellowship of Fathers Foundation page, and follow FFG on Instagram, Facebook, and Twitter.