Hey friend,
I had lunch with my aunt recently. I noticed that the older we all get, the more interested I become in my family’s past. I peppered her with questions, and she recounted her upbringing with my grandparents. “When I started working, all my siblings were still in school. My parents never asked me for money,“ she recounted. “But if they had, of course, I would have helped them.”
Sending money back home to family is the reality for many Filipinos working overseas. In fact, the greatest export of the Philippines is the labor provided by its people.
This custom conflicts with everything I learned as a financial planner. We’re encouraged to have boundaries by putting our future and security first.
I spoke with financial planner Pamela Capalad about how she recognizes the importance of understanding and respecting these cultural differences that influence our attitude toward money and paint a picture of who we are. It’s not always easy to have your feet firmly planted in two different worlds with conflicting ideas about what is right… but learning to sit in this tension is the first step to understanding each other better.
How do you navigate cultural tension in your financial life? Don’t be shy; hit reply.
Your friend in finance,
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1. 💸First-Generation Wealth Building with Pamela Capalad, CFP®, AFC® (Weird Finance) In this episode of Weird Finance, Paco talks to Pamela Capalad about the path to becoming a financial planner, building a financial literacy program for kids, the unique struggles first-generation folks have with navigating wealth building, her holistic approach to financial planning and See Change, a financial planning service specifically for people of color. This episode also features The Economic Outlook with financial astrologer Susan Gidel.2. ☀ What Could Go Wrong With Crypto Island (Curbed)3. 🌐 Online Ads Are Serving Us Lousy, Overpriced Goods (The New York Times)4. 🤓 A Bookkeeping Thing - How Much Does It Cost Your Business to Earn Each Dollar? (HYG Original) Even if you’re a one-person freelance practice, understanding how much it costs you to earn each dollar in your company is a valuable shift in perspective that can help you build a sustainable, efficient business.5. 💲 The Ultimate Level of Wealth (A Wealth of Common Sense) Being wealthy is about not worrying about money all of the time, especially when you’re on vacation.6. 👥 How Rich People Get Divorced in Secret (The Cut) “Private judging is a nearly 50-year-old system that, to this day, most people know nothing about. It allows anyone to hire a retired judge to conduct a hearing or even a full trial under the auspices of the court without having to actually show face in the court.“7. 📂 Over 60 million Americans have taxes so simple the IRS could do them automatically (Vox) “The IRS estimates that the average non-business filer spends nine hours a year filing their 1040. Even if we assume returns capable of being auto-filled are less complex and only take half as long, that adds up to 279 million hours of life, or nearly 32,000 years of life, not wasted if 62 million filers were able to auto-file their taxes. Sounds nice!”8. 🔎 Your Data Helped Build ChatGPT. Where’s Your Payout? (The Atlantic) “Every chatbot is created by ingesting books and content that have been published on the internet by a huge number of people. So in a sense, these tools were built by all of us. The result is an uncomfortable disparity between who does the work that enables these AI models to function and who gets to control and profit from them. This sort of disparity is nothing new in Silicon Valley.”
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If you have a question you’d like me to answer on the Weird Finance podcast, you can leave me a voicemail at 833-ASK-PACO. You can also email me your question by replying to this email or emailing us at weirdfinancepod@gmail.com.
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Thanks for being part of the crew and reading this far. Peace. |
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