According to data from the Philippine Statistics Office, more than 55% of Filipinos belong to the “low-income” and “poor” demographic brackets. With financial vulnerability gripping more than half of the population, combined with Filipinos’ strong family bonds, the prevalence of a "breadwinner culture" has taken root. In this dynamic, parents find themselves unable to generate sufficient income to sustain their entire household, compelling their eldest children to seek employment early to contribute financially to the upbringing of their younger siblings or take care of aging parents. In many cases, these breadwinners even forego their college education or dream jobs to support the needs of their families instead.

Three MDRT members from the Philippines share how they navigate the delicate balance between upholding familial responsibilities and pursuing financial independence. Their stories offer invaluable insights to fellow advisors navigating similar paths.

Take care of yourself, your family, and your clients

David Damian, a one-year MDRT member from Quezon City, Philippines, became the breadwinner of his family when his sister migrated to the United States. He needed to support his parents so they could live well and still be healthy. As a registered psychologist and a former teacher, it is natural for Damian to be a caring person. He says caring for his family as the breadwinner is his love language.

Damian understands the importance of aligning family goals with personal aspirations. Therefore, he strived to immerse his family in his cause as a financial advisor. “I share how insurance and investment work and what I do for a living with them. This way, they understand my job, my advocacy in helping people achieve their financial goals, and my dedication.”

While he looks after his family, he pointed out that breadwinners should remember to prioritize self-care and reward themselves without guilt. By not doing so, breadwinner fatigue becomes real. “Let’s remind ourselves of our purpose in the insurance industry: not just to lead clients towards a brighter life but also to extend the same care and opportunities to ourselves and our families.”

Turn challenges into motivation

When the father of Cleveland “Cleve” Crisostomo, a two-year MDRT member from Biñan, Laguna, Philippines, passed away due to chronic kidney disease, he was not insured. Which left Crisostomo and his family with considerable hospital bills. It served as a wake-up call for him, highlighting the importance of prioritizing his financial security to safeguard his family's future. Knowing that he needed to equip and protect himself first, Crisostomo secured insurance coverage, ensuring his loved ones would have a safety net in case of unforeseen circumstances.

After his father's passing, he provided for his mother's insurance, health maintenance organization (HMO) card, and other necessities, recognizing the importance of ensuring her continued care and security. Simultaneously, Crisostomo remained steadfast in pursuing professional growth, diligently working to build his team and establish his agency. Despite the challenges and grief, his resilience shines through as a driving force for creating a better future for himself and his family.

“While it is hard and sad, we still have dreams to fulfill for ourselves and our families. It is okay to take things slowly, cherish every moment, and learn the lessons.”

Have open communication with your family

Mayeth Panggo Picar, a two-year MDRT member from General Santos City, Philippines, is an only child and has been a breadwinner since she started earning after university. Picar and her family faced several health challenges. First, she was diagnosed with hypothyroidism, which makes her non-insurable, and second, her father is a stroke patient.

Picar experienced times when most of her income went to paying hospital debts for her father’s hospitalization. Luckily, she could secure a loan so she could pay them monthly. When she finished paying for the loan and was slowly getting back on track regarding her finances, she explained to her parents that while she wanted to continue supporting them, she needed to secure funds for herself — for her health and aspirations. Fortunately, her family supported her decision as they understood she still had personal goals to achieve. Now, she allocates 35% of her income to her family, and the rest goes to her needs and ambitions.

“Discussing your current life situation and dreams with your family is crucial. This way, you won’t overextend yourself because you have set some boundaries. They need to understand that while their welfare is among your goals, you have your own life to lead and dreams of your own to fulfill.”

Contact: MDRTeditorial@teamlewis.com

Balancing support and independence as financial advisors