By AKPK
It is the Year of the Snake this Chinese New Year in 2025.
Celebrating the Chinese Lunar New Year in Malaysia’s multiracial society is fascinating, especially with its unique feature—the animal zodiac.
Reminiscing the early 80’s, the fun of knowing your zodiac sign started as early as in primary school especially among the non-Chinese kids. If you are a dragon, you earn the right to brag; if you are something else, you may be at risk of being teased.
What about a snake? Nothing comes to mind as to how it was received during that childhood period. However, as we grew older, we knew better. Now, as parents, we could use this as a teaching moment to encourage our children to adopt certain winning traits in life.
The Year of the Snake, based on the Chinese zodiac, holds considerable cultural significance and symbolic meaning. It is associated with wisdom, intuition, elegance and transformation. The snake symbolises renewal and prosperity as well as the need for caution and strategic thinking.
The Three Generations
In addition to the animal zodiac, another distinctive feature of CNY celebration is its multigenerational tradition. While this intergenerational bond is present in other cultures, it is particularly emphasised and deeply rooted within Chinese families. The concept of filial piety, for example, is predominantly found in Chinese and East Asian cultures. This explains why multigenerational homes are popular among the Chinese community in Malaysia, where it is common for parents to live with their children even after they marry and start their own families.
Now, let us see how significantly this Chinese New Year can be interpreted in terms of financial management and wealth creation for three generations: the children (at the age of tertiary education or entering workforce), the parents (still actively working) and the grandparents (retired).
The Children in Tertiary Education (Third Generation)
For kids at this age — or even younger — the parents can have a good conversation with them about future-readiness, particularly on the need for intelligence and adaptability; the snake symbolises both traits that are closely linked to caution and strategic thinking.
Nurture financial intelligence and adaptability by encouraging them to carefully navigate their immediate environment as tertiary students while developing a robust plan for their finances while studying. This includes budgeting for tuition fees, living expenses and essential materials. Then, encourage and help them to invest in knowledge and skills that enhance employability after graduation. Consider internships or skill-building workshops that could pay off later.
To be even more future-ready, get them started in managing debt wisely by researching career paths with strong earning potential to pay off student loans, partly. Let them realise that these loans are necessary investments for their future, and that they should have a strategic plan to service that loan stress-free.
The Children Entering the Workforce (Third Generation)
Snakes shed their skin as they grow, symbolising a life of continuous transformation and renewal. Welcome to the real world, new recruits!
After graduating and earning income on their own, these new recruits should focus on financial literacy and educate themselves about the basics of personal finance — budgeting, saving strategies (including an emergency fund), credit scores and retirement savings.
Encourage them to build professional networking and relationships too besides their social life. Much like how snakes adapt to their environments to thrive; building professional relationships can lead to better job opportunities or even business ventures.
Regardless of pay or position, these young and productive adults should adopt a long- term investment mindset. Instil in your adult children the habit of saving early so that they could benefit from compound interest over time for a prosperous financial future.
The Parents (Second Generation)
Snakes also represent careful planning and protection. So, when it comes to financial management and wealth creation, here are three areas parents should focus on.
Parents should create detailed budgets that address both immediate family needs, such as childcare, and long-term goals, like education savings.
Embodying the protective nature of snakes, parents must be protection-minded by being well-prepared for emergencies. Just as snakes react strategically when threatened, develop contingency plans by building an emergency fund covering at least three-to-six months’ worth of expenses, ensuring their family’s security during tough times.
Starting and building a family goes beyond simply making ends meet; it’s an investment in future generations. Parents should think long-term — investing not only for personal wealth but also in education funds and life insurance policies to provide a stable and secure future for everyone in the family.
The Grandparents (First Generation)
Finally, snakes symbolise the wisdom that comes with experience over time. Their keen observation gives them a deep understanding of life’s complexities.
Just as a snake sheds its skin to grow, renewal happens in stages throughout life. The first significant renewal takes place in the third generation as young adults transition from tertiary education into the workforce. The second renewal occurs in the first generation as they move from working to retiring. For retirees, it’s crucial to periodically review and adjust their investment portfolios ensuring alignment with risk tolerance levels as they transition into this new phase of life.
As gung gung and po po (maternal grandpa and grandma in Cantonese) navigate life post-retirement, they may need to make necessary adjustments regarding spending habits or routines to maintain quality living standards without overspending during these years — striking a balance between frugality versus enjoyment in their golden years.
Here is something to consider: would you want your grandkids to see you as intelligent, adaptable and intriguing? Be financial savvy from now, at whatever age you are. It makes you as sharp as a snake, and when you reach old age, you will look intelligent, adaptable and intriguing.
Build Your Own Multigenerational Home
Now, if you have not realised it yet, you have been given a chance to build your own three generations of highly capable individuals in managing their finances. The ideas in this article may provide you with that nudge to get started. And, if you want to get started, there is no perfect tool that we could recommend right now except the GROW series by AKPK. Covering four stages of life from tertiary education, entering the workforce, starting and building a family to retirement, the GROW series provides guidance on highly relatable financial issues to fulfil unique financial needs in every stage. This comprehensive financial guide in a four-book series is a must-have collection in any multigenerational home — especially yours, if you are right now the second generation.
Wishing you a prosperous Chinese New Year!
References:
- https://buddhastoneshop.com/blogs/news/year-of-the-snake
- https://www.propertyguru.com.my/property-guides/new-launch-multigenerational-homes-features-pros-and-cons-75374
- https://en.wikipedia.org/wiki/Filial_piety
