I have been in the insurance and financial services industry long enough to witness how changes in circumstances can have a tremendous impact on how we live our lives... that is why life insurance and investments should really be prioritized, I believe. Especially by parents like us.
RETIREMENT.
DEATH.
CRITICAL ILLNESS.
Forget about death. Have you even tought about how you will sustain medications if you were to be diagnosed with critical illness like cancer, heart attack, kidney failure, etc? The costs may be more than if you were just to die by accident and buried the next day right?
Just last month we had a client who all the while thought that her only ailment was "myoma". She had an operation and thought she'll be ok. However, before her follow up check up she noticed that she was struggling to speak which got worse as days passed by. Within a week's time, she came to know that she had BRAIN TUMOR! What are the odds? She did not have any symptoms. Or if there were, they were negligible. Great thing she has critical illness cover. She does not need to worry about the medication costs should she exhaust her medical insurance limits.
EDUCATION.
Did you know that you may spend up to USD 380,000 to send your child to US for university? That is on tuition fees alone!
Inner Universe also has a cost calculator which you can access here.
It is worth mentioning that this is only for the undergraduate courses. On average you may spend USD143,872 in tuition fees alone from pre-school to secondary years, leading to university.
Why am I even saying this? Because as a parent, up to where would you go just to give your child(ren) the best education?
We always say “Education is the only thing we can give our children which cannot be stolen away from them.” Hence no matter how hard, our parents strive to give us the best.
Knowing the advantages of good education, this is also what we would like our own children to get.
Zurich International Life's data at the right just shows that parents will do anything to send their children to school.
Wouldn't it feel better if we were to start planning early?
So why not save as early as you can?
If you were to read “The Richest Man of Babylon”, a book written by George S Clason , he shared there “7 Cures to a Lean Purse”.
1. Start thy purse to fattening.. Set aside 10% of your income.
"For each 10 coins I put in, to spend but nine."
2. Control thy expenditures. Differentiate needs from desires.
"Budget thy expenses that though mayest have coins for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings."
3. Make thy gold multiply. Invest, make your money work for you.
"Put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flow constantly into thy purse."
4. Guard thy treasure from loss. Carefully choose your investments. Speak to a financial adviser.
"Guard thy treasure from loss by investing only where thy principal is safe, where it may be relaimed if desirable and where thou will to fail to collect a fair rental. Consult with wise men. Let their wisdom protect thy treasure from unsafe investments."
5. Make of thy dwelling a profitable investment.
"Own thy own home."
6. Insure a future income. Plan and save for the upcoming days when you are no longer able to earn.
"Provide in advance for the needs of thy growing age and the protection of thy family."
7. Increase thy ability to earn. Seek for ways to improve yourself and your craft.
"Cultivate thy own powers, study and become wiser to become more skillful, so act as to respect thyself."
Savings, investments and insurance are facts that have been discussed even in ancient times and are still applicable in present age.
I am no financial expert, but have witnessed a lot of real-life circumstances to say that I am at least knowledgeable.
If you have savings and insurance, CONGRATULATIONS you are on the right path. If you have not yet started, then I hope from my post above I have tickled your minds a little bit. Now is not too late.
Image Sources: [1] [2] [3]
Other Sources: Zurich International Life - Helping you plan for your child's future
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