The most common mistake we make to ruin your wealth and the wealth of your family is not preparing for the what ifs of life. What could possibly go wrong? What are those what ifs? Well, what if you get sick, what if you got into an accident, what if you die early and what if you retire with no money?
Those what ifs are all important and they all cost money. How prepared are you?
If you are a parent or a breadwinner, getting sick or dying early will certainly make your family suffer financially. The only person supporting the family is now gone and probably left hospital bills and debts to pay. So what can you do to prepare just in case? Easy- get life insurance with critical illness coverage. This way, you will never be a burden to your family. Make this little investment now to protect your family financially.
If you are a parent and are not preparing for your retirement, how will your life after you retire be? How do you expect to live for the next 20- 40 years with no money? Let me guess, your children, or a family member will have to support you? Sadly, this setup is so common in our country where parents are depending on their children. Instead of focusing on their own life, family, and saving for their own retirement, the children will have to put aside their own what ifs to care for you. When it is their time to retire, they will most likely depend on their children too because they weren’t able to prepare, and the cycle continues from generation to generation.
When you retire without money to fund you for the next 20-40 years, you will surely be a financial burden. This is the age that we will get sick, we will need lifetime medication, frequent visits to hospital and we will need someone to care for us too. All of those cost money. Your children will probably do it out of love for you but it will surely hurt them financially. Is that the life that you want for you and for them? Wouldn’t it be nice if you have prepared for your retirement and sickness that though they will take care of you, you don’t burden them financially?
When should one start saving, investing and preparing? The moment they start earning. We need to have an end goal in mind, be disciplined in handling money and keep investing. And while we are saving and investing, make sure you are covered for critical illness and with adequate life insurance.
Still not insured? Be responsible, start now and break the poverty cycle. Please keep in mind that BEFORE investing, it is smart and wise to make sure you have enough insurance coverage first, especially nowadays. Better be insured while you are still insurable. Talk to a financial advisor today, there are so many financial instruments out there that can help you achieve your goals.
Disclaimer: The views and opinions expressed here are those of the author and do not necessarily reflect that of the Insurance Company that the author is representing. The content shared here should also not be construed as advice. Please talk to a Financial Advisor/Planner.