Mar 6 2015, 07:36 AM
QUOTE(Sunny zombie @ Mar 5 2015, 12:10 PM)
as far as I concern on most of the book I read, they emphasize on protection in the first place.
Because in order for us to earn, we need to physically fit. Then we can continue with our investment ideally. But what of something prevent us from earning the income, accident, sickness etc, if no insurance, what ever money you invested also need to take out, when in hurry, may not profit making also. So if all yhe protection done, can go ahead any accumulation with spare cash.
Because in order for us to earn, we need to physically fit. Then we can continue with our investment ideally. But what of something prevent us from earning the income, accident, sickness etc, if no insurance, what ever money you invested also need to take out, when in hurry, may not profit making also. So if all yhe protection done, can go ahead any accumulation with spare cash.
insurance I thought was mainly for dependents....being fits got nothing to do with insurance.
in early stage of life cycle (after schooling) one should think about wealth creation.....setting platform for earning more, saving and investment. (at this stage most current employers have some kind of insurance plan available).
at later stage of life, (after getting married), most (or part) of the previous monthly available allocation for saving & investment would have to be channeled for use to set up, taking care (like buying insurance), maintain the family and parental care (of own children and both parents of self and spouses are getting old). (so left little for wealth creation).
so if without the first stage...it would be difficult to go into the 2nd stage....that is where wealth protection stage is.
Wealth distribution is where one want to leave its legacy (if any) behind.
early stage of life I think should be used to create wealth for own self NOT to HELP to create wealth for other(s) by committing to spending (good to have) lifestyles and necessities.
Never use "spare cash" for any wealth accumulation especially for retirement fund. It has to be "Pay yourself first"....so I would NEVER ever advise "So if all the protection are done, can go ahead any accumulation with spare cash".
well that was my school of thought.....others may not agree.
This post has been edited by T231H: Mar 6 2015, 07:38 AM
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