Money planning or financial planning is not the rich people game. For us, who still live within our salary or beyond the salary, we really need to understand the financial planning.
Sometime we thought that we have car, house, and not debt in the credit card, we are safe and no need for further financial control. However, if something unexpected happen and we don't plan the money properly, it will push us to the bottle neck of the financial crisis.
Who need to do financial planning?
a. Fresh graduate who have the new jobs
For the fresh graduate, this is better to have a medical card insurances and the life insurances. However, another insurances like investment link which combine the life insurances, medical card and critical illness is a good insurance to consider. In addition, the premium is much lower for those who buy the insurance in the early stage. However, don't overbuy the insurances and must be wisely in picking the insurances since there are too many insurances and some of the insurances may not applicable to your current situation.Beside insurance, the fresh graduate need to force himself to saving a portion of the salary every month.
b. Those who around 30s, and have property
At this age, people may have family, and have property such as house and car. This stage is the time when you need to check for your insurance coverage and may increase your sum of protection. In addition, they need to put out some money for investment to increase the value of the money.
c. Retirement
Those who retire will finsh the KWSP saving within 3 years. It is a very risky spending since many people now can live up to 75 years. At this age group, they can consider to put the KSWP or the retire fund into fix deposit and invest in low risk unit trust. Instead of money from the KWSP, they can also have extra income from the dividend or interest from the unit trust or dividend. The medical insurance is a must to buy. If the condition is worsen, at least it can prevent any big burden solely to the children and reduce the cost of medicine.
Financial planning is the long term education in your life. Money is yours and you have to learn to plan it wisely to prevent any unnecessary regret. Start it in early stage and you will observe your wealth accumulation in later years. However, all the planning is base on your disciplinary to execute.
Sometime we thought that we have car, house, and not debt in the credit card, we are safe and no need for further financial control. However, if something unexpected happen and we don't plan the money properly, it will push us to the bottle neck of the financial crisis.
Who need to do financial planning?
a. Fresh graduate who have the new jobs
For the fresh graduate, this is better to have a medical card insurances and the life insurances. However, another insurances like investment link which combine the life insurances, medical card and critical illness is a good insurance to consider. In addition, the premium is much lower for those who buy the insurance in the early stage. However, don't overbuy the insurances and must be wisely in picking the insurances since there are too many insurances and some of the insurances may not applicable to your current situation.Beside insurance, the fresh graduate need to force himself to saving a portion of the salary every month.
b. Those who around 30s, and have property
At this age, people may have family, and have property such as house and car. This stage is the time when you need to check for your insurance coverage and may increase your sum of protection. In addition, they need to put out some money for investment to increase the value of the money.
c. Retirement
Those who retire will finsh the KWSP saving within 3 years. It is a very risky spending since many people now can live up to 75 years. At this age group, they can consider to put the KSWP or the retire fund into fix deposit and invest in low risk unit trust. Instead of money from the KWSP, they can also have extra income from the dividend or interest from the unit trust or dividend. The medical insurance is a must to buy. If the condition is worsen, at least it can prevent any big burden solely to the children and reduce the cost of medicine.
Financial planning is the long term education in your life. Money is yours and you have to learn to plan it wisely to prevent any unnecessary regret. Start it in early stage and you will observe your wealth accumulation in later years. However, all the planning is base on your disciplinary to execute.
No comments:
Post a Comment