I believe you and I agree that we all want to get more out of life. Especially to be more wealthy. You might be thinking what should you invest in to grow your wealth, to become a multi-millionaire. To achieve your dreams and to provide the best for your loved ones. We work hard in our daily lives for a better tomorrow, a better future to live in. Right? All of us will grow old one day. And we want to enjoy our fruits of labor to the fullest. Here comes the decision in between our working adult life to choose the best, the right investment vehicles so that our hard earned money is preserved, or even to grow itself. It is only natural for us to want to get rich quick, just like the tons of “get-rich-quick-schemes” out there in the market that always have its supporters or investors. Lets look at what are the best vehicles of investment to grow our wealth besides the “get-rich-quick-schemes”. They are “real estates”, “stock market”, “mutual funds”, “bonds”, “foreign currency exchange”, etc. These are investments we should look at to grow our wealth for passive income or retirement purposes.
However, what happens if we need emergency “funds”(cash) for unforeseen events? For instance a car accident that puts us in medical treatment for months? What will happen to our monthly income? will the company we are working for pay us although bed-ridden? Yes, you might say, “Thank God I have some emergency funds available”. But what about your family’s wellbeing? their daily expenses? Will your savings be adequate for your family’s living expenses like household bills, food, mortgage loan repayments, car loan, credit card bills, and so on, after you have more or less used up your “emergency fund(cash)” for the medical bills. What if, this happened in the very early stage of building your own business or family? what happens when you’re not around temporarily?What more talking about investing in other investment vehicles.
Is there any solution to these “unforeseen events?” luckily, yes!. This is where getting yourself insured with the correct life insurance comes in. By setting aside 5 to 10% of your monthly income, you’ll be able to create an immediate “emergency fund”, 300 to 400 times more from your monthly 5 to 10% contribution to protect your life’s assets, to protect the money-making machine you. You will then be able to rest well and have a peace of mind recovering from injuries due to accidents or from an illness, knowing your family’s living expenses are taken cared of. After this section on building “pillars of wealth” is sorted out, you might want to consider a retirement plan that generates accumulated interests or returns about 6 to 10% per annum. Besides our government’s packages like “Amanah Saham Bumiputera(ASB)” or the “EPF (Employee’s Provident Fund)”, you will need to grow your wealth through other instruments I have mentioned above.
However, There is one particular business that we can invest our money in is the “Life Insurance Company”, which you shouldn’t miss. And I’m about to tell you “Why” in my next article. Click here to find out.