Protection for My Family

I have always known that getting an insurance for the whole family is a wise investment but I haven't really done anything about it because I always thought I could not afford it given our family's cash flow. Come to think of it, I was able to complete the full payment of my eldest daughter's educational plan with the same mindset before.

Setting the uncertainty aside brought about by the recent controversies involving the preneed industry, the thought that I was able to secure that education insurance for my daughter means that I can always set aside some money for this type of investment no matter how tight our budget is. It also means I can get another form of protection for my family now. I just have to control the expenses on things that are not really important and use the money instead on buying a health insurance for one of my daughters initially.

In all my readings about investments, and in the seminar series on financial literacy that I have been attending lately, the value of getting an insurance for the whole family is always emphasized. This should form part of the 20% of the family income that we should set aside as savings, leaving us 70% disposable income and 10% for tithing (I shall blog about the latter in the future).

One thing I have realized: I should not delay investing whatever extra amount I have on things that would give not only protection for myself and my family but also provide opportunity to earn from it. I have had bad investment decisions in the past. This time, I want to make it successful and profitable so I could have a passive income, i.e., having my money work for me, and not worry about our family's future anymore. I'm getting there, I know.