Essentials for life.
What essentials are required for life? How much is required to leave life? There is no perfect answer for this question. This depends on many factors and specially on the individual’s lifestyle. That doesn’t mean the average income person cannot leave a good life. In most cases if the person fails to plan his requirement, then chance is he lives his life in most miserable way.
A good life necessarily doesn’t mean an individual should have a car or house or yearly vacation. Infact this are lucrative requirements and may not be essential for the life. But if we plan our life to secure in all way then we might enjoy other things in better way.
This are the basic requirements of life and are underestimated until the reality knocks the doorbell with the hefty bills. Let’s discuss some of the factor which every individual should consider and plan in the beginning of his career only.
- Health Insurance
- Term Insurance
- Investment
- Occupation
- Hobby
If you plan above factors in advance or in the beginning along with your career, you and your family is shielded with any life certainty event with minimum effort for rest of life.
1. Health Insurance
It should be on priority, as we see the cost of hospitalization is getting higher and higher and in most of scenarios the cost may not be affordable to many people. The hospitalization is inevitable is severe diseases like cancer and its hefty treatment cost can empty your pockets and savings if not it planned in advance.
In extreme case of hospitalization, the cost of treatment could be 10 to 15 times of the cost of health insurance.
On planning in advance, in younger age an individual would be ready to face any such uncertain incidents and he or she would take a good treatment without worrying about the treatment cost.
So, if you haven’t yet had health insurance then take some time to think about it and plan your and your family life in better way.
2. Term Insurance
Earlier we read about health insurance and how important is to shield ourselves and loved ones from uncertain health issues. With similar concerns we should plan for our plan in absence of us. Yes, we know that life is uncertain, and nobody can do about it, but we can do one thing, we can secure our family by endorsing to Term Insurance.
The term insurance will help our family members to leave their life in better way.
The early you sign for it, the lesser term insurance cost. You can plan for higher sum assured plan so that your family should not have financial concerns.
3. Investment
It’s common word and everyone knew it. But very few plan it in strategic way. Investment can become a passive investment if invested in right segment. Investing your earning regularly will help us to build enormous funds over the time period.
It’s important that we live our life not worrying about finances, but that doesn’t mean we should not plan it. If we plan it then with minimum effort, we can generate good returns on it.
One of the options of investment is investing in Mutual Funds or you can think of Sovereign Gold Bonds or investing in pension funds. This some methods will require minimum research and effort.
Conclusion:
Life is uncertain and the incidents in life may be inevitable. Best we can be prepared for such events and prevent ourselves and loved ones by planning in advance.
