If you’re
only a person looking to save enough money so you could spend for something in
the future, own your own house and a car and provide for your children in the
present, you’ll need to understand more about the financial products insurance
companies and other financial institutions provide. Sure it is discouraging to
hear news about insurance frauds, but investments always carry a risk. I
actually think the stock market is more dangerous than insurance.
I’m about to
reach my retirement at fifty years old. I’m working for a technology firm that
I’ve helped build from the ground up. When I was 25, I thought of investing in
the stock market, but then I realized I had very small capital. The company
told me they used some of my money to pay for my family insurance. I had two
kids coming up then, so they told me I should get pre-need plans for them.
Pre-need
plans helped me finance the future education of my children. Educational plans
included health plans and sometimes even allowances for the kids, which took a
great load off the combined income my wife and I had.
We were paying
around £7000 each for their pre-need plans when my wife and I were still young.
Then my wife and I thought about retirement, so we allocated around £8000
monthly for our pension, each. So it made about £30,000 monthly, leaving my
wife and I’s joint income around £150,000 yearly. A small amount, but then, we
got to pay for the mortgage with that budget.
Sure the
figures might look small, but if you know where your money is going, you won’t
have to deal with the stock market and just live a good life right after your
employment.
