When the Jesus said “Do not worry about tomorrow, for tomorrow will worry about itself” Mathew 6:34 he didn’t mean we should not plan ahead but rather to trust the day (tomorrow) into His (Jesus) care. As humans, planning is important as we do not know what will happen tomorrow. Just like a famous saying that goes like this “If you fail to plan, you plan to fail“.
When I asked my parents whether they have bought any insurance before, they said “NO“. But it was because the situation back then was different. Insurance was not widely known and used. My parents had a hard time to send my brother and I to universities a few years back. He sold his land and borrowed some money for us. What touched my heart was, my father was once (in fact many times) skipped his meals to save money for us. Even until today, I always feel that I am in a big debt to my parents.
My parents had a bad experience sending us to universities. Thus, I am determined that I should plan my financial standing starting from today. That’s one of the reason I quit being a lecturer in a private institution and went for a teaching profession at school; due to its pension scheme, where government servants get their salary until they pass away. Let’s look at these scenario:
Age = 24 – 58 ; pay for our cars, credit card, personal loans and housing loans (can we actually save?)
Age = 58 – 80 ; pay for our medical bills, helping our grown up kids to start their life (can we actually save?)
Age = 81 ; funeral cost (Will our kids be able to bear the cost?)
Now, if we are living on EPF, will the money be able to cover our medical bills and living expenses at old age?
Here’s what we need to do if we are living on EPF;
a. Buy a life insurance and not the savings type of insurance because the return is not as much as ASB and the coverage is little. We probably need a lot of money if we happen to be in the category of “Total Permanent Disability”.
b. Buy an education loan for our kids. Even if they cannot go to public universities, we can still send them to private colleges.
c. If you are a Bumiputra, take an ASB loan. ASB still provide the highest dividend to shareholders.
d. Make sure we buy a house and finish paying it before our retirement age.
Otherwise, work with the government. At least, it will help us to secure our future better.
Ahaks! I think my topic is boring and many might have skipped reading my long writing. But then, this is just my ONE CENT opinion. I’m sure those who work with SHELL, PETRONAS ot work in DUBAI, SAUDI ARABIA, US wouldn’t agree with me. Hahahah!