HEALTH AND MEDICAL INSURANCE 

MONEYMONK WEEKLY MESSAGE 8/2019

Health and medical insurance

Health is also wealth.

Medical costs are increasing steadily and expenditure on account of this can seriously upset your personal finances. This risk can be covered by taking a medical insurance for yourself as well as for your dependents.

All family members should aim  to live a long, healthy and a happy life by doing regular exercises and living a balanced life.

Health is not merely an absence of disease but also includes all aspects of physical, mental, emotional and financial health. More about these other aspects later.

Medical/ Health Insurance covers the risk in case of any unforeseen sickness.

Health must not be ignored or neglected at the cost of pursuit of a higher income. Neglected and lost health is difficult to regain with the additional money earned.

Sickness abroad in many countries is very costly and stressful.

Do keep health insurance adequate and current all the time and also take travel insurance when travelling abroad.  

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          Note:        

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HOW TO EXIT ENDOWMENT POLICIES 
MONEYMONK WEEKLY MESSAGE 7/2019

How to exit policies other than Term Insurance ( Endowment Policies) ?

Some are asking for guidelines on how to discontinue such policies. Here is what I recommend :

1. First ensure you have adequate term insurance before taking any action. Adequate means 10 times your annual income. If not first take that. Note that some companies deny term policy for three years after surrender of endowment policy.

2. Then do the review as under and decide:

l  Check with the insurer if the policy qualifies for surrender ? (normally  two/three years)

l  Check what is the surrender value ? it is usually much lower than premium amount paid. 

l  Check what amount you will get on maturity ? if you stop paying the further premiums but not take the surrender value.

l  Look for some rules on surrender on the back of the policy or sent separately with it.

l  Related to your financial situation and budget see what suits you best and decide.

Do not forget to keep insurance company informed of any change of address and also collect the amount due on maturity if you do not take the surrender value.

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Covering risk with Pure Term Insurance

MONEYMONK WEEKLY MESSAGE 6/2019

Covering risk with Pure Term Insurance

You starts earning and with it saving and spending. You spend on dependents too besides yourself. You marry or have children and create new dependents. These dependents are at a risk in case of your accidental or unfortunate death. This can cause great emotional and financial hardships to the dependents. Covering this risk is thus critical. Pure term insurance can solve this.

Pure term insurance policy premiums are low and remain the same even as one’s age increases .

Sum assured in case of death, as a thumb rule can be ten times the annual salary or income.

As the salary or income increases this must be reviewed and additional policies can be taken. As a norm all the earning members in a family must take this term cover.

Also recommended is taking term policies for the other dependents like spouse or parents  in case their medical insurance or risk cover in case of any illness is not adequate. This will not financially burden surviving family members in case of an unfortunate death after a costly illness of such dependents. 

Note

All other insurance policies other than ‘the pure term insurance’ are not adequate as a risk cover and are not good as an investment too. 

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Start Saving Early 
MONEYMONK WEEKLY MESSAGE 5/2019

Start Saving Early 

As early as possible, as soon as you start earning or if already late then TODAY!!

Regular and steady savings habit is the key ! This will act as a strong base when you learn to invest in equity. It will give you an optimal growth in the long run. If you are persistent you will achieve “Financial Freedom.”With this freedom you will have a choice to do ‘what you like’. Some may call this early retirement too.

If you don’t start saving early and investing wisely, you may become vulnerable and dependent  in retired life. With increased life expectancy retired life can be as long as 20-30 years.

A strong base is required  to achieve Financial freedom. This base requires regular and steady savings to invest.

There are a few more preparations to build a strong base namely Right Insurance to cover risks, contributing to provident funds and having an emergency fund.

I shall be talking about these in the weekly messages that follow.

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TIME MANAGEMENT
MONEYMONK WEEKLY MESSAGE 4 /2019

TIME MANAGEMENT

This is the most common and uniform resource we all have, in all 24 hours per day. Balanced  allocation and utilization of this TIME is totally in your hands, you need to be aware of this.

Assuming that you spend about 8-12 hours per day earning, is it too much to ask you to spare 10-15 minutes per day or about an hour a week so as to take better care of your earnings and savings?

This is the time that those following the structured “Moneymonk Process” are required to give after the initial investment of about 6 to 10 half an hour sessions that they need to undertake to learn. While it suits some and others may learn DIY (Do It Yourself) by these weekly messages as I cover salient aspects of Financial Planning and Making Equity Investments in brief.

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How will Savings affect your present quality of life ?
MONEYMONK WEEKLY MESSAGE 3/2019

How will Savings affect your present quality of life ?

Life is full of uncertainties.Death is absolutely certain but nobody knows when . Savings help you to manage these uncertainties and live well as long as you live.

Remember the time before you got your first pay cheque , it was a big jump from Zero to something , dependency on parents  to freedom, parents money to own money, you were overjoyed. At the same time did Money and need to earn it continuously become the new dependency?  so why not make efforts to increase the level of freedom and reduce this new dependency? 

You were living with no income of your own and will be still living equally well when you save 10-15 % first and live on the rest. Believe me , the effect of this on your present quality of life will be negligible but this will have a tremendous positive effect in the long run.

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WHY SEEK FINANCIAL FREEDOM
MONEYMONK WEEKLY MESSAGE 2/2019

WHY SEEK FINANCIAL FREEDOM

When achieved it will allow you to do what you like with your time.

PURPOSE OF MEASUREMENT

Is to gain control on expenditure to optimally secure your future with savings.First decide what you want to save for the month. Most have little or no control over their income in the short term but can surely control their expenditure. Expenditure must be limited to what remains after decided savings. Your equation will then look like this

Income -Savings = Expenditure

 Definitely NOT

_{Income - expenditure=savings ( left overs ?)}

Focus has to be on savings and not on expenditure.

Give a brief thought in your mind going before every expenditure you make to check that it is within your budget. Can you reduce it to increase your savings ? What can you do to increase your income to increase scope for more  savings? Savings are only your expenditures deferred for the future.

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FINANCIAL FREEDOM IS ACHIEVABLE
MONEYMONK WEEKLY MESSAGE 1/2019

Create a strong belief in yourself that freedom from working for money is achievable.Repeat it many times in your mind and share it with your spouse and accept it as your joint goal.

Achieving this goal will call for learning attitude,patience and sustained effort allocating a little time for it to invest, in yourself first.

Do this and get ready to take small steps every week as you move on the right path.

Measurement is the key to improvement so start with measuring what you earn, what you save and what you spend every month.

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