facebookShould I buy insurance first, or invest first, with my current amount of money that I have $10k? I think I have a few policies paid by my parents, which should I factor in first? - Seedly

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Anonymous

05 Mar 2020

โˆ™

Insurance

Should I buy insurance first, or invest first, with my current amount of money that I have $10k? I think I have a few policies paid by my parents, which should I factor in first?

Discussion (9)

What are your thoughts?

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First I recommend to do analysis.

Do You really need insurance? Life Insurance on the long-term and on the average are

inferior structured investment products, with difficult to understand concepts, assumptions and fees (explicit/implicit). Life insurance is somehow a lottery. Avoid.

For investing: inform yourself well first by reading a lot. f.ex. on Seedly, or buy some books on investing, try to interest yourself for an "ultra-long term buy&hold passive stock indexing ETF strategy"โ€‹โ€‹โ€‹

Clarence Chua

09 Jul 2019

Financial Planning Specialist at Prudential Assurance Singapore

You should always get your insurance set up first.
Because of the unknown that can happen.

A simple way to set up your priorities for finance in order is a CSI concept. (Coverage, Savings, investment.)

Letโ€™s say something happens in one year time, 1k into insurance can give you 500k.
Even if you were to put 10k into investment, you will need 500x or 5000% in return to get the 500k.

Set up a firm foundation then build your tower. ๐Ÿ‘๐Ÿป

View 1 replies

Hariz Arthur Maloy

07 Jun 2019

Independent Financial Advisor at Promiseland Independent

Insurance always comes first.

At least get your hospitalization plan settled and purchase CI cove...

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