Asked 3w ago
Is it your credit card? Insurance plans? Share with us why!
To me, not much difference. Life goes on as per usual. Spending on necessity, saving up for investments, monthly DCA.
On side note, I also reviewed my insurance quarterly. Abit overdoing it but good to keep up with the market.
Like many others, one of the most useful tool for me is health insurance! Even though I am relatively young, I have been hospitalised twice due to a bacterial infection and food poisioning. It would have been a burden for my parents back then if I didnt have health insurance as they were going through a tough period of time. So I was very glad that they actually purchased health insurance for me ever since I was born.
Especially during this period of time, getting hospitalised will not be cheap. So having health insurannce is very impt!
The most important financial instruments are my savings and my health insurance. In the event that something bad happen, there are these two vehicles to tide me through. I think they are self explanatory. Now, given the crisis, I am wondering if my 6 months emergency funds are too little. As of the credit card, I doubt they are useful for my case given this difficult period. I should be spending less rather than spending more.
Firstly, without a doubt, healthcare insurance. This is the by far the most important product to have. While the Government may be covering for the inpatient hospitalisation bill, there may be other outpatient tests and treatments. Therefore, a proper healthcare insurance like an integrated shield plan is crucial.
In the second place will be cashflow. As always, know yourself before you can improve yourself. By having a proper understanding on our cashflow, we know how to manage it and set aside funds for this crunch.
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