Protect you greatest income-generating asset, YOURSELF
This should be your first priority in your path to financial Success. Why? Well, because YOU are your GREATEST INCOME GENERATOR and YOU should be protected to the fullest. How?
Insurance
Your family depends on your ability to generate income to help pay the bills or for the education of your children. Now, imagine what would happen to them if you are not able to generate income. Surely they will experience a serious financial loss. Therefore, it is important to cover yourself with insurance. Insurance is needed only when there is a possibility of unbearable financial loss.
But how much insurance should you buy? Well, the amount you need depends on who would suffer financially in case you died. It is also dependent on how much income you provide for your family. If you live alone then it is probably wise not to buy any insurance at all. If you live with your spouse and have no children, and if you are the sole source of funding for you and your spouse then it is probably better to get insurance enough to cover all the bills until your spouse can find a job of his own. Just think of how much time he would recover from losing you. Would it be five or ten years? It all depends on you and how much you need to live comfortably. The longer the time, the more amount of insurance is needed.
If your spouse needs about $50,000/year to and he gets over you after 5 years, then you need $250,000 of insurance to cover all his living expenses.
What kind of insurance?
For protection purposes here are the best types of insurance you should buy:
Insurance
Your family depends on your ability to generate income to help pay the bills or for the education of your children. Now, imagine what would happen to them if you are not able to generate income. Surely they will experience a serious financial loss. Therefore, it is important to cover yourself with insurance. Insurance is needed only when there is a possibility of unbearable financial loss.
But how much insurance should you buy? Well, the amount you need depends on who would suffer financially in case you died. It is also dependent on how much income you provide for your family. If you live alone then it is probably wise not to buy any insurance at all. If you live with your spouse and have no children, and if you are the sole source of funding for you and your spouse then it is probably better to get insurance enough to cover all the bills until your spouse can find a job of his own. Just think of how much time he would recover from losing you. Would it be five or ten years? It all depends on you and how much you need to live comfortably. The longer the time, the more amount of insurance is needed.
If your spouse needs about $50,000/year to and he gets over you after 5 years, then you need $250,000 of insurance to cover all his living expenses.
What kind of insurance?
For protection purposes here are the best types of insurance you should buy:
- Term life- These are life policies that you pay premium for year to year. There are no cash values for this type of insurance. The benefits of the policy are only paid out to the recipients if ever you pass away.
- Accident- This is similar to term insurance because the benefits are only paid out if you die or when you are injured due to an accident
- Medical Insurance- Here, you buy specific amounts of benefits for every day you get to be hospitalized. Normally, the benefits are given as a fixed amount per day for one month per year.
- Educational Insurance- This is important if ever you have children. This will ensure their education in the future in case something unexpected happens.
Stay Healthy
Honestly, you must take care of yourself as much as you can. You must eat a balanced diet and reduce junk food, softdrinks, and alcohol intake. Also, have at least 8 hours of sleep daily to ensure that you are truly physically fit. I suggest that you exercise or have gym sessions about 2-3 times a week. However, if you truly don't have time then I suggest you WALK and WALK instead of the luxury of using cars, elevators and the like. This is what I call improvised exercise.
Be Spiritually Healthy
Why do you need to be spiritually healthy? Well, studies show that those who believe in God are able to endure trials and hardships better. Despite all the setbacks in life, learn to trust in God always and he will make the way right for you. Remember, GOD HELPS THOSE THAT HELP THEMSELVES.
Mental Health
It is important that you keep in touch with friends and family members. Talk with them, eat with them and hang out with them. This way, you can experience the joys of life and you will always have a smile on your face. Smiling is said to help improve our health a lot. So don't be gloomy and share a smile!
LEARN, LEARN and LEARN MORE
You should improve your knowledge on a lot of things you are interested in. Reading this blog means that you are hungry to learn how to succeed online, VERY GOOD. If you need to take courses to improve your skills then please do so. In fact, it is always good to have formal classes because it will better your credentials. Also, a passion for education exercises the mind and this helps with your overall health!
Some tips? Attend free seminars or talks and listen to the speaker. Please, do not sleep when the speaker is talking to show some respect. If you come to the seminar only to sleep, then it is better to not come at all.
Whew, this has been a tiring article. Hope you read a lot more topics about this series on the steps to financial success here on Compound Savings Interest!
Honestly, you must take care of yourself as much as you can. You must eat a balanced diet and reduce junk food, softdrinks, and alcohol intake. Also, have at least 8 hours of sleep daily to ensure that you are truly physically fit. I suggest that you exercise or have gym sessions about 2-3 times a week. However, if you truly don't have time then I suggest you WALK and WALK instead of the luxury of using cars, elevators and the like. This is what I call improvised exercise.
Be Spiritually Healthy
Why do you need to be spiritually healthy? Well, studies show that those who believe in God are able to endure trials and hardships better. Despite all the setbacks in life, learn to trust in God always and he will make the way right for you. Remember, GOD HELPS THOSE THAT HELP THEMSELVES.
Mental Health
It is important that you keep in touch with friends and family members. Talk with them, eat with them and hang out with them. This way, you can experience the joys of life and you will always have a smile on your face. Smiling is said to help improve our health a lot. So don't be gloomy and share a smile!
LEARN, LEARN and LEARN MORE
You should improve your knowledge on a lot of things you are interested in. Reading this blog means that you are hungry to learn how to succeed online, VERY GOOD. If you need to take courses to improve your skills then please do so. In fact, it is always good to have formal classes because it will better your credentials. Also, a passion for education exercises the mind and this helps with your overall health!
Some tips? Attend free seminars or talks and listen to the speaker. Please, do not sleep when the speaker is talking to show some respect. If you come to the seminar only to sleep, then it is better to not come at all.
Whew, this has been a tiring article. Hope you read a lot more topics about this series on the steps to financial success here on Compound Savings Interest!
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