We encounter numerous different situations in life. Each situation calls for a different solution. We cannot predict which situation we would come across, but we can be prepared for the various possibilities by having a well-planned solution.
Among the various situations we’d encounter in life, the general idea is to classify them into two different “paths”: The Rough Path vs The Smooth Path.
We all know how things could go wrong in life and when the going gets tough, the tough get going. Nobody wants to go down a rough patch but we should always be prepared for one. And fortunately, this is exactly what people have in mind when it comes to life protection.
Let’s take you through a journey down the “Rough” path, during which “something happens” in life, and find out the various problems and its respective solutions:
Minor Illness
First up, something most of us would encounter every now and then, a minor illness or injury that calls for medical consultation or hospitalization.
Major Illness
When it comes to major illnesses such as cancer or heart attack, the treatment process is often a long and recurring one. One could also face the possibility of becoming seriously ill or disabled.
Disability
Disability, unfortunately, often results in a loss of ability to work as well. When this happens to the breadwinner of the family, the loss of income would turn out to be a significant financial burden for the family.
Debt
One situation nobody wants to find themselves in but would inevitably face, especially in the case of major illnesses or disability. With the loss of income comes the inability to settle a debt.
Death
Death inevitably brings a significant and devastating blow to a family, both emotionally and financially. However, one wouldn’t know when death would occur. Hence it is important to plan ahead in order to soften the blow.
Now that we’ve gone through the “Rough” path, a path nobody would prefer to endure, let’s find out what the “Smooth” path has in store for us.
This is the path where things occur as they were “supposed” to, as one would suppose how life is “supposed” to be if nothing bad or drastic occurs. Nevertheless, because this is how life is “supposed” to be, where “nothing happens”, and people tend to neglect the importance of life planning when things are smooth-sailing.
Let’s have a look at what you can and should do when things are smooth-sailing:
Retirement
We’d all eventually retire. Hence, it’s never too early to plan for your retirement. Not only do we have to deal with living expenses post-retirement, but we have what we call bulk purchases like buying a new house to downsize our home, as well as maintaining our lifestyles. All of which involves considerable costs. The quality of life after retirement is determined by how well you’ve planned for it prior.
Education
We’d all wish to have a family and children, and providing our children with the best education possible is a huge responsibility. As the cost of education continues to soar, planning for your child’s education is a vital part of any financial plans.
Saving
The importance of savings is common knowledge. However, whether or not we are saving our money in the right places is what makes a difference.
Investment
Investment is where one allocates money in an asset or item with the expectation of a profit or return in the future. Via investments, one is hedging for inflation, in which one provides protection against a decrease in value of a currency. Doing the right investments would result in financial gains. The difficult part though, is getting your investments right.
All of the above points to the importance of life planning, being prepared for the various situations and having the right solutions is vital in order to offer protection and security to your life as well as your family’s.
If you’re wondering how, look no further than Great Vision to assist you as we have the right personnel to provide you with the best life-planning solutions.