Since I created the blog, I guess I need to make full use of it. I decided to use this blog to convey my ideas and journey of my financial planning.
My financial planning are govern by two things:
1) Protection Plan.
a. Integrated Shield Plan (MediSave linked)
b. Accident Insurance
c. Hospitalize Insurance for small bill of medical fees
d. Investment Link Insurance for major illness
2) Retirement Plan
a. Invest in Properties
b. Invest in high yield stocks (like REITs, Business trusts, and etc.)
Let me elaborate point 1 a bit. Living to old age was never easy in any given time. As society evolve, tools or means to protect ourselves also progress. My parents were poor at financial planning (to be frank, they got no planning at all) and now they are stuck with chronic illness with negligible saving. Good thing, Taiwan has this National Health Insurance that pays most of their medical bills. Without National Health Insurance, my parents must fork out cash to pay medical fees and if they got no cash, we (include my siblings) have to pay for them which will burden our loads as we strive for better life each day. Therefore, the need to lighten your family's burden is important. So using MediSave to buy Integrated Shield Plans is the uttermost important thing to do on the list.
And if these two things are done properly, I must have a plan for helping the needy. We must take care of ourselves before we can really take care of others. Is this selfish? Yes, it is and we must realize it too. Because if one has the ability and intellect to take care of oneself and chose not to, then one will become a burden or a liability to one's family and society.
