It's common for us Filipinos to be in Lotto or lottery tickets thinking that one day all the stars will align and we win that jackpot prize. I don't want to sound cocky or offensive but I often see old and poor looking people lining up in a long queue to bet in Lotto. And sadly, I also often hear or see in the news that once they finally win that grand prize they turn back to being poor and broke after several years of mismanaging the huge sum of money they've won. The funny thing here is the percentage of winning a grand prize in Lotto is approximately zero percent. If only they learned some basic financial management strategies they would have been introduced to life insurance. So what about Life Insurance? Basically, it's an insurance that pays out a sum of money either on the death of the insured person or after a set period.
If money is invested in life insurance, the beneficiary will get a considerable amount which they can use to start a business or place in some investment vehicle for it to grow. What's the probability you will get the amount? It's 100 percent since all of will die. The idea of life insurance is to protect your loved ones in case you leave this world earlier than expected. The analogy is like paying a place you're renting for the reason that you can't still afford to buy a home. Same goes to life insurance. You pay it every month so if something happens to you, the basic needs of your family will not be compromised like their lifestyle or the kid's education. But why only few Filipinos invest in it? Probably because people don't know about it or probably they want a quick rich scheme or worst they don't have money to pay for it.
I'm not an insurance agent and I also have nothing against people that bet in lottery tickets. I myself bet in lottery tickets once in a while. The only difference is that I do it for fun and not depending on it for my financial future. I still continuously educate myself financially. I still continue to save every month and invest my money to assets that will generate passive income for my future and my family's future. It's always better to have control on what your future is going to be. At the end of the day we are still held responsible to whatever kind of life we lived and not because we didn't end up winning the lottery or anything like that. In life it's always easy to make excuses. However every time we make an excuse we deprive ourselves of something we deserve.
As a parting message let me quote Bill Gates, a billionaire and founder of Microsoft saying "If you are born poor, it's not your fault. But if you die poor, it's your fault."
If money is invested in life insurance, the beneficiary will get a considerable amount which they can use to start a business or place in some investment vehicle for it to grow. What's the probability you will get the amount? It's 100 percent since all of will die. The idea of life insurance is to protect your loved ones in case you leave this world earlier than expected. The analogy is like paying a place you're renting for the reason that you can't still afford to buy a home. Same goes to life insurance. You pay it every month so if something happens to you, the basic needs of your family will not be compromised like their lifestyle or the kid's education. But why only few Filipinos invest in it? Probably because people don't know about it or probably they want a quick rich scheme or worst they don't have money to pay for it.
I'm not an insurance agent and I also have nothing against people that bet in lottery tickets. I myself bet in lottery tickets once in a while. The only difference is that I do it for fun and not depending on it for my financial future. I still continuously educate myself financially. I still continue to save every month and invest my money to assets that will generate passive income for my future and my family's future. It's always better to have control on what your future is going to be. At the end of the day we are still held responsible to whatever kind of life we lived and not because we didn't end up winning the lottery or anything like that. In life it's always easy to make excuses. However every time we make an excuse we deprive ourselves of something we deserve.
As a parting message let me quote Bill Gates, a billionaire and founder of Microsoft saying "If you are born poor, it's not your fault. But if you die poor, it's your fault."
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