The same is true with your earning ability. You are the money machine of your family and you provide them through your monthly income. But, have you been taking good care of yourself? Have you protected yourself?
Let us understand how to fully maintain ourselves as the money machine of our families.
|You are the money machine of your family|
Assuming your ATM dispenses 20T per month and suddenly it breaks down. You have it repaired but to your surprise, it now dispenses only 10T per month. Will you be happy?
Now relating to our earning ability, let’s say we are earning 20T per month, what if something happens to us (example: accident, job loss, health degradation or worst case – death) can we still provide to our families? How much are we worth as a money machine?
Sometimes its very ironic, when we have a car worth 1 million, we have it insured for 1 million. When we have a house worth 5 million, we have it insured for 5 million. But when it comes to us, as a money machine to our families, we are usually under-insured or no insurance at all! Now, which or who is more valuable, the car? The house? Or you? And if its you, how much are you worth?
|Are you properly insured?|
Now using the 10/20 Rule:
We don’t want our 2M SUV be replaced by a 600T sedan nor our 5M worth of a 2-3 story house be replaced by 1M bungalow. We insure them properly so that in case of any untoward incident, we get the same value. Same thing with our income as a money machine, we provide 20T per month to our family and we don’t want our family to suffer because we haven’t protected ourselves sufficiently.
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