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9. Income Replacement
What is your biggest motivation to go to work every day? For most of us, it is a few people back home whom we call a family. Now, family is a powerful motivation. It can enable you to take on any storm that comes your way with a smile. All this because you would not allow a single frown on their face to ruin their mood. However, some storms come quietly. They hit us out of nowhere. We are talking about sudden accidents that caused unfortunate Income loss in a family.
What Is Your Number !
What is your Income Replacement Number which is your Risk Number?
When a family lose their income either partially or total income, what is the source of assets can use as their immediate Income Replacement
1- Cash @ bank account
2- Cash @ Investment like Share, Unit Trust or Cryptocurrency
3- Insurance Proceed
Other assets such as
1 - Property like houses,shop lot or land
2 - Businesses
Is subjective based on how fast it is possible to liquid the assets when needed
What is your Risk Number?
Based on to what extent you need to prepare an emergency fund for your dependents. It can be 3 or 5 or 7 or 10 years of income.This is only to cover the necessity expenses which we haven’t include those future big sum of fund like Education, Medical Bill etc
What is the CHEAPEST way to create an Income Replacement Fund!!!
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