#18 of our 31 ways to be a better Sahm is about Financial Planning. It says that we have to save, invest and insure.
I am not a financial guru but I try to apply what I learned in school and office to my family's finances.
One of the hardest issues families encounter are about finances. You may not know it, (well - now you will), but I took Financial Engineering as post graduate studies. On one of our subjects we have discussed hedging intensively. Hedging is like offseting risk or moreso preventing it by doing something or buying a product. Yikes, did I just made it more confusing? Let's just state an example eh? It is (like) buying a life insurance, that way when something bad happens your family's financial security will be protected.
Okay so let's just drop the 'hedge' word altogether and discuss insurance. A prudent head of the family needs to know how to secure his family. There are stories of families who once lived a comfortable life but somehow after a tragic event they couldnt even afford to pay the mortgage of their house. No one would want that to happen to his family right?
We are still in our quest to be fully secured and we are doing our best to plan for our future. All I want to say with this entry is insurance - be it life or health - is important. We have our life insurance already but we are still looking for a good health insurance that will cater our needs even when we are not in the Philippines. We have contacted agents and their quotes are reasonable but some doesnt include the country where we are. So if you know an agent who can quote me, just leave a message in the comment box below.