By Louis Koay
In life, most of us are looking to retire freely. We want to achieve financial freedom so that we do not have to worry about money. We are all working hard in our own ways – some choose to be an employee, others start their own business and yet others invest so as to make their money work harder and arrive at financial freedom earlier.
However, as we know, life is uncertain. The road to financial freedom is not a straight line. There will be ups and downs in life. We may get promoted, and we may secure new contracts for our businesses. There will be down times as well, we may fall ill, meet with an accident amongst others. This is the time where we need to incur a large sum of money to pay for hospitalisation cost.
Moreover, most of the time we do not live alone. We are carrying someone else in our life. We will have assets, property, cash, investment. We will also have liabilities, mortgages and loans to repay.
Some of us have dependents. Our children and parents are depending on us for their living expenses. If an unfortunate event occur such that we pass on …read more