Though Benedict and his wife are a family of two, he shares with us the advice he gives his nieces and nephews – an advice which makes sense and is intelligent in its simplicity. First and foremost avoid debt. Save for things that matter and prepare for the future. Buy insurance to protect against the unexpected and invest in funds that will help them achieve future goals.
The big lesson here is: not planning for your future can also jeopardize the present.
Benedict advises that insurance can help both families and individuals to fund for contingencies so that when something unexpected happens, the family will not have to sacrifice their savings because their insurance will fund said contingencies. “In this way, the family can continue living the same lifestyle and allow the insurance proceeds to help them cope with the situation be it from an illness or a death in the family. The mistake some families make is not realizing that they have to plan now, not tomorrow, not when the need arises, but right now.”