If I were thrown Venus Raj's infamous question at the Miss Universe pageant, I wouldn't have said I didn't have any "major major" mistake in my life. Instantly, my mind would have zoomed in to an area of my life that I regret- that is, not investing my money while I was single.
Following Bo Sanchez' financial advices in his books and online club called "The Truly Rich Club," I've realized some mistakes I did money-wise. Back when I was single, money was never an issue. What I earned was more than enough of what I needed. Hence, most of my salary went out to clothes, make-up and night-outs. My only bank account was the one I withdrew salary from. Eventually, I had no savings left and I got sick.Nowadays, I'm no longer earning as much as I did, after favoring my health to a monetarily-rewarding full-time but stressful career.
To make up for it, I make sure that my husband learns from my experience. We invested in real estate and a retirement insurance fund. Although our earnings are only making ends meet currently, at least we know we're reaping the rewards later on in life. I don't want to end like some people who grow old without making any progress and depend on their more responsible children for financial aid during emergencies, while the rest of their family get on in life with the leech mentality. I have so much resentment for such people.
By retirement age, my husband's insurance will allow him to enjoy a comfortable life with the money he is currently investing. He does not have to keep working hard to ensure food on the table. The retirement insurance plan will take care of that. I'm just hopeful that my health would allow me to still be by his side when that time comes.
Despite the many spin-sellers associated with insurance companies, there are still those that can be truly trusted. One just has to study the proposal before he/she commits to the plan. One has to be smart about choosing insurance plans. We had a bad experience with one company with a manipulative agent who called my husband informing him he gets freebies from them if he comes to their office ASAP. For some reason, he ended up instantly signing up with his credit card without consulting me beforehand. When I scrutinized the proposal, it was like lending the company our money for five years then it hardly grows upon maturity after 10 years, at the time we'll be getting the amount we've invested at almost no interest. Yes it was crappy, to say the least.
An insurance is an important investment, so be sure to weigh your options before making a big decision.
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