Before your first SIP, before your first Bitcoin, two things come first. Neither will ever make you money, and both decide whether your investing survives.
Term life insurance. Pure cover, no investment mixed in. Rule of thumb: 10 to 15 times your yearly income, running until your dependents no longer depend on you. A healthy 30 year old can usually get a 1 crore cover for roughly the cost of two restaurant dinners a month.
Health insurance. Your own, even if your employer gives you one, because that one disappears with the job. A 10 lakh base cover with a top up is the common starting point for a family, and it costs far less than people expect.
Why first: one hospital bill without cover does not come out of your savings account. It comes out of your investments, at whatever price the market is at that day. I have seen people sell Bitcoin at the bottom to pay a hospital. Insurance is what stops that sale.
Skip the plans that mix insurance with investment. Keep the two jobs separate and both get done better.
Do you have your own health cover, or only the one from work?
Education only, not financial or insurance advice.
$BTC #Insurance #PersonalFinance #MoneyBasics
Term life insurance. Pure cover, no investment mixed in. Rule of thumb: 10 to 15 times your yearly income, running until your dependents no longer depend on you. A healthy 30 year old can usually get a 1 crore cover for roughly the cost of two restaurant dinners a month.
Health insurance. Your own, even if your employer gives you one, because that one disappears with the job. A 10 lakh base cover with a top up is the common starting point for a family, and it costs far less than people expect.
Why first: one hospital bill without cover does not come out of your savings account. It comes out of your investments, at whatever price the market is at that day. I have seen people sell Bitcoin at the bottom to pay a hospital. Insurance is what stops that sale.
Skip the plans that mix insurance with investment. Keep the two jobs separate and both get done better.
Do you have your own health cover, or only the one from work?
Education only, not financial or insurance advice.
$BTC #Insurance #PersonalFinance #MoneyBasics