Investment or insurance, which is better when it comes to being future-ready?

 


When it comes to managing personal finance, two important factors need to be considered: investments and insurance. Investment is one way to grow your savings (with the investors making the right investment choices); insurance can help protect your current income. Investment seems to be an interesting topic to discuss for hours, with its future benefits and the hope it brings along. Investment and insurance both play an important role in setting financial goals and making your future ready. Here's why.

Planning future events with insurance

We all know that nothing is more important than good health and the wellbeing of ourselves and our families. However, life is not predictable. Keeping a positive outlook towards life is essential but ignoring the uncertainties of life is not the best way to be future-ready. This is where insurance plans become essential. In simple words, insurance provides financial protection against unforeseen events. When you buy the right insurance plan, you protect yourself and your family against adverse circumstances.

The ways investment works for the future

Rising cost of living, property price, and prices of basic amenities can be a hindrance to financial growth. According to a CNBC article, there was a 9% rise in the cost of private housing and a 15% rise in the cost of public housing in Singapore within the first quarter of 2020. As per another article published by The Straits Times, Singapore witnesses a third rise in fuel prices in three weeks in October 2021. The aforementioned data indicated that there is a steady rise in the cost of living in Singapore. Investments can be a way of increasing your passive income with the return on investments to be received at the end of maturity. However, smart investment choices are imperative to achieving your financial goals. Investments are necessary to stay ahead of rising cost and keeping your future secured.

Original Source : Investment or insurance, which is better when it comes to being future-ready.



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