It is Health that is real wealth and not pieces of gold and silver. Mahatma Gandhi

A friend of mine has always complained how the government is so bad. Recently he who had a car accident and almost lost his life. The hospital bill was heavy on him.

Health is very expensive he told me. How do you cope? 

I told him: My dear friend you should get an insurance. There are 3 types of insurance everyone should have:

1. Car Insurance

2. Health Insurance

3. Life Insurance

My rules

– Do not buy anything you cant afford to lose.
– If you have anything you cant afford to lose, then get an insurance.

This is why a surgeon will insure his hands or a footballer his/her legs. 

Car Insurance

This covers the costs if you injure someone or damages property during an accident. Road traffic injuries cause considerable economic losses to individuals, their families, and to nations as a whole.

Get a simple one if you low on budget. 

Life Insurance

As for Life Insurance I advice you to get Term Life Insurance for X number of years and invest the difference. 

Simply calculate six to 10 times the amount of annual salary. You can get more information at Khan Academy. 

Health Insurance

We talk about staying healthy a lot. Most health professionals only mention:

– Do exercise

– Eat a well-balanced, low-fat diet 

– Avoid injury by wearing seatbelts and bike helmets

– Don’t smoke, or quit if you do. 

– Drink in moderation if you drink alcohol etc

No one talks about Health Insurance. It is a safety net. Healthcare can be very expensive. You can see a doctor for preventive services. You avoid having an existing condition worsen. You stay healthier!!! 

Health Insurance covers the whole or a part of the risk of you incurring medical expenses. You can joke with your house, money etc but do not joke with your health.

Do not joke with your health. 

Without health insurance, getting sick or injured could mean going going without needed care, or even dying needlessly. 

Statistically, you and your family are just one serious illness away from bankruptcy, according to a study published by the American Journal of Public Health in 2019.

Actions steps

Start to take care of yourself 

We talked about this in this video. 

Find a health insurance company

Depending on the place there are countries that offer universal healthcare. Also there are companies that cover their workers. Ask your boss for employer’s insurance program. 

Check with trade organizations, associations etc about possible group health coverage. Do it in group, it will be cheaper. 

If that’s not an option, you’ll need to buy private health insurance. 

If you don’t have money to start then keep reading. 

Do not say that  I am too young. I have a lot to live. How can I pay for something I do not need now. Do not forget you have loved ones. They too will ask for your help when sick.

Pay yourself first

Each time you get an income, get 10percent and put it in an investment bank. Call it Emergency fund. Not savings bank because inflation will eat your money. Savers are losers. 

Money market account is a good option if you want the money short-medium time period. If you are investing for long term then go for Index funds. 

This simple book will help you learn about investing: Common Sense on Investing. Find a way to make more money. There is a lot on information for this. 

Become a better person. Learn how to communicate effectively. Surround yourself with high performance people. 

Do this to help yourself and your loved ones. You can help a billion people. 

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