16/05/2023
What is a solid financial foundation?
It's a financial concept that promotes sound and well-built Financial structure that holds and supports your wealth and assets.
According to priority from bottom to top, one should strategically build the foundation.
If you lay the foundation of your wealth correctly, your next generation family will successfully benefit from your efforts today as it becomes your legacy to them.
What are the options? (From bottom to top)
1. Healthcare = Short-term care/HMO and longterm care/HSA
2. Protection = Life Insurance (Term) and Estate Corporation
3. Manage Debts = Financial Workshops, Monitor Income-Spending, Extra Cash flow (Business/Career)
4. Emergency Funds = Bank savings
5. Investment = Build Cash Funds for Retirement = Stock Market, Mutualfund, PDFs; Build Cash flow = Doable Business; Solid Assets = Affordable Property
The key is to build it as steady yet as fast as you can in less time.
If more cash flow is needed, a part-time career is a must to add income stream that helps build the foundation fast.
As our U.S. Head Coach said - earn & save money as fast as you can, as much as you can, while you still can.
Financial Education is key.