Thankfully, I’m back in the positive trend territory (last month my dividend income dropped because the distributions for some ETFs were decreased). If you like to track your dividend income like I do, here’s a free dividend tracker spreadsheet download for you. I find it …

The post October 2024 Dividend Income Update appeared first on Genymoney.ca.

How I Picked Stocks

Skate to where the puck is going. – Wayne Gretzky This is the post I never wanted to write. That’s because index funds are the right choice and I don’t want to give anyone bad ideas. However, people keep asking me about it. So I give you this post. Before I get into it, let’s […]

The post How I Picked Stocks appeared first on 1500 Days to Freedom.

How Much Should I Budget for Thanksgiving Dinner? 2024 Tips

If you’ve been wondering—how much should I budget for Thanksgiving dinner this year—you’re not alone! With food prices continuing to fluctuate and inflation affecting grocery costs, planning the perfect Thanksgiving feast without breaking the bank can feel overwhelming.

But don’t worry – I’ve got your back with a complete guide to creating a realistic Thanksgiving dinner budget, plus some amazing tools to help you save money while you shop and make this holiday season both delicious and affordable.

Let’s get started!

Key Takeaways

The average Thanksgiving dinner for 10 people typically costs between $175-$250, depending on your menu choices and shopping strategies.
Using cash-back tools like Rakuten can save you up to 15% on your Thanksgiving shopping, plus get a $30 bonus when you sign up today.
Creating a detailed budget with YNAB can help you plan for all Thanksgiving expenses, not just the food.
Smart shopping strategies and proper planning can significantly reduce your Thanksgiving dinner costs.
Manage your holiday spending effectively with money management tools like Rocket Money and Sequin’s rewards program.

Understanding Your Thanksgiving Dinner Costs

Before diving into specific budgeting strategies, let’s break down the typical costs you might encounter when hosting Thanksgiving dinner:

Core Menu Items (Average Costs)

Turkey (12-14 lbs): $30-45
- Fresh turkey: Higher cost but often better quality
- Frozen turkey: More affordable, requires thawing time
- Heritage breeds: Premium option, $80-120
- Turkey alternatives (ham, tofurky): $25-40
- Brining supplies: $8-12
- Herbs and seasonings: $10-15
Stuffing: $8-12
- Boxed mix: $3-5
- Homemade with fresh ingredients: $10-15
- Specialty ingredients (chestnuts, sausage): Additional $8-12
- Fresh herbs: $5-8
- Artisanal bread base: $6-10
Mashed Potatoes: $10-15
- Regular potatoes: $5-8
- Premium varieties: $8-12
- Add-ins (butter, milk, garlic): $5-8
- Fresh herbs and garnishes: $3-5
- Special ingredients (roasted garlic, cheese): $6-10
Side Dishes:
- Green Bean Casserole: $12-15
- Sweet Potato Casserole: $12-15
- Roasted Vegetables: $15-20
- Brussels Sprouts: $8-12
- Cranberry Sauce: $4-6 (homemade) or $2-4 (canned)
- Corn Bread: $8-10
- Glazed Carrots: $6-8
- Traditional Southern Greens: $10-12
- Roasted Root Vegetables: $12-15
Breads and Rolls: $5-15
- Store-bought rolls: $5-8
- Artisanal breads: $8-12
- Homemade options: $4-6 in ingredients
- Specialty butter: $4-6
- Spreads and jams: $5-8
Desserts:
- Pumpkin Pie: $12-15
- Apple Pie: $15-18
- Pecan Pie: $18-22
- Whipped Cream and Toppings: $5-8
- Ice Cream: $5-7
- Coffee and Tea Service: $10-12

Additional Expenses to Consider

Decoration and Ambiance

Table Settings: $30-50
- Tablecloth: $15-25
- Cloth napkins: $12-20
- Place cards: $5-10
- Centerpiece: $20-40
- Charger plates: $15-25
- Special occasion silverware: $30-50
- Table runners: $15-25
General Decorations: $20-40
- Fall wreaths: $25-45
- Candles and holders: $15-25
- Seasonal accents: $15-30
- Door decorations: $20-35
- Window displays: $15-25
- Outdoor lighting: $25-40
- Seasonal throw pillows: $20-30

Kitchen and Serving Essentials

Cooking Equipment:
- Roasting pan: $20-40
- Meat thermometer: $10-25
- Extra mixing bowls: $15-30
- Storage containers: $10-20
- Baking dishes: $20-35
- Food processor: $50-100
- Stand mixer: $200-300 (investment piece)
- Specialty utensils: $15-25
Serving Items:
- Platters and serving bowls: $30-50
- Serving utensils: $15-30
- Carving set: $20-40
- Warming dishes: $25-45
- Gravy boat: $15-25
- Pie servers: $8-12
- Drink dispensers: $20-30
- Special occasion glasses: $30-50

Beverages

Non-alcoholic Options:
- Soft drinks: $10-15
- Coffee and tea: $8-12
- Sparkling cider: $5-8 per bottle
- Juices: $8-12
- Flavored water: $5-8
- Hot chocolate supplies: $10-15
- Specialty sodas: $12-18
Alcoholic Beverages:
- Wine: $12-25 per bottle
- Beer: $15-25 per six-pack
- Cocktail ingredients: $30-50
- Specialty drinks: $20-40
- Mixers: $10-15
- Garnishes: $5-8
- Holiday spirits: $25-40

4 Smart Tools to Maximize Your Thanksgiving Budget

1. Rakuten: Your Money-Saving Ally for Thanksgiving Shopping

Maximize your savings with these detailed Rakuten strategies:

Online Shopping

Sign up through The Budgetnista’s link for your $30 bonus
Install the browser extension for automatic savings
Check daily deals during the pre-Thanksgiving period
Stack rewards with store loyalty programs
Monitor flash sales and special events
Set price alerts for specific items
Compare prices across multiple retailers

Strategic Shopping Categories

Grocery stores: 2-5% cash back
- Major chains
- Specialty food stores
- Online grocery delivery
Home goods (for decorations): 3-10% cash back
- Department stores
- Home specialty stores
- Online marketplaces
Kitchen supplies: 4-8% cash back
- Cookware retailers
- Kitchen specialty stores
- Department store kitchen sections
Online food delivery: 2-6% cash back
- Grocery delivery services
- Specialty food retailers
- Meal kit services

Maximizing Rewards

Time purchases during double cash back events
Use Rakuten’s price comparison tool
Combine with store sales and coupons
Check competitor prices through the platform
Stack rewards with credit card benefits
Utilize seasonal promotions
Share referral links with family and friends

2. YNAB (You Need A Budget): Master Your Holiday Spending

YNAB‘s comprehensive approach to Thanksgiving budgeting:

Rule 1: Give Every Dollar a Job

Create specific categories:
- Main dishes
- Side dishes
- Desserts
- Beverages
- Decorations
- Equipment
- Emergency fund
- Guest accommodations
- Cleaning supplies
- Entertainment

Rule 2: Embrace Your True Expenses

Plan for recurring Thanksgiving costs:
- Annual equipment upgrades
- Decoration refreshes
- Recipe testing
- Guest accommodations
- Storage solutions
- Kitchen organization
- Cleaning services
- Entertainment options

Rule 3: Roll with the Punches

Flexibility strategies:

Menu substitutions based on prices
Adjusting portions for guest changes
Alternative ingredient options
Cost-saving cooking methods
Potluck arrangements
Decoration alternatives
Equipment borrowing
Time-saving solutions

Rule 4: Age Your Money

Long-term planning:

Start saving in January
Monthly contributions to holiday fund
Building emergency holiday buffer
Planning for future celebrations
Investment in quality equipment
Bulk purchasing strategies
Early bird shopping
Seasonal sales tracking

3. Rocket Money: Track and Optimize Your Holiday Spending

Detailed Rocket Money implementation:

Expense Tracking

Create custom Thanksgiving categories
Set up real-time purchase alerts
Monitor price trends
Track year-over-year spending
Analyze shopping patterns
Compare vendor prices
Monitor sales cycles
Track payment methods

Budget Optimization

Identify potential savings areas
Analyze spending patterns
Compare costs across stores
Find subscription savings opportunities
Negotiate better rates
Eliminate unnecessary expenses
Optimize shopping timing
Maximize reward programs

Smart Features Usage

Bill negotiation for utilities
Subscription management
Price drop alerts
Savings automation
Budget forecasting
Spending analysis
Category tracking
Goal setting

4. Sequin: Maximize Rewards on Thanksgiving Shopping

Comprehensive Sequin strategy:

Maximizing Cashback

Strategic shopping at 6% categories
Timing purchases for optimal rewards
Combining with store promotions
Using rewards for future purchases
Stacking multiple rewards
Utilizing bonus categories
Shopping through preferred partners
Maximizing seasonal offers

Smart Money Management

High-yield savings for holiday funds
Budget tracking tools
Educational resources
Debt avoidance strategies
Spending analysis
Goal setting features
Payment scheduling
Reward optimization

Strategic Shopping Tips for Thanksgiving Dinner

Long-Term Planning (2-3 Months Before)

Research historical prices
Create preliminary guest list
Design tentative menu
Start saving monthly
Scout store promotions
Monitor price trends
Research seasonal deals
Plan storage solutions

Early Preparation (4-6 Weeks Before)

Finalize guest list
Confirm menu
Inventory check
Equipment assessment
Decoration planning
Schedule deliveries
Arrange borrowing items
Plan cooking timeline

Strategic Shopping (2-3 Weeks Before)

Purchase non-perishables
Buy frozen items
Acquire decorations
Get cooking equipment
Stock up on staples
Order specialty items
Buy storage containers
Purchase cleaning supplies

Final Preparations (Week Of)

Fresh produce shopping
Dairy products
Last-minute items
Ice and beverages
Fresh bread and rolls
Final decorations
Set up serving areas
Prep cooking stations

Money-Saving Strategies for Thanksgiving Dinner

Menu Planning Techniques

Ingredient overlap planning
Batch cooking strategies
Leftover meal planning
Portion optimization
Cost-effective substitutions
Seasonal ingredient focus
Make-ahead options
Freezer-friendly dishes

Advanced Shopping Strategies

Price matching techniques
Loyalty program maximization
Digital coupon stacking
Bulk buying strategies
Store comparison tools
Sale cycle tracking
Generic brand alternatives
Warehouse club shopping

Collaborative Money-Saving

Potluck organization
Cost-sharing systems
Group buying opportunities
Equipment sharing
Leftover distribution
Shared transportation
Bulk order splitting
Recipe sharing

Creating Your Thanksgiving Budget Worksheet

Comprehensive Budget Formula

Base food cost per person
Additional guest considerations
Special dietary requirements
Equipment and supplies
Decoration allocation
Emergency buffer
Service costs
Entertainment expenses

Sample Budget Breakdown for 10 Guests

Core Food Items: $175-250
Additional Sides: $50-75
Beverages: $30-50
Decorations: $20-40
Supplies: $35-65
Equipment: $30-50
Buffer: $35-50
Entertainment: $20-30
Storage Solutions: $15-25
Cleaning Supplies: $20-30 Total Range: $430-665

Final Tips for a Cost-Effective Thanksgiving Dinner

Organization Strategies

Create detailed shopping lists
Maintain price comparison spreadsheets
Track expiration dates
Monitor sales cycles
Document successful strategies
Create cooking timelines
Plan seating arrangements
Coordinate helpers

Flexibility Approaches

Menu adaptation techniques
Guest number adjustments
Ingredient substitutions
Timeline modifications
Budget reallocation
Alternative serving methods
Weather contingencies
Equipment alternatives

Future Planning

Post-event analysis
Equipment investment strategy
Decoration storage
Recipe refinement
Cost projection for next year
Guest feedback collection
Vendor relationship building
Long-term investment planning

Final Thoughts

Remember, a successful Thanksgiving celebration isn’t measured by the amount spent but by the memories created. With proper planning and these smart financial tools, you can host an amazing Thanksgiving dinner that’s both memorable and budget-friendly.

Want more holiday budgeting tips? Check out our other guides on Christmas budgeting, New Year’s planning, and year-round saving strategies!

Disclosure: This post may contain affiliate links. When you make a purchase through these links, we may earn a small commission at no additional cost to you. Rest assured – we only recommend products and services we trust and use ourselves.

The post How Much Should I Budget for Thanksgiving Dinner? 2024 Tips appeared first on The Budgetnista.

10-Year Financial Freedom Plan With Rentals in High Price Markets

🎙️ Episode #368 – We’re diving into the case study of a couple from Oakland who transformed $80,000 into $1.4 million in equity in just…

The post 10-Year Financial Freedom Plan With Rentals in High Price Markets appeared first on Coach Carson.

Looking at our future travel plans

We love to travel and immerse ourselves in local cultures. Due to the global pandemic, we stayed mostly local for a few years. In 2024, we have been very fortunate to visit Denmark and Iceland, …

The Fun Fund: Why You Deserve to Enjoy Life Without Guilt

Discover the power of the Fun Fund—a planned, guilt-free pot of money designed to bring joy to your life without compromising your financial future. Learn why having a Fun Fund is essential for emotional well-being and how to set one up to strike the perfect balance between enjoying today and planning for tomorrow.

Investing in Real Estate: How Entrepreneurs Can Mitigate Risks

Real estate is renowned for its ability to yield substantial returns, making it a reliable investment choice in the realm of wealth accumulation. Nevertheless, the appeal of real estate investing is not without its hazards. It is essential for entrepreneurs to comprehend and control these risks when they enter this field. Intentional risk mitigation techniques […]

Micromanaging Your Portfolio: A Cautionary Tale

In a recent post I shared how my net worth has held up against five years of retirement funded entirely by portfolio withdrawals. The good news was that my liquid net worth had increased since I retired, and by a respectable 6.3% to boot. The bad news was that, after adjusting for inflation, it had…

The post Micromanaging Your Portfolio: A Cautionary Tale appeared first on Can I Retire Yet?.

October 2024 FIRE Update

Hey everyone! Did you have a good month? October flew by for us. RB40Jr was busy with Ultimate Frisbee and Wushu almost every day. I started a ceramic class and a ukulele class. It was a lot of fun, but I was driving all over town. It was a relief when the Fall season was completed. RB40Jr’s team placed 3^rd in the B division. That was great! They plan to move up to the A division in spring. All in all, life was busy in a good way.

On the personal finance side, October was okay. We didn’t spend too much, but our passive income was lower than I’d like. Our monthly cash flow was negative, just under -$100. Our net worth decreased a little bit as well. We’re still way ahead this year.

Alright, I’ll share how I’m doing with my New Year goals. Then, I’ll go over our net worth and cash flow. Let’s go!

2024 Goals

Here is my 2024 goal spreadsheet. It works well. Try it out if you can’t keep up with your New Year goals. The key is to review the spreadsheet monthly to track your progress. That way, you can see which goals need extra attention and work on them. We have less than 2 months left in 2024!

Financial Goals

FI ratio > 100%

The FI ratio is passive income divided by spending. If you can generate enough passive income to cover your expenses, then you’re set. For 2024, I reduced this goal to 100%. We are getting older and I feel we can spend a bit more. After 10 months, our FI ratio is 113%. Not bad!

*FI Ratio = passive income / expense

3% Rule

Everyone is familiar with the 4% retirement withdrawal rule, right? Basically, you should have a successful retirement if you withdraw less than 4% of your investable assets annually. Let’s see if we can spend less than 3% in 2024. This is a good way to test your retirement readiness. We’ll add everything up at the end of the year.

Track net worth and hope for +10%

I’ve been tracking our net worth since 2006. It’s great to see the progress. This year, I’d like to see 10% gains. At this point, the gain is completely dependent on the stock market and there isn’t much I can do to influence this goal. I’ll track it and keep my fingers crossed.

Our net worth gained 16.4% since the beginning of the year. That’s huge. 2024 is a great year for investors.

Health Goals

Exercise 3x per week

Now that I’m 50, health is job 1. I need to exercise consistently so I can stay healthy longer. I joined a gym and plan to exercise at least 3 times per week. I got a bit behind in October. I took a week off because I was a little sick. Getting fit after 50 is tough!

Health checks

Equally important is going to see the doctors. At this age, we have more maintenance and preventative care to deal with. Here is my list for 2024. This one is done!

Colonoscopy. Done!
Annual physical. Done!
Dental exam. Done!
Vision screening. Done!
Immunization. Tdap booster, Flu, and Covid vaccine. Done!

Fun goals

International trip

Mrs. RB40 turned 50 this year and she wanted to go on a fun memorable trip. We visited Japan for 3 weeks. It was awesome. I’d love to live there for a year or so.

Happiness level > 8

I’m a naturally happy guy so this should be easy. Life has been great over the last few years.

October was a good month. We were busy with various activities. Life is good when you’re a little busy.

Help RB40Jr start a YouTube channel

We gave up on this one. RB40Jr. lost interest.

Net Worth (+16.4%)

I’ve been tracking our net worth since 2006. It is very motivating to see our progress. The power of compounding is incredible. Our investment gains far outpace my engineering annual income. This year, our net worth is up 16.4% so far.

***Important*** My best advice is to stay the course. Do not stop investing. You should keep investing whether the stock market is up or down. You might think stocks are too expensive, but it’ll look cheap in 10 years. Keep investing and you’ll achieve financial independence someday. Don’t try to time the market.

This is a chart of our net worth from Empower. (Personal Capital is now Empower.) Sign up for a free account at Empower to help manage your net worth and investment accounts. I log in often to check our net worth and use their free tools. It’s a great site for DIY investors.

I’m not sure why the chart looks like this. The update interval probably got messed up in August and September.

Oct 2024 FIRE Cash Flow

This FIRE cash flow chart includes my online income, side gigs, and taxable passive income. Mrs. RB40’s income isn’t here because she plans to retire in a few years.

October was a good month. Our cash flow was negative, but by just a little bit.

October 2024 FIRE Income: $3,352

Our FIRE income was lower than usual in October.

Real estate crowdfunding: $563. You can read more on the RE Crowdfunding Passive Income page.
Dividend Income: $515. Slow month with dividend.
Rental Income: $693. We had an uneventful month at the rentals.
Blog income: $342. My online income continues to decline. October was a very slow month. Things are not looking good.
Odd jobs: $644. Not bad for about 20 hours of work.
Other: $550. I finally filed tax and got a refund.
Interest: $45.

Spending: $3,449

This year, I plan to spend about $65,000. That was how much money we used last year. After 10 months, we spent about $54,000. We should be under budget this year. However, I didn’t start any remodeling projects this year. It’s been too busy. I’ll work on it next year.

Here are some details.

Housing: $1,304. This includes mortgage, utilities, furniture, repair, and maintenance. Our housing expenses are low because we live in a duplex. We split many expenses with our tenant.
Transportation: $320. Gas and insurance. I also had to renew my registration and annual parking permit.
Entertainment: $210. We ate out a few times.
Groceries: $499. The grocery bill was lower than usual.
Health: $135.
Kid: $447. Unfortunately, kid-related expenses are also increasing as RB40Jr gets older. We are making payments for his orthodontist and an international school trip.
Travel: $413. Mrs. RB40 went to California for a short vacation.

Savings: –$97

October 2024 wrap-up

Alright, let’s wrap it up. October was a good month. We kept busy and the month flew by. The rest of the year should be uneventful. We’re looking forward to hunkering down for the winter. Life will be busy again soon enough.

That’s it for October. Did you have a good month?

Passive income is the key to early retirement. These days, I’m investing in commercial properties with CrowdStreet. They have many projects across the United States. Go check them out!

The post October 2024 FIRE Update appeared first on Retire by 40.

Is there such a thing as ‘too much insurance’?

DISCLAIMER: THIS ARTICLE IS BROUGHT TO YOU BY THE MINISTRY OF HEALTH. DO NOT READ IF YOU’RE ALLERGIC TO SPONSORED CONTENT.

Every time we publish something on The Woke Salaryman remotely related to insurance, many financial advisors will reshare our content… to sell insurance.

Don’t get us wrong.

We are glad for the increased page engagement. We too agree that getting insurance is important. However, we also believe that there’s such a thing as ‘too much insurance’.

In this article, we hope to clarify what we mean by ‘adequate insurance’. We’ll be focusing on the three most common types of insurance that people tend to overspend on: life, critical illness, and hospitalisation plans.

Life insurance

What it is: Insurance that pays out when you die or get terminally ill.

How much coverage should you get? According to Life Insurance Association Singapore, adequate coverage is around 9–10 times your annual income. That means, barring any exceptions, if you’re earning $100,000 a year, roughly $900,000 is what you should shoot for.

The rationale: Why 9–10 times? Our guess is that 10 years of income should be sufficient for your loved ones to live off and readjust after your death.

That said, if you have outstanding loans and other responsibilities you absolutely want to fulfil upon your death, you might need more than 10x your annual income.

On the flip side, if you don’t have anyone who is dependent on you, then you might not need life insurance at all.

Critical illness insurance

What it is: Insurance that pays out when you get a critical illness (e.g. cancer, stroke, heart attack).

How much coverage should you get? For critical illness, the general guideline is 4–5 times your annual income. That means if you’re earning $100,000 a year, you can aim for $400,000 in coverage.

The rationale: Why 4–5 times? That’s the period it takes to recover from a critical illness, during which you will probably (willingly or unwillingly) have to take a break from work. It can also cover the cost of treatments that are not covered under your health insurance. (See Cancer Drug List explainer.)

Hospitalisation insurance

What it is: Insurance that pays your hospital bills should you get hospitalised; also commonly referred to as health insurance.

First of all, it must be said that all Singapore Citizens and Permanent Residents are already covered by MediShield Life, which provides you with basic coverage.

A quick summary of MediShield Life:

Covers you for life, regardless of age or pre-existing conditions
Fully covers 9 in 10 subsidised bills at B2/C wards in public hospitals, and for selected outpatient treatments like dialysis and chemotherapy, with co-payment (for deductible / co-insurance) covered by MediSave
There are claim limits (e.g. about $800 per day for normal ward treatment charges today)
If claim limit is exceeded, bill can be paid using MediSave and Cash

(Check out full coverage details for MediShield Life here)

There are two plans you can buy to add on to this basic coverage.

One of them is an Integrated Shield Plan (IP). Today, the lifetime cash premiums for these plans can range from anywhere between $10,000 to $270,000.

On top of your IP, you can also buy a ‘rider’, which covers the patient co-payment share of your bill, to minimise your out-of-pocket costs. However, even with a rider, you have to minimally co-pay 5% of your hospital bill, which can be paid using cash or your MediSave.

How much coverage should you get?

We’ve spoken to people at both extremes. Some believe that MediShield Life itself is sufficient for them, so they don’t have an IP. Others are willing to shell out a fortune for the most expensive plans, rider and all.

What’s right for the average person? Well, that really depends on your care preferences, and how much you are able (and willing) to spend.

Generally, this is what you’re paying for when you upgrade to an IP:

Ward class: The most affordable wards in a public hospital are like the shared-dorm rooms. The most expensive wards are like a stay in a luxury hotel.
Doctor / provider: If you want to choose who treats you, or go to doctors from a private (unsubsidised) practice, then it will make sense to have an IP.
Co-payment: If you want to fork out as little cash or MediSave as possible for your hospital bill, then you might want to get this thing called a ‘rider’. It’s like a mini-plan on top of an IP.
Additional benefits: Some IPs and riders offer additional coverage for treatments and services such as pre-/post-hospitalisation, emergency overseas treatments and TCM.

Contrary to popular belief, many Singaporeans might actually be paying too much for their IPs.

According to the Ministry of Health, about half of patients with an IP and rider protection still end up using subsidised public healthcare when hospitalised or receiving day surgery.

This means that the treatment would have been fully covered by the mandatory MediShield Life; the premiums that went to paying for the IPs were arguably ‘wasted’.

“But what about peace of mind?”

Some may argue that getting as much insurance coverage as possible provides them with peace of mind.

Let us share with you three perspectives.

Insurance is a safety net. While having a safety net is important, you also don’t want to spend too much on it such that it becomes a drag on your finances. Under-insurance leaves you under-protected against emergencies. But over-insurance is not great either; expensive rider premiums that you worry about paying for each year is hardly “peace of mind”, and may not be worth the coverage provided.

Insurance is also about probability. What are the odds you’ll use your insurance plan to the max? For insurance companies to work, the odds have to be in their favour. The average person will generally not use the ‘max value’ of their premiums. Nor should they hope to, because you’d rather be in good health instead.

Peace of mind can come in other forms. Insurance brings you peace of mind in the event that you:

Get ded (life insurance)
Get hospitalised (health insurance)
Get critically ill (critical illness insurance)
Get into an accident (personal accident insurance)

That’s cool and all. But hey, there are so many other scenarios in life where you’re not dead, hospitalised, critically ill, or recovering from an accident.

Insurance will not help you afford your home comfortably. Nor will it give you financial freedom, nor the ability to take time off work.

On the other hand, your savings and investments can also provide peace of mind.

If you have an emergency fund, you don’t need an insurance rider.

If you have investments paying dividends, you won’t need to worry so much about critical illness.

Last but not least, if you’ve built wealth over the years, you won’t need to depend on your life insurance to provide an ‘inheritance’ to your loved ones.

Remember: Insurance is like a seatbelt, it’s there when you need it most, but you hope you never have to use it.

Ask yourself: would you wear two, three, or five seatbelts in a car?

No?

Exactly.

Stay woke, salaryman.

A message from our sponsor, Ministry of Health Singapore

If this article has got you thinking about your insurance coverage and whether you’re over- or under-insured, it may be good to set aside some time to go through your policies and understand what exactly you’re covered for.

As you review your hospital insurance coverage, remember to take into account not just your care preferences, but also your long-term financial ability. IPs and riders can supplement your coverage, but it also comes with extra costs, which will increase as you age.

You can find out more about what MediShield Life already covers here, and also compare the various IPs at the MOH website here.

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