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How do you measure financial success? Most people would measure it by looking at a person\u2019s bank account balance, or the number of assets owned. No matter how you may define it, financial success is really just about making wise decisions with the money that we have.<\/p>\n
Consistently making wise money decisions would likely lead to a sizeable bank account balance or a healthy number of assets owned. It takes determination and hard work to accumulate and preserve wealth over generations.<\/p>\n
Sustainable wealth does not happen by accident \u2014 or overnight. It takes serious willpower and long-term vision.<\/p>\n
If you want to get on that track, do what the one\u2019s who\u2019ve made it do. Here are 5 things financially successful people do:<\/p>\n
Sure, being frugal and having an emergency fund are all good money habits, but let\u2019s face fact: Alone, they are hardly going to make us rich.<\/p>\n
With inflation and the cost of living going up, and our purchasing power going the opposite direction, not spending RM17 on a frappucino isn\u2019t going to help us cope financially. Being disciplined with their\u00a0savings helps bring the financially successful people a step further.<\/p>\n
Consistent money saving takes willpower and discipline, but for it to make a significant positive impact on our finances, we have to choose how we save our money wisely. If you put RM300 in your savings account every month, you will lose the value of your money over time due to inflation.<\/p>\n
Choosing a savings product that will allow you to put away a set amount of money consistently for a long period of time, while growing your savings \u2013 that is the key of successful saving habit.<\/p>\n
The i-Great Mega by Great Eastern Takaful allows you to consistently put away an affordable amount every month over a long period. It also allows the flexibility that you need to ensure your money is doing its best to give you the returns that you need in the future, while also protecting your\u00a0loved ones (more on this in the next point).<\/p>\n
The plan you choose should balance both discipline and flexibility that are crucial for those who are looking to plan for more, for their family.<\/p>\n
You\u2019ve worked hard to provide for your family. There are great plans ahead of the family \u2013 from paying off the mortgage to sending your children to top-notch universities.<\/p>\n
However, a single devastating event can trigger the domino effect \u2013 it can be in the form of death, serious illness, accident or even a job loss.<\/p>\n
If you are the breadwinner of your family, your ability to earn an income is your family\u2019s greatest asset. Anything that can jeopardise that would change everything.<\/p>\n
This is why getting adequate protection plan such as takaful is key to ensure your loved ones can maintain their lifestyle and pay the bills if something happens to you.<\/p>\n
Takaful, acting as a backup plan, doesn\u2019t just give your dependents the financial Plan B when you are no longer around. It protects your family\u2019s hopes and dreams even in your absence.<\/p>\n
The longer the takaful coverage is, the better off you and your family will be. The i-Great Mega lets you choose between a 10-year payment term and a 20-year payment term for the coverage of 30 years. This means, if you participate in the plan at 35 years old, you will be paying your contribution for either 10 or 20 years, but be protected up to age 65.<\/p>\n