I don’t like to sound “preachy” but I am taken aback by recent cries for financial help from the public by prominent celebrities and cultural icons who would have earned substantial amounts in advertising income, appearance fees, competition winnings, endorsements yet somehow apparently found themselves without two red cents to rub together.
I will be the first to admit that while I’m a proponent of good personal money management practices, I have not always been a practicing disciple. Therefore, I can fully understand that sometimes in life we can find ourselves in a position requiring help. I am also fully aware that even the best structured financial plan can get totally “fudged-up” by health issues that could be 10 times more expensive than that ill advised third marriage to the mad gyal from the East.
Despite my confusion I’m not going to opine on anyone’s particular plight because that is a “Stink & Dutty” thing to do and I rather spread my hands and “Leh Go” those bad vibes. Besides nobody knows how long people fighting like “Hulk” against any ailment and now are financially unable to continue on their own.
Instead, when I hear stories of people with sudden medical emergencies asking for assistance it makes me ask myself some questions that I wanted to share to hopefully make you ask them while you’re not in dire straits.
When was your last medical check up? When was your last personal finance checkup? You see if you don’t know where you are in either situation then “crapaud vape your peewah flavored oil”.
If you lost your job today, how long can you pay your bills before you need to start a GoFundMe or throw a curry cue? If you’re not a cultural icon or a pillar in the society you’re not going to be able to rely on the public to pay your bills to get you out of financial trouble? That’s what your emergency fund is for.
Listen, I not on no “Rankin Ting” eh but do you have health insurance? What happens if God forbid you get a critical illness? Do you have enough critical illness coverage? If you didn’t know, battling a critical illness could cost more than three Porsches and a Toyota combined. Also, how long does your coverage extend to, is it 65, 70, 80 or 100? Does your coverage include repatriation of your remains if you happen to perish outside these shores?
If you do get cut down in your prime, do you have things in place to cover your funeral expenses? NIB funeral grant while available same day is only $7,500 while a funeral could set your family back AT LEAST $15,000. What about lost earnings? Do you have life insurance to replace your lost income or enough life insurance to at least cover your remaining mortgage/debt obligations so your family doesn’t end up homeless?
These are questions you should be asking yourself and your financial advisor. Adequate insurance is a key ingredient to having a personal finance bess pelau (vegetarian for me, so just rice and peas).
Finally, after hearing the recent stories I asked myself does TUCO have a group health plan for its members? That way they could all contribute, get a lower rate than an individual health policy and not have to ask the very same people that paid to support you to support you again in a time when they themselves are probably also in need. If that is not TUCO wuk maybe those in that industry could come together and form something.
Anyway, enough questions, I’m not The Riddler or a two year old.