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Judul : Money Machine Concept: If something happens to you, how much are you worth?Link : Money Machine Concept: If something happens to you, how much are you worth?
What if you own an automated teller machine (ATM) that dispenses money every month for the rest of your life, what will you do with it? I'm pretty sure you'll take good care of it. Keep it clean, place it in a safe area and lock it. You want it protected because the machine is very valuable.
The same is true with your earning ability. You are the money machine of your family and you provide them through your monthly income. But, have you been taking good care of yourself? Have you protected yourself?
Let us understand how to fully maintain ourselves as the money machine of our families.
Assuming your ATM dispenses 20T per month and suddenly it breaks down. You have it repaired but to your surprise, it now dispenses only 10T per month. Will you be happy?
Now relating to our earning ability, let's say we are earning 20T per month, what if something happens to us (example: accident, job loss, health degradation or worst case - death) can we still provide to our families? How much are we worth as a money machine?
Sometimes its very ironic, when we have a car worth 1 million, we have it insured for 1 million. When we have a house worth 5 million, we have it insured for 5 million. But when it comes to us, as a money machine to our families, we are usually under-insured or no insurance at all! Now, which or who is more valuable, the car? The house? Or you? And if its you, how much are you worth?
Now using the 10/20 Rule:
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The same is true with your earning ability. You are the money machine of your family and you provide them through your monthly income. But, have you been taking good care of yourself? Have you protected yourself?
Let us understand how to fully maintain ourselves as the money machine of our families.
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| You are the money machine of your family |
Assuming your ATM dispenses 20T per month and suddenly it breaks down. You have it repaired but to your surprise, it now dispenses only 10T per month. Will you be happy?
Now relating to our earning ability, let's say we are earning 20T per month, what if something happens to us (example: accident, job loss, health degradation or worst case - death) can we still provide to our families? How much are we worth as a money machine?
Sometimes its very ironic, when we have a car worth 1 million, we have it insured for 1 million. When we have a house worth 5 million, we have it insured for 5 million. But when it comes to us, as a money machine to our families, we are usually under-insured or no insurance at all! Now, which or who is more valuable, the car? The house? Or you? And if its you, how much are you worth?
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| Are you properly insured? |
Annual Income x 10 = Protection Needs
Related Article: 10/20 Rule: How To Compute And Achieve Your Retirement Goal?
So if you are earning 20T per month using the 10/20 rule:
20T x 12 = 240T annual income
240T x 10 = 2.4M protection or insurance need
Therefore you are a 2.4M worth of a money machine. When something happens to you, your family will receive 2.4M. It is also then important to financially educate your family so that they will not spend all the money they received but learn how to invest it.
Money Machine Concept: If something happens to you, how much are you worth?
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