"You can be young without money, but you can't be old without it!" That's a saying applicable to almost everyone of us. Saving money while you are still young is important because we basically cannot predict the future. So why is it important to save money while you are still at your prime?
* Emergency cushion - This could be any number of things: a new roof for the house, out-of-pocket medical expenses, or a job layoff and sudden loss of income. You'll need money set aside for these emergencies to avoid going into debt to pay for what you need.
* Retirement – If you intend to retire someday, you'll probably need savings and/or investments to take the place of the income you'll no longer get from your job.
*Average Life Expectancy – With more advances in medicine and public health, people are now living longer (and needing more money to get by).
*Volatility of Social Security (or SSS money) – Social Security money was never intended to be the primary source of income and should be treated as a supplement to income.
*Education - If you still support someone to study, the costs for private and public education are rising every year, and it's getting tougher to meet these demands.
Without money put away in savings and/or investments, you may open yourself up to other risks as well. For example, not having enough money to pay for emergency dental care may force you into taking a loan that your savings might otherwise have covered.
**So while you are still young, or at your prime, why don't you put some of your income to something that is worth investing for, like Sun Life Insurance plans or Mutual Funds?
* Emergency cushion - This could be any number of things: a new roof for the house, out-of-pocket medical expenses, or a job layoff and sudden loss of income. You'll need money set aside for these emergencies to avoid going into debt to pay for what you need.
* Retirement – If you intend to retire someday, you'll probably need savings and/or investments to take the place of the income you'll no longer get from your job.
*Average Life Expectancy – With more advances in medicine and public health, people are now living longer (and needing more money to get by).
*Volatility of Social Security (or SSS money) – Social Security money was never intended to be the primary source of income and should be treated as a supplement to income.
*Education - If you still support someone to study, the costs for private and public education are rising every year, and it's getting tougher to meet these demands.
Without money put away in savings and/or investments, you may open yourself up to other risks as well. For example, not having enough money to pay for emergency dental care may force you into taking a loan that your savings might otherwise have covered.
**So while you are still young, or at your prime, why don't you put some of your income to something that is worth investing for, like Sun Life Insurance plans or Mutual Funds?
