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Thoughts on Death and How to Die A Millionaire, Easily(3-min read)

It’s All Saints and All Souls Days so let us spend some time to remember our dear departed, and our memories shared with them while they were still (physically) with us. And remember our saints too (if you believe), whom we ask to help us in prayer and in faith, and whose exemplary lives we try to emulate…
Sunset by photon_de, on Flickr
All of you up there or out there, pray for us and guide us, we who remain in this world struggling and climbing towards financial freedom, we who want to be truly wealthy and make good of God’s blessings and gifts to us.
Let us ponder on death a bit more, before we let go of this time of the year.

Two Sure Things in Life

They say there are two things in this world you can’t escape from: taxes and death.

The former, you can somehow evade illegally, pay less than what is required or take advantage of legal tax-savers and tax-breaks. That’s taxes for you.  (Aside: it’s a sad reality that those who have more in life get more options and privileges and choices, like on how to save on taxes or how to become richer or how to be efficient in spending. Among other things. The poor don’t have much choices but the expensive ones. Anyway.) 

Death, you cannot pay partially. You can prolong your life, run or hide or rely on medical advancements but eventually you die. Inevitable.

A quote on death from Steve Jobs’ Speech in Stanford
“Death is very likely the single best invention of Life. It is Life’s change agent. It clears out the old to make way for the new.”
Now that’s either a mild or harsh way of looking at it. It’s like as simple as replacing the old iPhone models with better newer ones. But that’s life, and that’s death. No matter how much power, wealth or friends you have accumulated in your life, you can’t bring them to the after life (if you believe that there is, and unless you believe you can actually bring them as some religions do). In the face of death, and outside of faith, we are small and powerless.
 

But for those left behind, they still have their lives to live and to move forward. As Dumbledore said, 

“Do not pity the dead. Pity the living, those left behind.”

Or something to that effect. What happens to them, the dependents, when Juan dies? Francis Kong says,

“Don’t grow old broke.” 

While Bruno Mars (and us) want(s) “to be a billionaire.” I say,

“Don’t grow old broke, don’t die broke. Die at least a millionaire.”

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How? Save. Invest. Insure.

Arguably one of the easiest way to be a millionaire is get life insurance. Sure you don’t enjoy the sum assured of Php1M while you’re alive but still, we can’t deny the fact that most of us save and invest, not just for personal use, but also for our dear dependents in life. Personally, I don’t want to leave my dependents and loved ones having financial problems immediately after I’m gone.
If you religiously save Php3k a month and hope to leave your family a sizable amount in case of early departure, get insurance instead. It will take you 333 months (~28 years) to save up Php1M at Php3k a month (goodluck with that), whereas if you invest it in insurance, you just need 3 months to give your self PHP1M coverage. And spend the 330 more months for other investments. Should Juan die in between, at least the million is assured for his loved ones. If he lives longer than expected, the million is still assured while he enjoys the living benefits and continued investments of his VUL.
Begin with the end in mind — such as death. Then invest your way up. Cover your asses and your bases first, before taking in more risk via more aggressive investments. OHA!
Ensure, insure.
Don’t just work hard, work smart.

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Photo: “Sunset” by  photon_de 

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