Tuesday, January 15, 2013

70 thousand

Last week,I had this urgency of calling my insurance agents to do a summery from my boys insurance policies,my utmost concern was to see how much "education fund" have me and my wifey accumulated for them thus far.

Why such an urge,you might ask? Let me share with you what prompted the rush........

You see I was having breakfast with a very dear friend of mine, he has got a son,who is currently waiting for his SPM,coming from a prestigious school,(the one that my lovely wife would send Marvell to next year).

One day,his son came back with some forms requiring my friend's signature,those were the forms that indicated that his boy 1)would not continue with his pre U (no matter how good his SPM result is) 2)his boy knows exactly what he wants to do (this is what I like the most) and 3)the boy has done enough research about his intended field

So his son wanted to study something to do with "computer animation" related and that is only one college in Penang that fulfills his boy's requirement and for a 3 years course,the fee is RM 70 thousand,excluding other charges such as exams fees and what not.

My good friend said he really had a shock at his son's stance in pursuing his dream and shock aside,he agreed that it was better than those who did not know what to do with their lives.So he told me,he too was trying to "find ways" to help his son's fulfill his DREAM.

So back to me now,I have really no ideas how much "education" costs or their chosen "education" would cost, assuming each of them requires RM100 thousand, I have two boys, that amounts to RM200 thousand must be ready when that time finally dawns.

But what if Marvell really wants to be a Medical Doctor, I heard it could well be over RM800 k, so how ? I really can hope and pray that the Almighty will show us the avenues

After tabulating all those "cash values" yielded from their policies..one side of me is happy (reason not to be disclosed) but the other side of me is rather sad cos I should have saved more for them, anyway I am thankful to God that  we still manage.

Lesson learned,,1)it shall never to be too early to start saving for the children
                         2)even a little amount will add up in long term
                         3)we must believe that TIME really FLIES
                         4)priorities must be right
                         5)the magic of compounding interest is uncanny

Note : Have you got it prepared when all things failed?

P/S : Every drop makes an ocen


  1. oh yes.. we just got to start early to save for education fund.. :D

  2. I like this post as it is a very good reminder for all parents. So, from now on, I must always remind myself to buy only what we need and not what we want, in order to save up money.

  3. I am not an insurance agent but I agree 100%. Better start early - preferably as soon as the child is born. I bought mine late...and it was quite a struggle paying the yearly premium - luckily, my daughter successfully secured a government scholarship and has since graduated - so she has all that money from the policy to spend as she pleases.

    Besides, if something happens to the payer (touch wood), the company will pay the beneficiary the full amount. We never know what will happen - so best to be prepared. So many stories of wife and families left penniless when something happened to the sole-provider

    Plus, the premium paid is income tax-deductible.

    1. I agree with you. If one can afford, buy a policy for each child in the year they are born. We did that, and when my oldest turn 15, I should be getting my "income". Wakakakakakaka

  4. Education for the children is not cheap these days. But we the parents should do our best so that their future can be secured.

  5. I believe everything should start young, be it fund, education, and upbringing :)

  6. Education inflation rate is at 6% pa so gotta stretch and make the money worked harder to beat that inflation rate. Guess you stock market could beat the rate if you hold the right stocks. Good luck.

  7. I do agree on that...
    but it is also important to get a medical insurance for the children..
    I have a lot of friend who pay a lot for their kids...

  8. I am glad you wrote a post on such an important subject. It's important for us to assess our investments time and again to make sure they are worth the effort.

  9. Yes, advisable to start young.. I didnt do that unfortunately but thank God, He provides what we need.. Good advice...

  10. hey bro, i acquiesced that Education Insurance for kids is 1 of the option to generate revenue for our kids future fund,however upon my opinion, there are other option we can take it into thoughtfulness.For example, property assets is one of my predilection.Becuase as far as Insurance concern it would be more toward our life medical protection and it's premium hv to be PAID "FULLY" by us incessantly for a period of time.Whereas property wise regardless of Low, Medium or High cost, fundamentally base on our affordable allowances, the monthly commitment can be shared out if the rental revenue is generated upon it.Furthermore I strongly believed the value of return is absolutely more optimistic upon comparison. eventually bro,"REVERENT PRAYER TO THE LORD JESUS, he will not leave you or forsake us in any circumstances!!!!.......Bye.

  11. oh yes from the moment they born we have get them the education insurance. We thought sikit-sikit lama-lama jadi bukit. Save since they young and we can save more. But think again will we "touch" the policy when they need it in future? It will surrender the policy if we cancel it, unless we borrow certain amount from it. Am I right?

  12. I hope we have enough to pay for our kids' edu. We didn't buy endowment plans, but invested more in properties. If you got knowledge on Penang properties, can tip me? Hahahaha... Yes, God will provide. Have no worry. Pray hard for scholarship lor.