WHAT ARE THE FOUR DECISIONS THAT CAN'T BE DELAYED IN FINANCIAL PLANNING?

In financial planning, there are four decisions that can't be delayed:

1. Last Expenses.
2. Children's Education.
3. Retirement.
4. Cost Of An Operation.
   

The last expenses include funeral expenses, medical expenses, hospital expenses and others. These expenses must be settled immediately after a person's death.

If our children want to further their study at the age of 18, we, as parents, can never ask them to delay the decision. Of course, they can borrow money from Perbadanan Tabung Pendidikan Tinggi Nasional (PTPTN) but if the total cost of studying medicine in four years is RM 300,000, the maximum amount they can borrow is around RM 100,000. The balance RM 200,000 must be borne by parents. They can also try to apply for a scholarship. However, the competition of getting a scholarship in the future will be fiercer as more and more students are able to get very good results nowadays.

Everyone of us hopes to retire at the age of 55 or earlier. But, without sufficient retirement funds due to the lack of retirement planning, we are not able to achieve the dream. As a result, we still have to work after 55 years old unless our children are willing and able to take care of us. Unfortunately, parents can raise many children but a child sometimes can't even take care of a parent.

A hospital especially a private one is a very realistic organization. The cost of an operation must be settled immediately. Sometimes, we can't even get the treatment we deserve not because we are poor but because we have no enough money with us. That's why we must have a medical card with us all the time to avoid this undesirable situation.