Archive for December, 2009
Rich—as defined economically
Rich-as defined economically
by: Kendrick Chua, the Wealth Warrior
Debates have not been scarce on how to define the word rich. What may be rich for some 
may be poor for the others. Socially, being rich is portrayed as having more assets than one can ever keeps tab on, splurges like no tomorrow and donates to charity for philanthropy works.
Economically, to be “rich”, a household needs to belong to the 0.3% of the Philippine population. That means they are among the 255,000 Filipinos out there who takes home an annual income of about P2.06 million to P5.88 million with an average income of P3.03million.
Now, the “uber-rich” stands only 0.1% of the population or about 85,000 Filipinos enjoy this status. To qualify for this category, the household annual income should not be less than P6.78 million and a high of, well, sky is the limit for these individuals.
Tags: Philippine Economy, poverty, Wealth
The Best Time to Buy Life Insurance
The Best Time to Buy Life Insurance
by: Kendrick Chua, the Wealth Warrior
Just recently, one of the moms I interviewed for my blog post, Super Single Mom has been diagnosed with an enlarged heart that had her confined for several days. Fortunately, she has been discharged and declared out of danger but the risk of collapsing any time is imminent.
Unfortunately for her, she doesn’t have any life insurance and even if she decided to take out one for contingency purposes for her family, there is a great chance insurance companies will deny her case.
She’s only 31 and has four children.
Her case is just an example of how illnesses can creep up like the Angel of Death, striking silently and without warning, all too often leaving his (or probably her) victims, flat-footed and aghast.
With that, why is it a lot of people, who believes in the importance of life insurance, still doesn’t get one?
My theory: It’s not important now. It might be in the future, but not at the moment. They couldn’t be more wrong.
Tags: life insurance
