My father and many others gave me advise many years ago which i took, and watch now how they are suffering from the same advise they gave me. Their policies they purchased and paid for years, paid out a couple of years ago, my father couldnt even pay off his his little flat he purchased, after selling his house, battling to come out every month on his railway pension. The green and blue companies must have made millions out of all those railway, telkom, municipalities etc employees, because in those days, it was the "right thing to do" or so people thought.
I remember the days, when i was an apply on the railways, we had the green and blue companies there daily trying to sell endowment policies, life insurance, giving you the whole support your children and family for the future, it the "right thing to do speach", take out heart and dreaded disease cover, i was 16 years old, my parents drummed it into me that it was the "right thing to do", if i invest early i will get a much better payout, hundreds of thousands of rands, i have still got 20 years to go (to get to 65) before they would have paid out the hundreds of thousands of rands. Hundreds of thousands of rands at this point in my life wouldnt even be worth much, for example the education policy i had before i lost everything, would not even have covered my kids varsity fees for one year never mind the entire course. You cant even buy a decent house for under R1m at the moment, just image what that money would be worth in 20 years time. So in a way i should be gratefull i lost everything when i did 12 years ago, i have saved the R3000 per month (well by now with the inflation rate increases would be a lot more) and rather invested in myself, My company is already worth more than all those policies put together in less than 10 years.
I suppose if you are in a dead end job going to work everyday to make your boss rich, thats another story, you would need to be investing money somewhere, so that you can retire one day, so that you can sit in front of the TV and wait to die.
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