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Overall, financial planning is important for everyone and the principles are somehow similar. However, there may be some differences in the LGBTQ+ group that should be considered for the start of financial planning. Let’s get to know more about this with ACU PAY.
Sickness is unpredictable and inevitable, especially now there are health risks that are very easy to occur, such as current living risks, consumption, stress, risk of certain diseases, and risk of gender affirmation surgery or surgical problems. Moreover, if you are sick, you have to use money for the cost of the hospital room, medicine, and medical expenses. The costs are more than double if you have to be hospitalized at private hospitals. LGBTQ+ health planning is important because it can help determine the future of LGBTQ+ people. Therefore, choosing health insurance will be a good way to help them when they are sick.
One thing that might be the question of living LGBTQ+ is, how we stabilize a good quality of life. This may be the answer many people may be looking for. Therefore, planning for retirement from work is one of the most important things to pay attention to. There are three easy-to-follow retirement planning tips as follows.
Start by specifying your own financial goals, such as collecting down payments, traveling, or saving money to use when you are old. Then, prioritize each goal and set a deadline for achieving that goal, such as collecting down payments of 200,000 baht within three years or sparing 2,000 baht every month to invest in RMFs for retirement.
It is to plan an estimated income and expenditure in advance by determining the source of income, categorizing expenditures, and monitoring expenditures through budget as appropriate and in line with your own financial goals, reducing unnecessary purchases because it will result in less savings.
Budgeting examines how strong your financial health is by looking at how much more or less income is than expenditure, and whether there is enough savings and investment to build wealth, which one is more between assets and liabilities. The importance of personal financial statements lies in the compilation of all assets and liabilities. After that, it was calculated for net wealth before starting the financial plan to create long-term wealth by adding different types of assets.
You should check one’s financial status regularly to see how many assets there are (such as cash, deposits, investments, insurance policy cash value, houses, gold, and accrued items) and liabilities (such as expenses, and liabilities).
Then calculated using the formula for all assets minus all liabilities. If the result is that the assets are greater than the liabilities, you are financially sound and disciplined in money management. If the liabilities are greater than the assets, they reflect the behavior of using money in the past.
No matter what future LGBTQ+ people choose, it is believed the future is clear and feasible. Financial planning is important. In addition to planning their income-expenditure, life insurance or insurance forms are part of our life risk prevention and long-term future considerations.
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