The Best Things In Life Are Free...

The Best Things in Life Are Free...

by Leisa Quagliata from The Financial Divorce Chick

...until they come out of your belly that is! I was admiring my Caesarean scars this morning and was not lost on the ironic fact that the two of them made a strange lopsided grin. In that moment I smiled fondly… Maybe they were trying to tell me something. It got me thinking about how much I love my kids and no matter how much they may cost me in real dollar terms ie food, clothing, sport, school etc. the best part of my kids has and always will be FREE. As any parent out there would know, the way your child can melt your heart with just one tiny smile is priceless. But what about the other costs. How do we balance the things that are free with the stresses of raising children? According to ASG Planning for Education Index (2018) the cost of education in Australia has soared 61% in the past decade and could cost a staggering $475,342 to educate one child through the private system; $240,676 for faith-based education and $66,320 in the public system. And here I was thinking public education was free! While we don’t like to think about “worst case scenarios” do you know how you’d pay the bills if you could not work due to injury or illness? According to Rice Warner’s 2015 Research Report Underinsurance in Australia a typical household’s debt and insurance looks like this…

But the average Australian household insurances (per month) look like this…

Have you ever considered that NOT ONE of the above insurances would pay your bills if you no longer could? Can you afford NOT to have a PLAN B when it comes to ensuring your children get the education and life they deserve? Don’t you owe it to your family to make sure you have the right protection plan in place, just in case? Lastly, not all income protection policies are created equal, so it is best to speak to a licensed financial adviser or insurance broker to discuss what is right for you and your family.

Leisa Quagliata aka The Financial Divorce Chick is a licensed Financial Adviser who has a passion for helping Single Mums get back on their feet after divorce. She is also the creator of Financially Free Money Mindset.

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