I have been testing my knowledge and so called financial wisdom by trying to predict the prices of few commodities like oil, gold etc. I have learned that I am bad at market timing the markets like so many others.
On the other hand I believe its hard to predict the day to day prices but there are many other important things to be taken care of. I must notice other financial things that are important to me and I expect I don’t need to be an expert to guess those.
Risk reduction is a common example and diversified investments with low risk is a better idea. It’s not so hard to offset the big risk by creating a parallel hedge when investing. Insurance is a similar kind of option. E.g House insurance wont protect you from fire but can help you build a new house, Life insurance cant help from dying but gives the benefit so that your family doesn’t suffer from a financial loss along with an emotional one, Visitor or supervisa Insurance helps to make sure that the huge medical bills can be paid off in case of an emergency.
To make a good decision about the insurance few things matter such as quantity, price, guarantees, deductibles, and convertibility. The best insurance plan lets you do the things which you wont be able to do without it. But it must be well designed for your needs.
Talk to a professional to find what is most suitable for you.
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