Insurance SECRETS They Don't Want You To Know! | Finance Hacked

Name: Insurance SECRETS They Don't Want You To Know! | Finance Hacked
Uploaded: 2025-05-01T23:13:08+00:00
Duration: 38 min 52 s
Channel: Finance Hacked

Finance Hacked

5/1/2025

Insurance SECRETS They Don't Want You To Know! | Finance Hacked

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Welcome to Finance Hacked! Are you tired of feeling confused and potentially ripped off by insurance? This eye-opening video reveals the true secret of insurance that most agents won't tell you.

We dive deep into why blindly buying insurance out of fear or obligation can be a huge mistake. Discover the common pitfalls, from useless policies to the mindset that attracts negative outcomes. Are you one of the 95% being misled?

Learn why thinking insurance is a scam might be a sign you're missing a crucial understanding of finance. We'll explore:

The dangers of "getting your money back" insurance.
Why relying on well-meaning but uninformed advice can be costly.
The trap of cheap insurance policies that offer no real protection.
The surprising perspective on being "deceived" in the financial world.
Why the rich understand and utilize insurance effectively to protect their assets, not just save money.
The crucial difference between saving and safeguarding your financial future.
The three essential types of insurance you absolutely need (and why!).
The truth about savings-type insurance policies and why they might not be the best for you.
A practical approach to determining how much you should actually spend on insurance.
The vital link between financial freedom and understanding insurance.
Stop being a financial sheep! Learn to think independently and make informed decisions about your insurance needs. This video is a wake-up call for anyone serious about controlling their finances, investing wisely, and building true financial security.

Watch until the end for a game-changing perspective on insurance and how it truly works!

If you found this video valuable, hit the like button and subscribe for more unconventional financial insights! Turn on notifications so you don't miss our next deep dive into building wealth and securing your future.

#InsuranceSecrets #FinancialTruth #SmartMoney #WealthProtection #FinanceHacked #InvestmentTips #PersonalFinance #InsuranceExplained #AvoidScams #FinancialFreedom

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00:00The true secret of insurance, Finance Hacked warmly greets you and our dear friends.

00:07Don't be deceived into buying useless insurance.

00:11If you spend money on insurance only to be able to get that money back later,

00:16I'll be frank, either you are already disabled or you are too naive.

00:22Folks, is insurance a scam?

00:25In this world, 95% of people are like sheep.

00:31They purchase insurance out of worry.

00:34These naive individuals see insurance agents posting daily on Facebook

00:38about how their clients encountered mishaps or fell ill,

00:43but fortunately had insurance so they had money to overcome the difficulties.

00:49Constantly seeing such news, they begin to think that the same will happen to them,

00:53so they buy identical insurance.

00:56But it is precisely negative thinking that attracts negative outcomes and eventually they really fall sick.

01:05Only then do they discover that the insurance product they bought cannot offer any compensation

01:10and they feel cheated.

01:13There is another group of naive people, those who have relatives or friends working in insurance sales.

01:20They do not fully understand the contract details and sign on purely out of affection.

01:26When something happens, they find out they are not compensated and then accuse insurance of being a scam.

01:34Another type of naive person is the one who is bargain hunting, buying low-cost insurance packages.

01:40When the need arises, they find it useless and lament being deceived.

01:47Do you know who the most foolish people in the world are?

01:51They are those who go around telling everyone they were cheated.

01:55If you truly were deceived and then spread the word, it is like admitting that you are a fool.

02:03Even truly smart people can be deceived in our business.

02:08When investing in unfamiliar areas, being deceived is normal.

02:13But for us, that does not matter.

02:17Being deceived does not mean you are stupid, it only means you lack experience.

02:22This is how we buy lessons, and experience is an investment in one's own mind.

02:30If you learn from the lesson, you are wise.

02:33But if you learn nothing and go around complaining, then you truly are a fool.

02:38Hearing this, you might be led to believe that insurance really is a scam.

02:44People naturally have compassion and often sympathize with the weak.

02:48When someone complains about being cheated, most immediately think that the insurance company and its agents are the villains.

02:58However, if you follow me long enough, you will learn to think independently.

03:04If you look at issues from the root cause rather than just the outcome,

03:08you will see that those naive individuals bought insurance packages that were unsuitable for and unhelpful to them.

03:14But that doesn't mean insurance is useless.

03:18It is simply that schools do not teach you about insurance.

03:23And you do not trust insurance agents because you fear they are just trying to sell you something for money.

03:29But let me tell you, true financial management is not about saving money, but about making money,

03:36because saving alone cannot protect your assets.

03:39Only insurance can do that.

03:40You don't need to take my word for it.

03:44Trust the richest people in the world.

03:47They are all extremely wise when it comes to buying insurance.

03:53Why is it so easy to get rich and so difficult to keep money?

03:58When doing business or investing, the scariest thing is an unexpected crisis,

04:03because it can leave you penniless overnight.

04:05Even a sunken ship still has about three tons of scrap metal, no matter how bad things get.

04:14We live better than ordinary people.

04:16However, if you don't even have three tons of scrap,

04:20you are very likely to fall into debt in the blink of an eye.

04:24At that point, not only will your descendants not inherit your assets,

04:29they might even have to shoulder your debt.

04:31That is precisely why protecting your assets is so important.

04:38So, what should you do specifically?

04:41First, let me make it clear that I have never received any money from insurance companies

04:46or other organizations.

04:49This video is not an advertisement.

04:53Why do people who are about to die often become righteous?

04:57Because by then, they are no longer connected to anyone.

05:03Similarly, on the internet, you don't know me, and I don't know you,

05:08there is no binding interest between us.

05:11Everything I say comes from the heart.

05:15I am only speaking from the perspective of a businessman and investor to explain how to use insurance

05:21to protect your assets, if you stick with me until the end,

05:25I guarantee that you will immediately awaken,

05:28because this life does not allow you to play around.

05:32If I don't say it, perhaps no one else will tell you these things,

05:36as they are hard to hear, not only do they upset insurance companies,

05:41but they also infuriate fools.

05:43So, if you are smart, please hit like to support me.

05:49This channel specializes in sharing insights for those who control their finances,

05:55invest, and conduct business, in short, for those who aspire to financial freedom.

06:02If you do not want to miss valuable content,

06:05subscribe to the channel for free and turn on notifications.

06:09Finally, the best kind of insurance is the one you never have to use,

06:15because if you have to use it,

06:17you either have lost everything or you are already disabled.

06:21And that is also why many people hate insurance.

06:26They think like this,

06:28First of all, do you really think you are sure to encounter misfortune?

06:33You can live well without insurance for decades.

06:36Moreover, buying insurance costs money,

06:42and that money is completely different from investing.

06:46Investments can generate profits,

06:48while insurance, even if a risk occurs and you receive a large compensation,

06:54if nothing happens, then that money is effectively lost.

06:59Furthermore, buying insurance is easy,

07:01but claiming compensation is very difficult.

07:04Once you join an insurance policy,

07:08you are bound for decades,

07:10and who knows if the insurance company will still exist 10 years later.

07:16What if the company goes bankrupt,

07:18rendering your policy worthless,

07:20doesn't that mean the money you paid is also lost?

07:23Most importantly,

07:26insurance agents tend to be very annoying,

07:29constantly calling,

07:30meeting,

07:31and harping on about terrifying risks as if cursing you.

07:36If you think that way,

07:37it shows that you are ordinary,

07:39but it also means you don't understand finance at all.

07:43Many people believe that managing finances means making a lot of money

07:47and saving on expenses.

07:49But in reality,

07:51when you reach a certain level,

07:53you no longer think about saving,

07:55but only about how to make more money.

07:59For us,

08:00buying a bag,

08:01a car,

08:02or a house is instantaneous

08:03because we have countless ways to earn that money back.

08:07When your speed of making money

08:08is tens of thousands of times faster than your spending rate,

08:12trivial expenses are not worth worrying about.

08:15That is what life is all about.

08:20Your life should be one where you do whatever you want.

08:24However,

08:25many people have been misguided since childhood.

08:29They have been brainwashed into believing that saving is a virtue.

08:34But have you ever seen anyone who saved enough to buy a mansion?

08:38It's impossible,

08:40because to afford a mansion,

08:42your income must be very high.

08:44Moreover,

08:46once you live in a mansion,

08:48you can no longer save.

08:51Do you understand what I mean?

08:54The more you spend,

08:55the more money you have.

08:58Therefore,

08:58we never think about merely saving money.

09:02For us,

09:03managing finances really revolves around two issues,

09:07how to earn money and how to protect our assets.

09:10You might ask,

09:11aren't these two ideas contradictory?

09:15First saying not to save money,

09:17and then saying to protect assets.

09:20Not at all.

09:22When you understand this issue clearly,

09:25you will see the truth.

09:28Many say that money must be used for the most important things.

09:32So they keep saving,

09:35but when something truly important happens,

09:38say,

09:38falling ill and needing surgery,

09:41they are forced to use all the money they painstakingly save to pay hospital bills.

09:46Is that really protecting assets?

09:50Not at all.

09:53Saving until you end up with nothing in hand.

09:57And if that money isn't enough to treat your illness so that you have to borrow from everyone,

10:02you not only end up penniless,

10:04you also fall into debt.

10:07Your descendants might even have to pay off your debts.

10:11So what can you do?

10:12What does it mean to protect assets?

10:17If you don't know where to start,

10:19the simplest way is to learn from the rich,

10:21have you noticed that from Lee Jurching,

10:24Bill Gates to Jack Ma,

10:26the world's top billionaires all say the same thing?

10:30They believe that the most practical gift for themselves and their families is insurance.

10:36Many think that one must accept high risks for high returns.

10:40But for genuine entrepreneurs and investors,

10:45what matters is how to achieve high returns while minimizing risk.

10:50And the most direct way is to transfer risk to someone else.

10:54In the past, there was a food company that designed a fast food product at a very low cost.

11:02Because of that, they could sell at an extremely low price to attract customers.

11:06With this strategy, they were sure to make money.

11:12Why?

11:13Because when you go to upscale commercial areas or tourist spots,

11:18the restaurants there usually charge exorbitant prices.

11:22If you had to dine at such places every day, only a few people could afford it.

11:29Therefore, an inexpensive, fast-serving restaurant would attract many customers.

11:34However, this business model carried a great risk.

11:39They had to purchase chicken at a low price for a long time.

11:44If the chicken supplier suddenly raised prices sharply,

11:48they wouldn't be able to keep prices low.

11:52Once their prices had to rise as well,

11:55their target market, those looking for cheap food, would collapse.

11:59Thus, they had to sign a long-term, stable contract with the chicken supplier,

12:06stipulating that the chicken price should not fluctuate drastically.

12:10Now, if you are the chicken supplier and you have a big customer willing to sign a long-term,

12:16stable contract, you would certainly be pleased.

12:20But the issue is that this customer does not allow you to raise the price.

12:24And the contract is not just for one or two years, but permanently.

12:32You know well that the price of animal feed can increase,

12:35which would reduce your costs and profits.

12:39If you signed this contract and then breached the agreement,

12:42you would have to pay a large sum as compensation.

12:46Would you dare take on this order?

12:48No one would dare.

12:52But does that mean no one can take advantage of this lucrative business opportunity?

12:57At that moment, a financial expert stepped forward and said,

13:01the solution is very simple.

13:04Let's turn this problem into a bet and allow investors to participate.

13:10For example, suppose the current price of animal feed is 10 dong.

13:14As a chicken supplier, your greatest worry is that the feed price will rise.

13:22So you can purchase a futures contract by betting on the possibility of a price increase at the cost of 1 dong.

13:30If a year later the feed price actually rises to 15 dong,

13:35you can still purchase feed at 10 dong thanks to this contract.

13:39Conversely, if the feed price drops to 5 dong or stays at 10 dong,

13:45you lose the 1 dong bet.

13:48Simply put, you spend 1 dong to transfer the risk of a price increase to someone else.

13:55But why would someone accept this risk?

13:59The reason is simple,

14:00they are confident that within a year the feed price won't increase and may even fall.

14:06They might have insider information that this year's harvest will be bountiful,

14:12the supply abundant and the price will drop.

14:16Even if the price does not drop.

14:19As long as it doesn't rise,

14:21they still win and earn 1 dong from this mechanism.

14:26Just like a casino,

14:27someone bets on a price increase and someone else bets on a price drop.

14:32As long as there are participants,

14:35the chicken supplier no longer worries about feed price fluctuations.

14:41If prices rise,

14:43the futures contract compensates for the loss.

14:47If prices drop,

14:48they only lose 1 dong in the bet,

14:51which allows them to maintain stable prices.

14:55Thanks to this,

14:56they can confidently sign long-term contracts with a chain of restaurants.

15:00With the condition that the 1 dong cost of this risk insurance is paid by the restaurant.

15:08The restaurant's goal is to fix the chicken price over the long term,

15:12so they are willing to pay a little extra to ensure that.

15:17This method is known as hedging,

15:19in 1983,

15:21that restaurant chain launched the McNuggets product,

15:24McDonald's Chicken Nuggets,

15:25and the person who proposed the futures contract solution was none other than Ray Dalio,

15:32the founder of the world's largest hedge fund, Bridgewater Associates.

15:37The principle of a futures contract is to transfer risk to investors.

15:43Meanwhile,

15:44the principle of insurance is to transfer future risks to an insurance company,

15:50every shipment,

15:51every construction project.

15:52And even each harvest season in agriculture has different risks.

15:59That is why marine insurance,

16:01construction insurance,

16:03and crop disaster insurance exist.

16:07Bill Gates once said that,

16:09to date,

16:09he has not found a more effective way to resolve financial and healthcare issues

16:15for a business than by purchasing insurance.

16:17With that,

16:19he need not worry if an employee encounters an accident and sues his company.

16:26And if there is a lawsuit,

16:27it doesn't matter because the money isn't coming out of his pocket,

16:31it's paid by the insurance company.

16:34This is the mindset you need to adopt,

16:37spend a small amount of money to transfer your business risks to someone else,

16:42so you can earn money with peace of mind.

16:44We are all mere mortals,

16:48not deities.

16:50The risk of illness is a financial risk.

16:54We are not afraid of living thousands of peaceful days.

16:58We only fear one day of misfortune.

17:01When you have aging parents,

17:03small children,

17:04and a whole family depending on you,

17:07what will happen if you fall ill or have an accident on a business trip?

17:11I am not trying to scare you into thinking you will contract a severe illness,

17:17but merely emphasizing that we can prevent the risks of life.

17:22Therefore,

17:23the best way to earn the most from insurance is to never need to use it.

17:28No one wishes for an accident,

17:31but if one happens,

17:32at least we can protect our assets,

17:34you may ask,

17:36but what if I don't even have enough money to pay for insurance premiums?

17:40Then you must figure out how to make money.

17:44This cannot be achieved merely by saving.

17:48We simply need to do two things,

17:51make money and buy the appropriate insurance.

17:55For those who,

17:56like me,

17:57started with nothing,

17:58listen carefully,

18:00if you have no money,

18:01you must start a business,

18:03starting a business is not something for the already wealthy,

18:07nor is it a game reserved for the rich.

18:09Because if I already had money,

18:12I would have bought houses and lands to rent out rather than embarking on a startup.

18:18Many people miss the best age to begin.

18:22This doesn't mean that one cannot start a business when older,

18:26just look at the KFC owner who started his business well past 60 years old.

18:31But the problem is that many people already have stable jobs,

18:36even families,

18:38so the cost of quitting and starting over is too high.

18:42Some are even saddled with debts from buying homes and cars that prevent them from losing their current jobs.

18:50Thus,

18:50they accept working for wages,

18:53trading their dignity to please their boss,

18:55and then fall into the vicious cycle of society.

18:58Those with money can easily command employees.

19:03Do you want to continue this cycle of servitude,

19:06or do you want to join those who enjoy financial freedom?

19:10If you have listened this far,

19:14it's time to wake up.

19:17How do you transition from being an employee to becoming a business owner without taking on risk?

19:23It's very simple.

19:25Start a side business.

19:26Begin with entrepreneurship on digital platforms,

19:31build a brand to market,

19:32and eventually sell your product.

19:36I have suggested this entrepreneurial path in many previous videos.

19:40You can check them out.

19:42Many think that once you have money,

19:44you no longer need insurance.

19:47But when a wealthy person falls ill,

19:50they will tell the best doctor,

19:51use the best medicine and the most advanced equipment.

19:54No matter what the cost is,

19:58as long as it cures me.

20:01For them,

20:02healthcare expenses are insignificant.

20:05But I want to ask,

20:07if today Elon Musk fell ill or even passed away,

20:11what do you think would happen to Tesla's stock

20:13and the companies under his control?

20:15When the soul of a company is gone,

20:18there will surely be many short sellers taking advantage of the situation to drive down the stock price.

20:26If the stock price plummets,

20:28Musk's personal assets will evaporate,

20:31and even if he is gone,

20:32he would still have to compensate the board of directors

20:35because he previously signed a commitment with them.

20:38Specifically,

20:40Musk has a contract that requires the stock price to increase by a certain percentage each year.

20:47If he meets that,

20:49he receives dividends.

20:52But if he fails,

20:53or if the stock falls,

20:55he must compensate them.

20:57Not to mention the company's revenue.

21:01Even if Tesla finds a replacement for him,

21:04when the leader falls,

21:05will the troops remain loyal?

21:07If the company loses money,

21:10it will be a huge financial burden.

21:14These three major expenses could shake Musk's financial foundation,

21:18no matter how wealthy he is.

21:22At that point,

21:23saving money is of no use.

21:26That is why the rich continue to buy insurance to protect their assets,

21:31and those policies are extremely comprehensive.

21:34If you still don't understand,

21:36think of Messi.

21:38When he won the World Cup,

21:40suppose his leg got injured,

21:42would he lack money for treatment?

21:45Of course not.

21:47But when an athlete is injured,

21:49his performance declines,

21:51and the financial loss can be enormous.

21:55Therefore,

21:56he will certainly buy expensive insurance for his legs.

21:59Let me tell you,

22:00when starting a business,

22:02we love taking risks because we start with nothing to lose.

22:07But once we have money,

22:09we become hesitant.

22:11In the past,

22:12I could invest all my money in one project,

22:15but now I diversify my assets,

22:18a small portion for risky investments,

22:20and the majority for stable ones.

22:22Why?

22:25Because we cannot afford to lose too much.

22:30It's similar to when you were young and dared to ride a roller coaster,

22:34but as you grow older,

22:35you become fearful.

22:38Insurance essentially reflects your risk tolerance.

22:42Some people enjoy taking risks like gamblers,

22:45but most sensible people are risk-averse.

22:48You might think that business or investing is inherently risky,

22:52but that is only because you do not understand what we are doing.

22:57Once you grasp the principles and control the entire process,

23:01risk practically disappears.

23:04For example,

23:05when we borrow money to buy land for building houses,

23:09many people think such a large loan is extremely dangerous.

23:14But in reality,

23:15we don't worry because we sell the houses before they are even built,

23:19that is.

23:21We recover our capital up front.

23:24In summary,

23:25we need insurance more and more to protect our assets.

23:29There are even insurance policies that help us optimize our taxes,

23:34but I won't go into that detail.

23:37So don't think that only ordinary people need insurance.

23:41I agree that normal people need it more,

23:44because if you fall seriously ill and deplete all your savings,

23:48would you dare to seek treatment?

23:51But the issue isn't whether you dare to treat yourself,

23:55it's whether you have achieved financial freedom.

23:59Do you regularly watch my videos to learn?

24:02If one day you are unable to work,

24:05do you have any assets like real estate to generate passive income to support your family?

24:10If you don't,

24:13then how will your family live?

24:16If you have never thought about these issues and only saved hundreds of percent for the future,

24:21why not buy an appropriate insurance package?

24:26Many people think that buying insurance requires a lot of money,

24:30but that is because they have been misled by insurance agents.

24:33Because the products that yield the highest commissions for agents are often those with a savings component.

24:43This type of insurance not only compensates you in the event of a mishap,

24:48but also helps you accumulate funds so that after you pass away,

24:52your premiums can be withdrawn by your descendants.

24:55And may even earn a profit.

25:00Sounds very appealing, right?

25:03But many people end up spending half of their monthly salary on insurance and living as miserly as ascetics.

25:11In reality, this is a model designed by insurance companies to profit.

25:16As I mentioned, insurance is essentially a betting game between the individual and the insurance company.

25:22It is a way for you to transfer risk, not a tool to make money.

25:28Insurance policies with a savings component may seem to help you earn,

25:33but in reality, when you want to withdraw money,

25:36you often have to wait for decades until you retire or pass away.

25:41By then, who knows how horrendous inflation will be?

25:46Just compare with 10 years ago and you will understand.

25:49If 10 years ago you had enough money to buy a house in the city,

25:55now that same amount might only be enough to pay rent.

25:59Savings type insurance policies often lock you in for 15 years.

26:05Suppose you pay $20,000 and after 15 years wish to withdraw it,

26:10you only receive exactly $20,000.

26:13If you try to withdraw in the eighth year,

26:17you might even incur a loss and only get $10,000 back.

26:23Yet, insurance agents tell you that in a few decades the money could double.

26:29You think you'll have a lot of money,

26:31but in reality, due to inflation, that sum may not be worth much.

26:37Meanwhile, every month you spend half your salary on insurance,

26:41and if your family encounters financial difficulties and you urgently need money.

26:47You cannot withdraw it, or if you do, you incur a loss.

26:53So, do you understand the mechanism of these savings type insurance policies?

26:58It is simply a contract binding you to pay a premium every month,

27:02and when your money loses value,

27:04they pay you back an amount that is not nearly as valuable.

27:07Frankly, this is trading your future purchasing power for your current purchasing power.

27:15For example, they say that 60 years later you will be paid $1,000,000,

27:21but today you only need to pay $100,000.

27:26Sounds very attractive, doesn't it?

27:29But that is only in a scenario without inflation and depreciation.

27:34In reality, ever since the US started printing money continuously,

27:40currencies around the world have been losing value.

27:44In such an economic environment,

27:47all these financial insurance products are essentially tools to make money from those who do not understand finance.

27:54That is why I say that the only people who can get rich from insurance are of two types,

28:01the naive, and those who know nothing about finance.

28:05These are things that insurance agents will never tell you.

28:09So how much is it reasonable to spend on insurance each month?

28:14Many internet celebrities say you should allocate 10% of your annual income for insurance.

28:20I can only laugh.

28:24If I earn $100,000,000 a year, am I really going to spend $10,000,000 on insurance?

28:32How many more dollars could that $10,000,000 help me earn?

28:36Therefore, one cannot apply a rigid formula.

28:39The simple method is to take your total annual insurance cost,

28:44divide it by 12 to see how much you must pay monthly,

28:48and then ask yourself whether that amount creates financial pressure or affects your basic quality of life.

28:56An ordinary person should not sacrifice too much just to buy insurance.

29:01If you have to scrimp and save each month to the point of suffering, life loses its meaning.

29:07Of course, if you have achieved financial freedom, then you need not worry so much.

29:15In school, grades reflect our performance.

29:20But when we step into society, the numbers in our bank accounts become our report cards.

29:27Many say that this world is too pragmatic,

29:30but in truth, you do not have the luxury to choose to be impractical.

29:34Humans have only two basic needs, to reproduce and to survive.

29:41And to satisfy any need in this day and age, money is the only way.

29:46Have you noticed that I always say one thing, I am not joking with anyone.

29:52When the pandemic struck, many thought it was only temporary.

29:56So they rushed to buy cheap shops and businesses that were about to close to start their ventures.

30:04Meanwhile, I always called on everyone to do online business.

30:10I said that if you don't need to invest capital, why not give it a try?

30:15If you lose, you can go back to being an employee.

30:19If you win, you become a pioneer.

30:22What was the outcome?

30:24Many still sold their houses, using that money to invest in traditional businesses.

30:32In the end, as the pandemic worsened, high rent, employee salaries, and raw material costs led them to bankruptcy.

30:41I need not say more.

30:44A person's vision determines whether they can see the trends,

30:47and ultimately whether they become rich or poor.

30:51Today, I will make a prediction.

30:54Listen carefully, as it might change your destiny.

30:59In the next 10 years, a gigantic business opportunity will emerge globally, and you must seize it.

31:06It is the self-media industry.

31:10This industry will become one of the pillars of the national economy because its growth is incredibly rapid.

31:15People are increasingly immersed in the internet world.

31:20You can see countless unknown kids earning millions of dollars just by filming themselves playing with toys.

31:28There are people who sing, dance, and perform online who earn money.

31:34There are those who sell hotpot or clothes online who earn money.

31:40Some even earn money simply by pretending to be foolish.

31:44Everything can become content for self-media.

31:48Once you build the asset of a personal media channel, as long as someone clicks to watch your video, you will have passive income.

31:57You might think this income comes from advertisements, but it does not.

32:02Because if you rely solely on advertising, you are essentially working for YouTube.

32:08We do business on the internet, and YouTube is just a platform to build your personal brand.

32:17That brand belongs entirely to you, not limited by time or location, and all the revenue belongs to you.

32:24While a person may only work 8 hours a day, the internet operates 24-7, enabling you to make money even while you sleep.

32:35Therefore, we not only earn money but also enjoy freedom.

32:41We use passive income from self-media to invest in real estate, which in turn generates other streams of passive income.

32:48You may have noticed that during the severe global economic downturn caused by the pandemic, our businesses thrived the most.

32:59Meanwhile, most people were stuck and unable to go out and do business.

33:05Our customers automatically found us online.

33:08Do you know what investment has the highest return rate?

33:12It is investing in your own brain, because your brain can help you create infinite wealth.

33:18By the way, there are three types of insurance that you must buy and cannot save on, not only to protect yourself, but also to protect your family.

33:29First, life insurance.

33:31Second, critical illness insurance.

33:34Third, accident insurance.

33:37Regardless of whether you are rich or ordinary, having these three types of insurance can cover 80% of the risks in life.

33:45I explained in detail why in a previous video, so if you haven't watched it yet, please do so immediately.

33:54Many people think that buying these three types of insurance requires a lot of money, but that is not the case.

34:02We only need to purchase consumer insurance.

34:06Many do not know that there is a type of insurance without a savings function.

34:10Meaning that after you pay the premium, you cannot get that money back.

34:17This is the type of insurance that insurance agents usually do not recommend because the premium is very low and the commission they receive is also small, so they do not want to sell it.

34:28If you asked proactively, for example, if you want to buy consumer critical illness insurance, the agent will tell you that if you never contract a critical illness in your lifetime, the premium you paid is effectively lost.

34:44But they will not tell you that this type of insurance has a very large financial leverage.

34:51You pay a small amount to buy a large insurance cover, and if something happens, you will receive a significant compensation.

35:01This is what real insurance is.

35:03Insurance is a game of trading a small amount for a large return with the insurance company, and this is the highest value option you must purchase.

35:11Buying insurance is essentially a consumer activity.

35:16When you receive protection, paying an insurance premium is natural, just like hiring a bodyguard.

35:24You wouldn't decide not to pay a bodyguard simply because he might not have the chance to shield you from bullets, right?

35:32As for the term of the insurance, it shouldn't be too short nor too long.

35:36For instance, a one-year critical illness insurance policy is relatively cheap.

35:45But since you must declare your health condition each time you purchase it, if your health changes one year, whether you can renew the policy the next year or whether the premium increases becomes a significant issue.

35:57However, you also should not buy lifetime critical illness insurance because if the policy is for life, the annual premium will be very high, especially for those who follow my channel and become investors, most of whom use leverage to borrow money to buy houses, so we need to control risk and not incur overly high insurance costs.

36:21The most painful thing in life is to be alive but completely broke.

36:27Moreover, the compensation provided by critical illness insurance when you encounter mishaps will depreciate over time.

36:36Currently, $50,000 might be enough for treatment, but by the time you reach $60,000, that some might no longer suffice.

36:45Therefore, we need to gradually increase the insurance amount over time.

36:52When buying insurance, remember not to splurge excessively while you're young on a massive insurance contract for an uncertain future.

37:01In other words, if you want a perfect insurance policy from the start, that is impossible because the future is always changing and plans never keep up with reality.

37:12Thus, it is enough to buy term insurance, usually for 10 years, 20 years, or until you reach age 60.

37:21I advise you to choose a 20-year term or until age 60, because when you are older, your children are grown, your financial burden is lighter, and by then you are no longer the pillar of your family, so there is no need to continue paying for insurance.

37:39The purpose of insurance is to help you safeguard against risks while you are striving to build your career and support your family, as a financial safety net to prevent a crisis when unexpected events occur.

37:53But once you retire, the significance of insurance is no longer important.

37:59Insurance is a risk management tool, not a wealth-building tool.

38:03Don't speculate on insurance, since time is limited, I will pause here.

38:11I share this free knowledge on how to become rich as a businessman and investor so that you can achieve financial freedom.

38:20If you do not want to miss out, please follow my channel, turn on the notification bell, and share this video with everyone.

38:28I also send my best wishes to all those who have liked this video, and I wish you all to achieve financial freedom soon.

38:37If today, within this content, you find even one or two helpful pieces of advice that improve your life, then I have already achieved my goal.

38:48Goodbye and see you next time.