Bangkok Life Assurance recognizes the crucial role of the life insurance business in creating financial security for society. Therefore, it aims to upgrade its insurance agents and financial advisors to become Life Care Partners with strong financial skills, ready to advise clients of all ages. This is achieved through the Grand Open House event, held to introduce the life insurance business to those interested in a career in sales. This year, the company was honored to have "Coach Noom," Mr. Chakrapong Maesapan, join the team to enhance knowledge and provide professional insights on the topic of "A Better Life... Because of a Financial Plan."

Mr. Chakrapong Saengkaew, Assistant Senior Vice President, Agency and Financial Advisor Division, Bangkok Life Assurance Public Company Limited, revealed that Bangkok Life Assurance recognizes the crucial role of the life insurance business in creating financial security for society. Therefore, it aims to upgrade its insurance agents and financial advisors to become Life Care Partners with strong financial skills, ready to advise clients of all ages. This is achieved through the Grand Open House event, held to introduce the life insurance business to those interested in a career in sales. This year, the company was honored to have "Coach Noom," Mr. Chakrapong Maesapan, join the team to enhance knowledge and provide professional insights on the topic of "A Better Life... Because of a Financial Plan," emphasizing that personal financial planning is the key to financial security and a life of self-determination. Besides equipping salespeople with financial knowledge, it also inspires those who want to become professional Life Care Partners.

Why is financial planning important? Coach Noom explains that for over 20 years as a trainer, he has consistently emphasized the importance of "financial planning" because it's crucial for everyone. Many things that contribute to a fulfilling life—food, shelter, healthcare, education, housing, cars—all require money. However, most people lack understanding and awareness of the need to prepare for these challenges, such as debt repayment and managing future risks like unemployment, loss of income, illness, or unforeseen events like the loss of a family head, as well as insufficient funds for retirement.

Is personal financial planning difficult? In principle, financial planning isn't complicated. The difficulty lies in the fact that everyone has different levels of responsibility for their lives. Coach Noom often tells his clients, "Only those who think about the future have a future." Therefore, financial planning isn't just for those with money, but for everyone who wants a better life. It starts with understanding your current financial situation: what percentage of your income is saved, your debt-to-income ratio, your emergency fund, and whether your net worth is positive. If something is lacking, it needs to be addressed first. Don't aim for everything beyond owning a house and a car. Everyone can achieve a well-rounded financial plan using these six pillars: 1. Cash Flow and Budget: Simply put, do you have enough money for each month? Know your essential income and expenses, and earn enough to cover your needs without overspending. If you run out of money, work harder to increase your income.

2. Saving and Investing: When you have a lump sum of money, know what you'll use it for. Emergency funds for unforeseen events, wedding expenses, buying a house, or a car.

3. Debt and Credit: Understand interest rates and be able to manage them. Develop strategies for debt repayment and maintain a strong credit rating.

4. Risk Management and Insurance: Most people ignore this, thinking they haven't experienced any misfortune yet. However, life, health, and property insurance can protect your financial plan from unforeseen events.

5. Retirement Planning: Maintain disciplined saving and plan for a secure retirement.

6. Estate and Taxes: Estate planning isn't just for the wealthy; it's about passing on wealth to loved ones.

A good financial plan, besides increasing your wealth, also helps you live a more balanced life. Therefore, everyone, regardless of age, needs to be prepared for the uncertainties that may always arise. Financial planning can be done in simple steps, starting with setting clear, measurable goals with a timeframe. Then, assess the difference between your current situation and your goals, analyze alternative management strategies, and finally create a plan and implement it, reviewing it annually.

“People who want to be financially successful need to rethink their approach. It's like getting a health checkup every year – checking if your finances are improving, reviewing your assets and liabilities, and determining if your net worth has increased. Pay special attention to debt, as it's a burden,” Coach Num emphasizes.

People with financial plans reduce the risk of mental health problems. Research involving over 15,000 consumers in 15 countries found that for every two people you meet, one will constantly worry about money. They often mistakenly believe that those with less money don't need to plan, but in reality, the less money you have, the more important it is to take care of yourself. Numerous studies also show a link between financial problems and poor mental health, particularly depression. Psychiatrists find that 90% of those seeking consultation have financial problems as the cause. This aligns with the SSRN 2024 research, *The Impact of Financial Goal Setting on Investment Outcomes*, which confirms that people with financial planning are more likely to have better financial outcomes. Life will be less stressful with financial worries.

Working adults who are starting to build their financial foundation should be patient and not rush into debt to buy a house or car. Instead, save and plan your finances, especially for those aged 31-49, a crucial period when they face the burden of building wealth, paying off mortgages and car loans, supporting aging parents, and raising children. By the time they reach 50, they should plan to pay off all their debts, as debt is a monthly expense. For those in the... (the sentence is incomplete)

Retirement health insurance is beneficial because it's a stage of life where illness is likely to occur, and medical costs are increasing by 10% annually due to inflation.

Life and health insurance are an integral part of financial planning. Coach Num is confident that life and health insurance protects family income, safeguards savings from medical expenses, and creates and passes on wealth. He believes that if you leave a large sum of money for your loved ones after your death, insurance isn't necessary. However, most people leave behind financial problems. Insurance helps manage risk, making it the fourth pillar of a complete financial plan.

“We see the value of insurance in difficult situations, such as death or illness. Many people may have medical benefits, but what if it happens to a family member you have to support? Will they have enough money? Some say investing is better, forgetting that returns fluctuate, especially during crises. Therefore, I don't put all my money into risky assets, but focus on more stable assets, such as pension insurance,” Coach Num says.

Financial planner: A profession that brings more happiness than just income. If anyone wants to create opportunities for themselves, Coach Num says that the “financial planner” profession has brought him happiness to this day. Besides income security, what brings even more happiness is the result of solving problems for others.

“I am glad that Bangkok Life Assurance…” "We prioritize developing and upgrading our sales team to become Life Care Partners with financial skills. This is to empower and support Thais in gaining knowledge and awareness of financial planning. I want to remind all Life Care Partners that your work begins the day a client signs a policy, because you have to care for them for life. This is a significant responsibility, and you will discover the joy that comes from your work," Coach Noom concluded.

Bangkok Life Assurance remains committed to developing the skills of its sales team to become professional Life Care Partners under the vision of "Caring," which means understanding and being aware of the importance of life and financial planning. This reflects its role in driving knowledge and preparedness in society towards the goal of creating a better quality of life for people of all ages.

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