Son wants to further study in Taiwan, so his father (a hawker) refinanced the house for his son’s school fee. After a few years, his son came back and worked at Inventec as an engineer. Suddenly he got a digestive problem and has been doing the treatment at Lam Wah Ee Hospital, and he needs to pack his own lunch to work every day by following the diet to cure his sickness. A year later, he passed away.
Father has to pay the medical bill of RM60,000 in installments because the bill is too big. Meanwhile, the father also needs to pay the refinance house installments that he made before.
We love our parents, and we hope this story will awaken all of us to the importance of risk management and the need to do early financial planning.