The Key to Winning Against Bad Luck – A Great Backup Plan
Do you not believe in a backup plan?
You go forth in life with 100% effort and assume that it is the one and only way to succeed.
Congratulations, you share the same traits as a certain Nazi dictator!
Adolf Hitler was relentless in his pursuit for lands of USSR.
Not even the cold Siberian winter could dampen his raw ambitions.
No retreat allowed or any sort of alternative strategy.
And we know the ending to that story.
It is crazy how similar mistakes keep recurring.
People simply do not learn from history and realise something important.
A well-positioned backup plan at the right time is more critical to success than unadulterated efforts and firm motivation.
The Downside of a Backup Plan
Backup plans can derail the pursuit of goals.
A Wharton research shows that the mere thought that one has a plan B reduces one’s efforts towards achieving their goals.
It is like having a backup plan equates to preparing for failure.
Why do people act this way?
Well, a backup plan is akin to rolling up your fears and insecurities into a bundle and hiding it away inside the cupboard.
It makes you feel a little better that it is out of sight.
But the skeletons are still hidden in the closet!
You keep thinking and worrying about it.
You are distracted from your primary goals.
It goes to show that backup plans demotivate you and put the brakes on your revving engine.
It begs the question – why are we advocating for a backup plan?
It is not just about effort.
On one hand, we acknowledge the negatives of having a contingent plan.
But on the other hand, not all plan B are made equal.
And it is necessary to have an alternative route when it comes to bad fortune.
What if your success of your goal depends greatly on luck and not effort?
For example, you might be burning the candle at both ends to graduate with a law degree from the University of Leeds two years back when the Ministry of Law dropped your school from the list for admission to the Singapore Bar.
It was plain bad luck – wrong place at the wrong time.
You could continue to put forth your best effort and get rejected in the end by the Singapore Bar.
Or you could switch to your plan B to change school or to stay in U.K for your legal career.
This goes to show that it takes more than hard work and determination to achieve your ambition.
And when an unmovable object blocks your path to success, a detour is needed.
Diving head-first into a wall yields nothing more than a bloodied head.
It is not having plan B but what kind of alternative plan you have.
Most things in life depend on both efforts and luck.
Hard work is mandatory but you need a dose of good fortune to succeed in life.
But we may not be blessed with good luck.
At least not all the time.
That is why we need plan B or C in most of the time.
A great contingency plan is one that helps you through rotten luck.
But do not demotivate you in any manner.
It is like having a backup plan and feeling like you do not have one
“Impossible. Where do you ever find such wondrous tool?!”
We heard you.
And this is our answer.
Insurance: Probably the best laid backup plan ever.
Think about it.
You pay some money and outsource your backup plans to someone else.
And when things go awry, this someone else come in and fix it.
Crashed your car into a lamppost?
Your insurance surveyor makes sure that your car is repaired properly and the claim from LTA is handled with little fuss.
Have to be medically evacuated from a foreign land?
Your travel insurer will assist you if you contact them at their SOS hotline.
And your home insurance compensates your losses if a fire destroys your house.
The most amazing point about insurance?
You will never be motivated to make a claim unless you are a fraudster.
It is pretty obvious that you will rather enjoy your trip and the comforts of your home over activating your policy.
There you have it.
Insurance is the Plan B that you never wish to use.
Now you enjoy all its advantages without the demotivating quality.
More ways that insurance restores your life.
A prolonged hospital stay in Singapore usually cost a bomb.
To prevent yourself from sinking into financial difficulties, you need to have a hospitalisation plan.
An Integrated Shield Plan pays for most of your medical bill, allowing you to get back on track.
Your journey towards desired goals may be waylaid by a major illness or disability.
Critical illness and disability income insurance may just be what you need to ease you back to goal-hunting.
Whatever unexpected bad events that life throws at you, you can bet that there is an insurance plan that can give you a fighting chance to still achieve what you want in life.
And to make sure you have the right plan, we have our Robo-Advisor to help you out.
Life is too unpredictable to put all your eggs into one basket.
Sometimes the basket may break, despite your best efforts.
That is why we have to cater to contingencies and make great backup plans.
And when it comes to Plan B, there isn’t anything better than insurance.
It is your best bet against misfortune.
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