In this episode of Truth About FX, Walter talks about getting a good health insurance and why it is important. According to him, it is essential to keep yourself prepared — whether from shark attacks while surfing. Likewise, it is imperative to equip your trading system and yourself.
Download (Duration: 03:21 / 3.84 MB)
In This Episode:
00:43 – part of the expense
01:53 – health package
03:00 – conclusion
You need to buy whatever you need to make your system work. [Click To Tweet].
Do not jump to a conclusion too early. [Click To Tweet].
Stay with your job if you have responsibilities. [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. This is one of those trading for a living question. As an independent trader, what you do about health insurance? I know this is going to vary by country or whatever but what you do out there in Australia?
Walter: I am assuming that this is probably from someone in the States. I get private health insurance, I pay it. It is just part of the expense. It is like Canada over here where you can get covered by the government but it is smart to have private insurance because it just gives you more options.
You do not have to go when they say you need you to go or whatever. I do get private health insurance. I think it is just one of the expenses. You remember, sometimes traders get a little bit weird and they think “Why am I paying for the software? Why is this and that? Why these all expenses?”
If you were like somebody who sold ice cream, you’d have to buy the ice cream, pay the staff, rent the place where you are selling the ice cream, buy floor cleaner and pay the water bill. You know what I mean?
Fix the toilet when it was broken. All these things are just a business. As a business, you’ve got to buy your software, your computer, your internet, whatever tools you need like forex tester or whatever is part of the deal.
It is really not a lot so I consider health insurance to be a really cheap thing because, obviously, the implications here is that if you have a job and you are working for Bank of America or whatever, they would probably give you a nice health package which is fine but I would rather have my freedom, trade by myself and not have to deal with all that so, I just get my own. That is the easy answer and I know some people might think this is a funny question but it is a big deal when you are actually on your own.
This is one of the things that happen when you are on your own because you’ve got to figure out how am I going to make money for the next month or how am I going to pay for when something happens to me. You get a car accident or whatever, something terrible happens.
These are the things that you’ve got to think about, shark attack or whatever happens to you, you’ve got to be prepared.
Hugh: Working on the beach is great until you get bitten by a shark.
Walter: It has all the job. Exactly.
Hugh: Exactly. I think it is a good point also that some people maybe stick to their job a little too long or maybe they do not want to quit just because of the health insurance. Maybe just take a look at how much health insurance can actually cost.
Obviously, do not jump to a conclusion too early or do not get out of your job if you have responsibilities but at the same time maybe just look at the actual cost. It might be less than what you think
Walter: Absolutely, I agree. That is a great advice.
Hugh: Thanks, Walter. See you later.
Walter: Thanks, Hugh. See you. Bye.