Korean Drama Itaewon Class is undoubtedly the best Korean drama for the first half of 2020. It has a great plot and a good set of actors. This drama is not only aesthetically pleasing but is also intellectually stimulating especially to those people who are particular with their financial health.
The plot of the drama revolved around a young man’s hardships and how he used all of these to his advantage. It is a modern take on the David and Goliath story with additional lessons on how a young person can manage his life and financial health exceptionally. Here are financial health lessons that were highlighted for the entirety of the drama:
1. The importance of life and health insurance
The lead actor’s father died in the very first episode of the drama. This is a significant scene because it would later be revealed the main character, Saeroyi, invested the life insurance that he received to stocks. Park Saeroyi’s father died due to a vehicular collision as shown in the episode.
This is a common scenario for motorists in real life as we always see and read news of similar to this. We all know the importance of acquiring car insurance. The big question is: Is the person who is using the car insured?
Saeroyi’s father has a significant amount for his life insurance. It was also mentioned in the story that he has set aside a college fund for Saeroyi. These types of insurance fall under the pre-need category. Coming from the term itself, pre-need means the insurer paid the premium payments for several years so that their beneficiaries will be secured if ever they encounter an untimely death or death due to illness.
READ: When Is the Best Time To Buy Life Insurance?
The trend is getting insured at a younger age means you have to pay for a lower premium but you have a higher face value or amount insured. If you start a little bit later on older age, you pay for a higher premium for a decent insured amount. It is also possible to raise your monthly premiums to acquire a higher face value or amount insured and all of this depends on how you will plan with your insurance advisor. You also have the option to add the critical illness rider and hospitalization rider to your preference.
Here are the top 10 insurance companies in the life insurance industry as of 2019:
- Sunlife of Canada (Philippines) Inc.
- Pru Life Insurance Corp. of UK
- Philippine Axa Life Insurance Corp.
- Manufacturers Life Insurance Co. (Phils.) Inc. (Manulife)
- Bank of the Philippine Islands (BPI) – Philam Life Assurance Corp.
- BDO Life Assurance Co. Inc.
- Philippine American Life and General Insurance Co. (Philam Life)
- FWD Life Insurance Corp.
- United Coconut Planters Life Assurance Corp. (Cocolife)
- Insular Life Assurance Co. Ltd.
2. The significance of early Investment
Saeroyi is wise enough not to spend the money he received from his father’s life insurance. He says it is vital to make sure that it will be spent accordingly because it is the last of what is left of his father. He decided to entrust the fund management to an expert and he coordinates with his fund manager regularly as seen in the drama. He self-studied about business, investments, and stocks while he is imprisoned.
READ: Stock Trading In A Recession: Observe, Act, But Don’t Overreact
They held the investment long term and a portion of the money was used later on to purchase a building. This may seem to happen only in movies but is possible in real-life scenarios given that the stock market and economy’s growth is remarkable. You may discuss your investment portfolio with your fund manager.
3. Properly boosting your savings
Park Saeroyi engaged in deep-sea fishing and manual labor after serving his prison time. He put a large chunk of his salary to his savings which he later used to open a small pub. Take note that he did not touch his investment on stocks at this point! He has learned to diversified and did not only rely on a single source of income!
It took him seven years to acquire that amount of money as he worked and saved up diligently. He surprised people that he turned his dreams to reality when he started his pub. Nobody thought that he had saved up that kind of money from doing manual labor. The lead character prioritized saving up for his dream business and did not have any luxurious items like cars, jewelry, or fancy clothes.
In reality, people opt to open their savings account in a bank. Some banks allow people to create a bank account online. Thanks to technology, savings accounts may now be enrolled for online banking in which you may do bank transactions without going to the bank. This also serves as an opportunity for you to be granted credit cards with no annual fee if the bank sees your regular deposits.
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4. Starting your own business
Saeroyi already has a specific business in mind- a small pub. He self-studied a lot while he was incarcerated as he is very motivated to open his business in time. When Saeroyi has finally opened up his first small pub, he was operating at a loss for the first month. A brand expert offered to help by checking their finances but Saeroyi immediately replied that there is nothing wrong with their finances as he made sure that the operating expenses are within limits. His friend was surprised that he learned so much about business operations even if he was not able to finish middle school. He is also very hands-on with the operations.
As perfect as he may seem, he still lacked knowledge in marketing. Marketing is essential to necessary to attract customers, so he was wise enough to hire someone to do the marketing for his business. They utilized social media to market their pub and it was worth it because they were able to attract customers. They were all aware that this is short term only so they have then shifted to long term marketing plans.
Looking for affordable marketing strategies for your business? Read How To Use Social Media To Advance Your Business
5. Meaning of long term plan
All of these things mentioned above have fit the puzzle because the protagonist has a vivid picture of what he wants to achieve. Saeroyi has his 15-year plan that he followed meticulously. He has conditioned himself to accomplish things little by little. Even before he opened his first pub he also has a clear vision of what he wants to do to grow his business. Setting a long term goal is important in business planning because this is the main consideration in making decisions for the company’s direction.
If you are like Park Saeroyi who is determined to start his own business from scratch, here are some of the tips that we swear by:
Always have a backup plan
A businessman must be open and create more options for themselves. Remember, the alphabet has 26 letters, make sure you have a plan coordinated for each letter of the alphabet!
Working hard pays off but working smart is better
There are success stories of hard-working people achieving their dream but thanks to technology, working smart is now the trend. Maximizing the use of machines, technology, and systems will not only make your work easier but your better outputs too.
Surround yourself with good and likeminded people
Starting a business means trusting a few people with your ideas and making sure that they are on board with you. Starting up a business is pretty much like raising a child, it takes a village. It is always better to have your experts and friends available to give you sound business advice to have your emotions in check. Surrounding yourself with people who believe in your brand’s products and services is vital to your business as this will be your core.
If you want to start a business, start it while you are young.
In the first episode, Saeroyi’s father is near retirement age. He opened his business and died a sudden death. If ever he lived, there is very little chance of the longevity of the business if ever it will not work out and there are fewer chances of succeeding if ever he opens up a new one.
Starting your business early means that you have more time to reorganize, revitalize, and reopen it if anything goes wrong. You also have relatively plenty of time and energy to acquire the funds that you need to pay off loans that you will avail.
Overall, remember to abide by the 3 Ps when you are starting your own business: Perseverance, Persistence, and People.