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Managing Your Finances (1)

THE duties of police officers are extensive and demanding. However, concentrating on their jobs and working hard can often lead to neglect when it comes to managing earnings?

¡@Different people have different views on personal financial management. Some are very conservative and simply put all money into a bank account to watch it grow; some are more aggressive and invest as much as they can. Some even borrow money for investment purposes. Others over-spend until the last penny is gone; while still others spend in advance by cycle borrowing, ending up with a large deficit each month.

¡@Responsible people will need to know how to manage their finance prudently to ensure themselves and their families economic security. Prudent financial management involves long-term planning, covers not only immediate needs but also takes into account future changes such as marriage, having children and their education, retirement, and care of retired or old-aged parents.

¡@All should have a contingency plan for unpredictable economic burdens such as illnesses and accidents.

¡@Income should be divided into at least two parts: the first for settling basic expenditures such as food, rent, travelling, taxes, insurance etc; and the second for liquidity.

¡@Some suggest savings should be equal to at least six times one's monthly income. One may then consider using the remaining for long term investment. However, investment does involve risk - normally the greater the yield, the higher the risk. So be careful about the choices made.

¡@Money is a limited resource. We should use it sensibly and carefully. Be its master. Don't be mastered by it.

A New-Look Police Safety Protector

The new Police Safety Protector which is underwritten by American International Underwriters Limited will be launched soon. This enhanced plan is specially designed for all Hong Kong Police and offers a more comprehensive coverage which includes an improved hospitalisation cover, an optional Supplemental Major Medical Cover, and two free coverages.
Furthermore, all those on duty risks are also covered.
For more details, please refer to the next issue of OFFBEAT.

Central Fund for Voluntary Contributions to Spouses/
Dependants of Deceased Junior Police Officers
The Annual statement of accounts for the year ending 31 March 97 has been accepted by the Management Committee and certified by the auditors. Income for the financial year was $2,097,752.73. While expenditure amounted to $1,354,567.00. There was a surplus of $743,185.73 which increased the accumulated funds to $6,741,884.96.


Autumn Reunion
To be held at the Regent Hotel, Royal Leamington Spa from 26 to 28 September. Weekend includes: dinner, bed and breakfast. Any Hong Kong member wishing to attend these events should contact Sylvia Mansell as soon as possible by telephone/fax 01233-720006, or E-Mail: For more details contact Hong Kong representative Mac McLoughlin: 2828-7501.

The Police Motoring Club is in the process of organising the 1997 China Drive to Chiu Chow and Xiamen between Thursday 9 October and Sunday 12 October. For more details contact Chan Chun-hing, SP AI TKE.

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