In this current economic climate, someone with good financial skillsets could potentially grow infinitely wealthly from all the possibly undervalued equities out there. Gone are the fundenmentals such as P/E ratio and book value. Market sentiment and greed/panic now drives our once (not so long ago) flourishing global economy.
If you however are not the next Warren Buffet or George Soros in the making, you can (and still) need to make the correct decisions to ensure financial success and security. That's where investments and insurance come in. Investments are primarily for wealth appreciation and staying ahead of inflation as the value of your savings get eroded over time. It is also important to look at it for milestones such as your retirement and children's education.
Insurance on the other hand, should be mainly viewed for protection purposes. To ensure that your family and loved ones will be well taken care off should anything (touch wood) unfortunate happen. You also need to look at general insurance such as medical, accident and hospitalization to help take care of the financial burdens that come with these negativities.
Still clueless? Check out HSBC's new guide to Investments and Insurance.