His heart can’t handle it anymore
http://www.foxnews.com/politics/201...-after-suffering-heart-attack-trump-says.html
http://www.foxnews.com/politics/201...-after-suffering-heart-attack-trump-says.html
Kudlow back on the nose candy
- Thread starter HerdBuckeye
- Start date
All of you would keep your money in the mattress if you had any idea how much blow is done by these New York finance wizards.
Most make the wolf of Wall Street look like a choir boy.
Don’t care, just make me money and set me up for retirement
That's great, until a Madoff or Jimmy Cayne steals/blows/loses-in-total-idiocy your money.
London is no better. I wonder what they do in Hong Kong or Tokyo...
I strongly recommend the book "The White Coat Investor." It's fantastic and an easy read.
Cliff's notes - Don't trust most "financial advisors." Don't buy whole life insurance. Max out tax protected retirement accounts, use low cost index funds, and don't pay active under management fees or front load fees. But term life and disability insurance.
You do that and you'll "beat" about 90% of all Edward Jones/Northwest mutual guys.
Listened to it this summer. Enjoyed it, but realized I am not a good saver.
It's hard to save money when you keep giving it away to freeloaders.
Term life is a ripoff. You’re throwing your money away. It only pays out less than 3% of the time.
i at first read this and assumed you were inferring term life insurance is a scam.
Sorry...I didn’t mean to infer that. I should have stated it outright. Unless you get a rider in your policy to expire when you’re 99...they are almost worthless.
Wait, what?
20 year term is dirt cheap and unless you're a terrible saver (ie have no self discipline to save so you have no choice but to use whole life) you're best off with this and then investing the rest in index funds. Of course you don't want it to pay out - if it pays out you're dead.
Pretty much every personal finance professional that doesn't get big commission fees on whole life recommends term. What you save in premiums you invest the rest and then you're self insured at the time your term is up.
Whole life comes with massive fees and terrible returns as compared to a simple index fund such as VTSAX. Edward Jones/NW mutual guys love to sell it, but it's not appropriate for probably 75-90% of the population.
https://www.whitecoatinvestor.com/debunking-the-myths-of-whole-life-insurance/
https://www.reddit.com/r/personalfinance/wiki/insurance\
https://www.bogleheads.org/forum/viewtopic.php?t=52895
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This is from the reddit personal finance wiki. This is in line with most fee-only financial advisors and pretty much 90% of personal finance books I've read.
Great. What kind of life insurance should I get?
The correct answer for almost everyone is term life insurance. Why?
Remember: The main purpose of life insurance is to provide for your dependents in the event of your death. Just out of college living in your bachelor pad? You probably don't need life insurance. Married with no kids and your spouse works? You probably don't need life insurance, and you definitely don't need whole life insurance. Kids all grown up and out of college, with a nest egg built up? You probably don't need life insurance, and you definitely don't need whole life insurance.
The basic fact is that term life insurance will cover the vast majority of people sufficiently for what life insurance is designed to do - provide for your dependents in the event of your death. Young families with children who would not be able to easily replace the income of a deceased primary earner should certainly insure properly against such a terrible event. However, once the children are grown up and out of the house (assuming they want to be financially independent some day), the need for life insurance changes and is probably eliminated or vastly reduced.
On the expense side, TLI allows you to buy cheap insurance and leaves you the difference to invest for yourself, either in your 401k, IRA, or taxable accounts. A basic education in long-term investing along with investing the money you save from purchasing TLI will likely give you a larger sum of money even after taxes than a WLI policy would. To put the icing on the cake, you can even enjoy your money while you're alive!
Great. What kind of life insurance should I get?
The correct answer for almost everyone is term life insurance. Why?
Remember: The main purpose of life insurance is to provide for your dependents in the event of your death. Just out of college living in your bachelor pad? You probably don't need life insurance. Married with no kids and your spouse works? You probably don't need life insurance, and you definitely don't need whole life insurance. Kids all grown up and out of college, with a nest egg built up? You probably don't need life insurance, and you definitely don't need whole life insurance.
The basic fact is that term life insurance will cover the vast majority of people sufficiently for what life insurance is designed to do - provide for your dependents in the event of your death. Young families with children who would not be able to easily replace the income of a deceased primary earner should certainly insure properly against such a terrible event. However, once the children are grown up and out of the house (assuming they want to be financially independent some day), the need for life insurance changes and is probably eliminated or vastly reduced.
On the expense side, TLI allows you to buy cheap insurance and leaves you the difference to invest for yourself, either in your 401k, IRA, or taxable accounts. A basic education in long-term investing along with investing the money you save from purchasing TLI will likely give you a larger sum of money even after taxes than a WLI policy would. To put the icing on the cake, you can even enjoy your money while you're alive!
Carl, if you’re 35 and buy a 20 year term policy, you might as well have taken that monthly premium and put it in a mutual fund or some other kind of investment...or else throw it in the trash. The chances of you dying at 55 are slim. You’re throwing your money away. Term policies are cheap for young people but hardly ever pay out. You usually outlive them and have nothing to show for it.
You can purchase dual life insurance/investment products. I recommend those if you don’t just buy a policy that builds cash value.
You can purchase dual life insurance/investment products. I recommend those if you don’t just buy a policy that builds cash value.
i think the point is while whole life builds a cash value, a much better roi can be obtained from purchasing tli and investing the difference in cost between whole and term in mutuals. i'm not sure i've ever seen a whole policy with an roi that remotely resembles attractive. maybe you understood that i'm wasting keystrokes.
The purpose of buying term is for a point in your life when your family would need the money if you die. Essentially if you are buying a 20 or 30 year term till your kids get through college. Most people don’t need large sums of money when you are an empty nester. My first term that I bought was a million dollars for 30 years. I bought it 14 years ago when I was still young and just had my first kid. I will pay $9k over the life of the policy but have hedged that if I died in the next 30 years my kids could at least at a minimum go to college. If I invested the same $9k on an investment schedule I would have no where near $1 million of my family needed it.
Completely disagree with what you are saying.
Yes, they're slim, but that's why it's cheap. It's worth it to me to know my wife and kids (now 3 in total, all under age 6) will be taken care of if I die. My wife's earning potential is not as high as mine, so right now relatively speaking term is cheap on our budget and allows me peace of mind that if I die they can keep the house and a similar lifestyle and she won't have to go back to work for a while.
As far as the "nothing to show for it" part of it - if you deem you want life insurance (ie if you have a family and you're the primary earner), then you actually have more to show for it with term + invest the rest than a whole life policy with cash value.
In general I don't like dual products. I think insurance is one thing and investments are another. When mixed the consumer rarely benefits.
Remember, I'm a cancer doctor. I see the worst kind of awful things happening to young people and kids all the time. No way in hell I'd ever not have life insurance until I have a more generous nest egg.
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That’s exactly what life insurance is about never ask an insurance salesman about investing and savings advice.
Term life is "in case shit happens" insurance. I absolutely recommend young families to get it, it is dirt cheap and "in case shit happens" your wife and kids have a nice cushion.
Hell, I'm a gambling man, I should probably take out a big policy that I croak within ten years (which seems rather likely at the rate I am going) so my kid can pay for med school.
Hell, I'm a gambling man, I should probably take out a big policy that I croak within ten years (which seems rather likely at the rate I am going) so my kid can pay for med school.
Pretty fascinating watching a P.O.S. OP turn into an excellent thread.
My wife and I both have term life. My thoughts are, there's no way I can leave this planet without knowing my little girl will be well taken care of. Each of our policies cover replacing our salaries should one or both pass. Then it goes into a trust fund with agreed upon family members having access who will be granted custody of her.
Yeah, I could look at the premium and what I'll potentially never see, but the peace of mind is worth it.
Yeah, I could look at the premium and what I'll potentially never see, but the peace of mind is worth it.
don't know why, but made me think of tommy boy when reading that. ha.
"Of course, I can get a hell of a good look at a T-Bone steak by sticking my head up a bull's ass, but I'd rather take the butcher's word for it . . ."
You are right. Life insurance is purchased in part , to replace income that is lost due to death. For the minimum amt spent you can provide a solid financial future to your spouse and kids in your absence. None of us can predict how long we will live. Trust me on this one guys i deal with death at the hospital all the time. I see the young and the old. The 30 year old and his 3 yr old son last week never saw the car coming that hit them head on. Death is no respecter of any of us.
