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once you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
Yeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
yes. investing later in life is no fun because you have to force yourself to be more conservative.Biker wrote: ↑Wed Jun 12, 2024 8:21 pmYeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
I assume you all max out your Roth contributions.Animal wrote: ↑Wed Jun 12, 2024 10:20 pmyes. investing later in life is no fun because you have to force yourself to be more conservative.Biker wrote: ↑Wed Jun 12, 2024 8:21 pmYeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
my company doesn't have any retirement planshawkfan8812 wrote: ↑Wed Jun 12, 2024 10:23 pmI assume you all max out your Roth contributions.Animal wrote: ↑Wed Jun 12, 2024 10:20 pmyes. investing later in life is no fun because you have to force yourself to be more conservative.Biker wrote: ↑Wed Jun 12, 2024 8:21 pmYeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
Your boss sounds like a real jerk.Animal wrote: ↑Wed Jun 12, 2024 10:25 pmmy company doesn't have any retirement planshawkfan8812 wrote: ↑Wed Jun 12, 2024 10:23 pmI assume you all max out your Roth contributions.Animal wrote: ↑Wed Jun 12, 2024 10:20 pmyes. investing later in life is no fun because you have to force yourself to be more conservative.Biker wrote: ↑Wed Jun 12, 2024 8:21 pmYeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
I personally disagree with this philosophy. I will continue to invest at the same level of aggressiveness I always have for the rest of my life. I have faith that over the long haul, the market will average about 10%. There will be down years and there will be up years, but it will continue to grow at the same pace it always has. Just my personal take on this subject.
Well, I must say you seem to be catching up on this insurance stuff pretty quick.
I still set aside some for speculative purposes but yes, that amount has decreased as I get older.Animal wrote: ↑Wed Jun 12, 2024 10:20 pmyes. investing later in life is no fun because you have to force yourself to be more conservative.Biker wrote: ↑Wed Jun 12, 2024 8:21 pmYeah, thats kind of my thought before I started thinking about it. Really looking for other avenues to invest/diversify in, but I suppose you get to a certain point where you just max out.Animal wrote: ↑Wed Jun 12, 2024 8:14 pmonce you reach a certain age, life insurance is kind of dumb. Just take whatever you thought you might want to spend on insurance and put that money each month into an investment account. Trying to come up with a scenario that will outfox the insurance companies is like going to Vegas thinking you have away to beat the casino.
Mens money of course.CentralTexasCrude wrote: ↑Thu Jun 13, 2024 1:14 amWell, I must say you seem to be catching up on this insurance stuff pretty quick.
100% agree.BigChiefin wrote: ↑Wed Jun 12, 2024 10:51 pm The only people who think Whole Life is a good idea are the people who are selling it. It is garbage, pure and simple. Keep your insurance and your investments separate. The fees associated with Whole Life eat up a chunk of the returns you will see on the investments. When you die, your beneficiary will recieve the face value of the insurance (death benefit) and the company keeps the cash value. Or you can cash out the policy before you die and receive the cash value and then your beneficiary receives nothing upon your death.
Keep term insurance in place (if you need it) and invest with a broker/financial advisor or on your own, if you are comfortable doing that. I always kept about 10X my salary in term, to replace my income if I should pass. But recently, I've cut that in half, based on the amounts that I have in my retirement accounts. At a certain point, I will drop the life insurance altogether when I essentially become self insured.
Run, as fast as you can, from Whole Life. I hope I wasn't unclear.
Of course. Why do you think we have a glass ceiling? Because we know when women get some extra money, they blow it on handbags and shoes instead of the important stuff like beer.disco.moon wrote: ↑Thu Jun 13, 2024 1:56 amMens money of course.CentralTexasCrude wrote: ↑Thu Jun 13, 2024 1:14 amWell, I must say you seem to be catching up on this insurance stuff pretty quick.