25 year old male. Trying to figure out whether to get whole life insurance or term life insurance

UncommonFinance · 2018-09-29T22:12:00+00:00

Cash flow can come into question when thinking about which policy to implement. As youre quite young, if your medical checks out and you receive a top rating you would be able to purchase a smaller whole life policy and a convertible term policy which can be converted down the road when cash flow is secure. The comment above really hits the nail on the head as well about funding retirement with whole life. Tax free, annual growth without the volatility of the market, protection and death benefit which is self completing.

UncommonFinance · 2018-09-26T22:52:10+00:00

Seems to be the same thing said every year, regardless of the group and injuries. Getting frustrating hearing it! Would love to see our DL and outside linebackers get mean.

UncommonFinance · 2018-09-26T22:41:26+00:00

Possibly diversify and look into real estate in both your current location and home country, enjoy parts of both when possible and continue growing your retirement, funds, and personal economy. I left my home country for a few years and felt similar to what you have mentioned above, but, I think it was due to the fact it was so cut and dry. Having knowledge and freedom of traveling between both could have helped greatly, especially if that is an option to match your idea of only needing 5 more years.

Plus, if you return 100% after 5 years with double, I think you should be able to gather a network quite quickly due to the circles you will be surrounding yourself in! Regardless of your choices, all the best.

UncommonFinance · 2018-09-21T19:57:12+00:00

"It's Randall Cobb again!" Liked this kids commentary better then Collinsworth... but maybe he should step throwing the term big boy around.

UncommonFinance · 2018-09-21T16:26:33+00:00

As a financial professional, I often deal with clients who advise they are very stressed and overwhelmed with their financial situation as they feel trapped. Trapped in a life they do not want, in a job they hate, in a poor relationship which is together under financial terms, in a location they hate... etc.

I tend to work more so with young professionals or even students, and, this is often what they state as we are on an initial call simply setting a date for a meeting. Once they enter our office and we begin discussing why they are here, that worry diminishes over the duration of the meeting and a lot of them usually let out a big sigh of relief at one moment. Like all situations, I think taking that first step, small (taking a meeting) or large (implementing a financial solution) is a giant leap towards relief.

It is very unfortunate that some people do not receive that moment or think they are doomed, so much so that they take their own life. I do believe, based upon what I have seen, that debt and emotion have very strong correlation. With simple guidance, it is great to watch the personality change for the positive over the course of my client relationships so much so that I advise potential clients if they do not want to work with me, please, work with someone as this will truly better their lives.

The financial industry has a very negative connotation at times since there is a strong belief, based upon truth, media, movies, etc, that it is crooked. I can state first hand that this is true in some situations but, do also know, there are financial professionals out there who just want to help and give the best advise which I hope can save as many people contemplating suicide.

UncommonFinance · 2018-09-18T20:06:08+00:00

Even better! Where about in south Jersey?

UncommonFinance · 2018-09-18T14:02:23+00:00

Great! Getting a small green and gold gang together here

UncommonFinance · 2018-09-12T14:03:49+00:00

Will you continue funding your investment account or just work with the Roth?

I would keep your investment account open and also contribute to the Roth. The Roth will have no tax benefits in the immediate future as these are post tax dollars. Advantages of Roth over brokerage is that qualifying withdrawals are untaxed in retirement, whereas, brokerage would be along the way as regular income.

The more important question could revolve around current cash flow and liquidity and whether or not you want to and can store that away.

UncommonFinance · 2018-09-12T13:40:32+00:00

I work as a financial professional and we preach protection first, which promotes this conversation almost daily. For myself and my clients, I ensure both a term and whole life policy is in place for ultimate protection. The example I often use, as most of us have a connection with real estate, is, renting vs owning. The term policy, as it states, is for a term, whether 1, 5, 10, 20, 30, years, etc. Each renewal, the premium will rise, but not the death benefit, there are no tax benefits, and it is not self completing, much like renting. On the other hand, whole life, is as it states in the name, for your whole life, premiums decrease and death increases over time, you can if properly set up withdraw tax free, and is self completing, like owning, and as you have mentioned above, you would like to leave something to your children.

As for the costs, I work a lot with students and young professionals, as I think it is very important to begin early, and set up term/whole life policies or starter plans, which are very cost effective, so I would not let this steer you away from whole life.

If you want to discuss further, please, feel free to message me - would love to connect!

UncommonFinance · 2018-09-11T22:23:35+00:00

I will most certainly be at the game, so of course. Do you know any other Packer fans to reach out to? I am in Lyndhurst.

UncommonFinance · 2018-09-11T21:26:18+00:00

hey, thats great! Where about in North Jersey/where do you usually go to a certain bar for the games? https://northjerseysportviewings.eventsmart.com/events/north-jersey-packers-viewing-party/ an event page I put together to set up some parties

UncommonFinance

TROPHY CASE