Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 Mine earns between -3% and -5%, depending on the current inflation rate... 817247[/snapback] That is something (and probably the only thing) you and I have in common. Link to comment Share on other sites More sharing options...
erynthered Posted October 26, 2006 Share Posted October 26, 2006 Oh sure you get slapped around by you know who and now you are sucking up to Ed. Probably ask him to go on a fishing trip next. 817239[/snapback] over your head too, eh? The man living outside of St. Louis is an idiot. In the simplest of books there is a story line. He missed it. My three year old would have gotten my analogy, which by the way, was a shot at you. you !@#$ing idiot. Here doggy, doggy! Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 That is something (and probably the only thing) you and I have in common. 817260[/snapback] That and excellent lasagna recipes. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 That and excellent lasagna recipes. 817269[/snapback] Whatever happened to the challenge? Did I chicken out? Link to comment Share on other sites More sharing options...
slothrop Posted October 26, 2006 Share Posted October 26, 2006 I just got life insurance. My financial advisor arranged it for me. He explained it well. THere a lot of "formulas" out there for how much insurance you should get and what type. He said it is all a load of crap. When it comes down to it, life insurance is best described as an "asset subsitute." He used himself as an example. When he was my age (31) he was married with four kids. He had no money and no assets. So he had tons of life insurance so that his family would be provided for. However, now he has no life insurance because he has tons of assets. With that in mind - he got me term insurance because now I have no assets and money. However, as a young lawyer my salary and assets will increase quickly. Link to comment Share on other sites More sharing options...
daquixers_is_back Posted October 26, 2006 Share Posted October 26, 2006 However, as a young lawyer my salary and assets will increase quickly. 817291[/snapback] This board is becoming more interesting by the minute. What do you specialize in? Do you live in NY? Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 Whatever happened to the challenge? Did I chicken out? 817274[/snapback] I, uh, umm...yeah, you chickened out! That's it! Of course you fear my culinary skills! I don't blame you, either. What makes you think you can make a lasagna? You can't even cook retatta correctly... Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 This board is becoming more interesting by the minute. What do you specialize in? Do you live in NY? 817296[/snapback] If, by "interesting", you mean "God, I wish that idiot daquixers would just shut the !@#$ up already, can't someone just break his fingers?", then yeah... Link to comment Share on other sites More sharing options...
daquixers_is_back Posted October 26, 2006 Share Posted October 26, 2006 If, by "interesting", you mean "God, I wish that idiot daquixers would just shut the !@#$ up already, can't someone just break his fingers?", then yeah... 817300[/snapback] oooh k . God Bless you too bro. Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 I just got life insurance. My financial advisor arranged it for me. He explained it well. THere a lot of "formulas" out there for how much insurance you should get and what type. He said it is all a load of crap. When it comes down to it, life insurance is best described as an "asset subsitute." He used himself as an example. When he was my age (31) he was married with four kids. He had no money and no assets. So he had tons of life insurance so that his family would be provided for. However, now he has no life insurance because he has tons of assets. With that in mind - he got me term insurance because now I have no assets and money. However, as a young lawyer my salary and assets will increase quickly. 817291[/snapback] Here's where he's only partially correct. Insurance is also income replacement. What if you die and your income goes with you. How will your wife be taken care of? Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 I, uh, umm...yeah, you chickened out! That's it! Of course you fear my culinary skills! I don't blame you, either. What makes you think you can make a lasagna? You can't even cook retatta correctly... 817297[/snapback] I must admit your 25 cheese and prosciutto lasagna sounded good. Mmmmmmm cheese. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 Here's where he's only partially correct. Insurance is also income replacement. What if you die and your income goes with you. How will your wife be taken care of? 817322[/snapback] I just want to stress: also. I know someone's going to blank on that word, and think you said it's not asset replacement at all... Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 I just want to stress: also. I know someone's going to blank on that word, and think you said it's not asset replacement at all... 817337[/snapback] Hell it's also good for asset creation. Instant legacy....liquid legacy. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 Hell it's also good for asset creation. Instant legacy....liquid legacy. 817347[/snapback] It's great for income creation too, if you're an insurance agent... Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 It's great for income creation too, if you're an insurance agent... 817349[/snapback] I was going to say that but the financial planner in me thought better. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 I was going to say that but the financial planner in me thought better. 817352[/snapback] You give out financial advice with fries? McD's is really diversifying their business model... Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 You give out financial advice with fries? McD's is really diversifying their business model... 817354[/snapback] No I give out fries with my financial advice. Old habits die hard. Link to comment Share on other sites More sharing options...
gmac17 Posted October 26, 2006 Share Posted October 26, 2006 However, as a young lawyer my salary and assets will increase quickly. TOOT TOOT!! Link to comment Share on other sites More sharing options...
plenzmd1 Posted October 26, 2006 Share Posted October 26, 2006 Not sure where you work, and can't believe no one has mentioned this, but if are a typical"white collar" worker you prolly already have at least 50,000 in what is called Group Term Life insurance through your employer. Reason I say $50,000, is that above that amount, both the company and the individual start to pay taxes(SS and Medicare) on the benfit above that. Also, check your w-2 from last year, if you see a code on there that says GTL, you know you have more than 50K Now, my two cents. I bought a 20 year term life 7 years ago when first kid was born. Wanted prtection for them if I die when they are kids, but thats it. After that they be on their own. Our dude said should have 10X income up to bout 1.5M but over that is overkill. Link to comment Share on other sites More sharing options...
Just Jack Posted October 26, 2006 Share Posted October 26, 2006 Now, my two cents. I bought a 20 year term life 7 years ago when first kid was born. Wanted prtection for them if I die when they are kids, but thats it. After that they be on their own. Our dude said should have 10X income up to bout 1.5M but over that is overkill. 817583[/snapback] Yep, I agree. When we first started looking at LI, our rep wanted me to have 500K and Ruth 350K based on our current income. We ended up deciding on just enough to pay off our house and student loans. That would help each of us out if either of us dies. Link to comment Share on other sites More sharing options...
KRC Posted October 26, 2006 Share Posted October 26, 2006 Since I'm getting married soon, I guess it's a good idea for me to get life insurance.Anyone know of any good company to go through? I keep getting offers through HSBC. For 30 year, 250k, it's like $45 a month. Is that good? Thanks. 817078[/snapback] That sounds high if it is term. IIRC, I pay $28/month for the same term coverage. State Farm. Link to comment Share on other sites More sharing options...
HereComesTheReignAgain Posted October 26, 2006 Share Posted October 26, 2006 Look into whole life rather than term life. A term policy, you pay for it, and after the end of the term you have nothing. Whole life acts more like an asset; it annuitizes, and you can actually draw against it later in life before you die (e.g. you can borrow $100k against a $500k policy that you've fully paid up). Whole life costs more than term...but it'll only get more expensive as you get older, and as young as you are you might actually be able to afford it. I don't know ALL the details - it's been a while since I looked into it - but it's something to at least research. Or, if you want to go REALLY cheap, just pretend you have life insurance. Just like you pretend a woman's interested in you. 817131[/snapback] Whole life is not a good investment. If you want insurance and an investment, purchase them seperately. You can get much cheaper term insurance and use the $ you save to invest in quality mutual funds. You pay very high expenses and compromise your investment performance if you try to combine your insurance and investments in a whole life policy. I am a Registered Rep and sell both investments and insurance. Whole life pays very high commisions and that is why many reps talk it up. Link to comment Share on other sites More sharing options...
VABills Posted October 26, 2006 Share Posted October 26, 2006 That sounds high if it is term. IIRC, I pay $28/month for the same term coverage. State Farm. 817600[/snapback] This is Ed. They may consider "life style" in factoring his premiums. Cook James, do they? Link to comment Share on other sites More sharing options...
Movinon Posted October 26, 2006 Share Posted October 26, 2006 Whole life is not a good investment. If you want insurance and an investment, purchase them seperately. You can get much cheaper term insurance and use the $ you save to invest in quality mutual funds. You pay very high expenses and compromise your investment performance if you try to combine your insurance and investments in a whole life policy. I am a Registered Rep and sell both investments and insurance. Whole life pays very high commisions and that is why many reps talk it up. 817610[/snapback] Absolutely agree – as you age and accumulate assets your need for life insurance is not as great as when you are young and have minimal assets. Buy term life insurance and invest the difference in a good mutual fund. Link to comment Share on other sites More sharing options...
bills_fan Posted October 26, 2006 Share Posted October 26, 2006 Here's where he's only partially correct. Insurance is also income replacement. What if you die and your income goes with you. How will your wife be taken care of? Ok Chef Jim, then explain it to me. If all I want is $1 mil for the other person, if my wife or I die, and $2 mil to our son if we both die, what should I buy? I don't care all that much about doing anything with the policy (borrowing from it etc.), and I am soon signing up for a policy wherein if either my wife or I die, our existing home mortgage would be paid off. I also have my employer;'s policy (with disability insurance, so that I'd be covered in the event of an illness that causes me to miss a bunch of work time). Thus, my question is what to buy, given my stated objectives. Link to comment Share on other sites More sharing options...
plenzmd1 Posted October 26, 2006 Share Posted October 26, 2006 Buy term life insurance and invest the difference in a good mutual fund. 817619[/snapback] Or in buying better beer!!!!!! Link to comment Share on other sites More sharing options...
CircleTheWagons Posted October 26, 2006 Share Posted October 26, 2006 I'm going to throw in another benefit of life insurance - life insurance is paid out very quickly after death with no strings attached. This gives your family some money so that they don't have to worry about bills while they are trying to cope. It's also a benefit if a lot of your assets are not easily converted to cash but your estate will have significant taxes to pay. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 That sounds high if it is term. IIRC, I pay $28/month for the same term coverage. State Farm. 817600[/snapback] You drive a much safer car. Link to comment Share on other sites More sharing options...
taterhill Posted October 26, 2006 Share Posted October 26, 2006 permanent life insurance is a great planning tool but gets grossly oversold by "financial planners/insurance hacks" to people who need term....I have seen some ricidiculous things in my day... Link to comment Share on other sites More sharing options...
Ramius Posted October 26, 2006 Share Posted October 26, 2006 We're planning on kids in a few years. 817092[/snapback] Does this scare the sh-- out of anyone else? Link to comment Share on other sites More sharing options...
taterhill Posted October 26, 2006 Share Posted October 26, 2006 Does this scare the sh-- out of anyone else? 817718[/snapback] no I think Ed would make a great mother Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 Does this scare the sh-- out of anyone else? 817718[/snapback] It's making me reconsider HA's eugenics ideas... Link to comment Share on other sites More sharing options...
erynthered Posted October 26, 2006 Share Posted October 26, 2006 It's making me reconsider HA's eugenics ideas... 817720[/snapback] Link to comment Share on other sites More sharing options...
IBTG81 Posted October 26, 2006 Author Share Posted October 26, 2006 It's making me reconsider HA's eugenics ideas... 817720[/snapback] Are you kidding me? We're going to have a little genius. Link to comment Share on other sites More sharing options...
VABills Posted October 26, 2006 Share Posted October 26, 2006 Are you kidding me? We're going to have a little genius. 817745[/snapback] Who's going to be the father then? Link to comment Share on other sites More sharing options...
Chef Jim Posted October 26, 2006 Share Posted October 26, 2006 Ok Chef Jim, then explain it to me. If all I want is $1 mil for the other person, if my wife or I die, and $2 mil to our son if we both die, what should I buy? I don't care all that much about doing anything with the policy (borrowing from it etc.), and I am soon signing up for a policy wherein if either my wife or I die, our existing home mortgage would be paid off. I also have my employer;'s policy (with disability insurance, so that I'd be covered in the event of an illness that causes me to miss a bunch of work time). Thus, my question is what to buy, given my stated objectives. 817621[/snapback] Don't have enough information to answer that. But I will ask you this. If you or your wife die and the mortgage is paid off, then what? How will the survivor pay the other bills that required two incomes? Not to mention by paying off the mortgage you lost your biggest tax deduction. If you're concerned about your son getting $2mill if you both die, my question is: why don't you have a trust? Link to comment Share on other sites More sharing options...
IBTG81 Posted October 26, 2006 Author Share Posted October 26, 2006 Who's going to be the father then? 817746[/snapback] Certainly not anyone from TBD. Link to comment Share on other sites More sharing options...
Bungee Jumper Posted October 26, 2006 Share Posted October 26, 2006 Certainly not anyone from TBD. 817761[/snapback] Care to rethink that response, Ed? Link to comment Share on other sites More sharing options...
IBTG81 Posted October 26, 2006 Author Share Posted October 26, 2006 Care to rethink that response, Ed? 817796[/snapback] Other than me was a given, monkey boy. Link to comment Share on other sites More sharing options...
Ramius Posted October 26, 2006 Share Posted October 26, 2006 Care to rethink that response, Ed? 817796[/snapback] Link to comment Share on other sites More sharing options...
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