Well I am doing quite well myself but I dont agree with you one bit on not carrying any debt no matter what attitude! I have taken out loans to buy or build equipment to rent and have done very well for myself doing that as a sideline to my main job! I could retire in five years if I want to but I wont. I dont understand why you would let good opurtunity slip away from you just because of your fear of debt. It takes money to make money so why use yours. ONe should have life insurance whether you ride a snowmobile or not period. Buying life insurance is the most unselfish thing you will ever buy! If you love your wife and kids buy some insurance now no matter what you do.
Write this down and place on your fridge!
"IF YOU KEEP DOING WHAT YOUVE BEEN DOING YOU CAN EXPECT TO KEEP GETTING WHAT YOU HAVE BEEN GETTING!
NOTHING VENTURED NOTHING GAINED!
Write this down and place on your fridge!
"IF YOU KEEP DOING WHAT YOUVE BEEN DOING YOU CAN EXPECT TO KEEP GETTING WHAT YOU HAVE BEEN GETTING!
NOTHING VENTURED NOTHING GAINED!
SIMMER
TY 4 Stroke Master
Guys I pay about $65 /month for $500K of Life Insurance. I also pay $750 / year for Critical Illness which pays me $100K on the spot if I have a Heart Attak, Cancer and about 30 other illnesses. After 25 years I get ALL (100%) that I put into the policy back.
It's not that you cover your bills...you have to factor in your loss of income to the household for the rest of your childrens life. That's why you go in 5 year increments and REDUCE your amount of Life Insurance as you accumulate wealth through life. By 50 years old, ideally you should have accumualted enough that you don't need alot of insurance to cover off these things.
I am 33 so if I died today my family is covered.
PS...I am not an Insurance guy but I have done alot of research on it.
It's not that you cover your bills...you have to factor in your loss of income to the household for the rest of your childrens life. That's why you go in 5 year increments and REDUCE your amount of Life Insurance as you accumulate wealth through life. By 50 years old, ideally you should have accumualted enough that you don't need alot of insurance to cover off these things.
I am 33 so if I died today my family is covered.
PS...I am not an Insurance guy but I have done alot of research on it.
rx1mtn
Expert
I personaly have what my wife and I belive is more than enough live insurance, for both of us, that stuff is cheap. What I worry about is health insurance, and long term care insurance. I wont be able to retire untill I'm 65, or older. Another thing I'm sure most of us don't think about is a will. After that Terry Shivo (spelling?) thing in Fla. my wife and I went right out and took care of that. My wife or I don't want to hang around brain dead while the rest of the family fights in the courts, you know who the winners are there, the lawers, not the family members.
YamiSmurf
Expert
Cash is King. 100% Liquidity is the only way. Those individuals leveraged are asking for a hard fall if something happens within their given profession. Ask any true Multimillionaire or even Billionaire and they will all tell you the same. They do will not nor will not risk their fortune on debt.
YS
YS
Indy
TY 4 Stroke God
rx1mnt- long term care insurance is great, but the ultimate protection is a trust. Cant be breached.
Bigmax
Veteran
YS... There's a HUGE difference between good debt and bad debt...
For simplistic terms... if I take out a loan for $500K for an investment that puts $10K in my pocket every month... any true multimillionaire or billionaire will tell you that's a good investment and good debt.
For simplistic terms... if I take out a loan for $500K for an investment that puts $10K in my pocket every month... any true multimillionaire or billionaire will tell you that's a good investment and good debt.
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