Related Posts
More Posts
Need 11 likes to unlock dm features
Please help
Thanks
New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.
Need 11 likes to unlock dm features
Please help
Thanks
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Download the Fishbowl app to unlock all discussions on Fishbowl.
Copy and paste embed code on your site

Scan your QR code to download
Fishbowl app on your mobile

I should add, your spouse should also get life insurance (even if they don’t work). My wife recently stopped working but if she passed I would need extra support with childcare and her policy would cover that.
I understand that you are young but crazy stuff happens and if you build it into your budget you will forget the cost and it won’t be painful
Don’t know much except Dave Ramsey is always pushing term life insurance
You could probably have a separate post on each one of these. With being a dad now, I would put life insurance as priority #1. I recently signed up for 30 year term life insurance and shopped the rate on policy genius. General rule of thumb is around 10x income but your company likely provides some life insurance as well.
Next would be maxing you 401k. Then if you have money left, fund a 529 plan. Do a little research as you are not limited to the plan in the state you live in. You can select the plan from any state but depending on your state you may have better tax deductions.
Has anyone considered a whole life policy option with a cash value? What was the reason for or against doing it?
Everything I have seen about whole life is it’s terrible and almost no one should get it. It has high fees and the guaranteed returns are really small. I have heard it can have some tax benefit for the ultra rich, like it is #20+ on the prioritized list of ways you should invest your money.
You MUST get life insurance and a good amount, I did term that will end when I am 65 with the thought that at that time my retirement would cover my wife until she passes.
After that go big in 401(k) then what you can do for 529
Don’t forget Roth IRA.