6 Rings G.O.A.T.
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- Feb 11, 2006
This is week $5?
I forgot about week $4..
I forgot about week $4..
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well the goal is AT LEAST two quarters a day. there have been days where i put like 6-10 quarters. i only made the two a day rule because at first its all i seemed to find in my pockets at the end of the day.^^^if and only IF you follow the 50 cent a day plan you'll only have 182.50 dollars worth of quarters
159
This is week $5?
I forgot about week $4..
Currently in Week 8 (week ending 2/23)
How is everyone doing so far??
My monthly transfer from my checking to savings kicked in...My savings account is in ahead quite a few weeks....
Sounds like you are "investing" in a whole life policy. Not a good option imo, way to expensive and a bad idea for other reasons a term life policy is much much cheaper.
Dont want to get off track from the goal of the post but just some info is this life insurance policy is cash or whole life:
Myth: Cash value life insurance, like whole life, will help me retire wealthy .
Truth: Cash value life insurance is one of the worst financial products available.
Sadly, over 70% of the life insurance policies sold today are cash value policies. A cash value policy is an insurance product that packages insurance and savings together. Do not invest money in life insurance; the returns are horrible. Your insurance person will show you wonderful projections, but none of these policies perform as projected.
Example of Cash Value
If a 30-year-old man has $100 per month to spend on life insurance and shops the top five cash value companies, he will find he can purchase an average of $125,000 in insurance for his family. The pitch is to get a policy that will build up savings for retirement, which is what a cash value policy does. However, if this same guy purchases 20-year-level term insurance with coverage of $125,000, the cost will be only $7 per month, not $100.
WOW! If he goes with the cash value option, the other $93 per month should be in savings, right? Well, not really; you see, there are expenses.
Expenses? How much?
All of the $93 per month disappears in commissions and expenses for the first three years. After that, the return will average 2.6% per year for whole life, 4.2% for universal life, and 7.4% for the new-and-improved variable life policy that includes mutual funds, according to Consumer Federation of America, Kiplinger's Personal Finance and Fortune magazines. The same mutual funds outside of the policy average 12%.
The Hidden Catch
Worse yet, with whole life and universal life, the savings you finally build up after being ripped off for years don't go to your family upon your death. The only benefit paid to your family is the face value of the policy, the $125,000 in our example.
The truth is that you would be better off to get the $7 term policy and and put the extra $93 in a cookie jar! At least after three years you would have $3,000, and when you died your family would get your savings.
How much would a policy like that cost each month? Say for a 25 year old with $400,000 coverage and in great health?The cash value within an insurance policy, like a universal life, WILL pay out to the families as long as the Death Benefit option is set to increasing.... People shouldn't be considering life insurance as their only form of investments anyways. You need diversify your investments, but in no way is a universal life a bad investment.
Ran a quick Nationwide policy.... Rounds to about $215 with an included LTC Indemnity rider. If you really want to maximize the death benefit option, u can probably opt to add a base insured rider that can double your face value. LTC = Long Term Care. If you qualify for it, which is a higher likelihood than you would think, they will send you the check, not the hospital.... so you can do as you please. Also, other companies might be better, but as far as I know.. Nationwide's Universal Life w/ LTC is very good as of now.How much would a policy like that cost each month? Say for a 25 year old with $400,000 coverage and in great health?