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Originally Posted by Xist
charges my brother more for room and board than the mortgage itself costs, plus I have over $14,000 in the bank.
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Which either means your brother’s income is large or the mortgage payment is low. $14K doesn’t go far when we are talking about things like house repairs. A new roof or furnace can easily cost $10K.
Quote:
Originally Posted by Xist
I learned that I cannot watch this video while posting: Anyway, 120 payments of $179 total $21,480, and 180 payments of $286 total $51,480.
Am I missing something?
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You are missing the fact that insurance is not an investment – it is a way to cover the risk of having to pay large expenses you can’t pay out of pocket with small monthly payments – but only until that risk is neutralized.
Life insurance is needed if someone depends on your income to live and would be in severe financial hardship if you die and they don’t have that income. For example - when my wife and I were newly married we needed life insurance. My wife was attending university, we had less than 10% equity in the house, there was a loan on her car, I still had student loans. If I died my wife would have needed to quit school to get a job and even then the job she could get with her education at the time would not have paid the bills. So I took out enough life insurance to clear the debts and give her a few years of living expenses. When she graduated and got a better paying job than me we dropped the term policy because at that time either one of use could manage on just one income. We have never paid for life insurance since.
In your case I suggested thinking about life insurance on your mom IF you couldn’t manage to pay the mortage and other household bills with just your income and the income that comes in for your brother. It seems like you are saying you can pay all the bills on your own so in that case there is no need for life insurance.
(Life insurance is also used for some other odd cases and to dodge taxes but those of VERY specialized uses that don’t apply to most people)
Quote:
Originally Posted by Xist
When VOO outperforms Bask--assuming I can ever deposit my money--I will switch over.
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VOO has returned 4.24% YTD. It returned -14.25% over the last 12 months. It returned 43.39% over the last 5 years. VOO returned 261.46% since 2010.
How long are you looking for positive return so start investing money? Wait for the market to fully recover and you miss the entire recovery.
Again – what is your plan for this money beside needing to pay $5K - $6K in taxes? Have you even thought about investing for retirement considering that our generation is pretty much completely on our own? If I'm not mistaken you are a middle-aged man now.
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Originally Posted by Xist
Do any of you think I could have taken this time to tell Navy Federal to send my money to Bask instead of responding to one post?  |
No. You have been complaining about the interest rate on your bank account for at least a year but still haven’t done anything by post about it.