I don't share finances with mine. If I can afford it, I do it. I don't ask. I will occasionally show and tell though. I'm a traditional type guy, and I cover more than my fair share of the expenses. I've never once referred to her as "the boss" or asked permission or otherwise. Of course, she's probably got divorce papers stashed somewhere.
Next thing you know you will come home to an M4A3E2 "Jumbo" and a Panther D in your driveway and she will pull the "you said" card. And for those who don't know...
A woman who brings you a tank doesn't need a reason.
This is a good strategy and I applaud you for making sure your family is taken care of, as many do not. But this can be a short term strategy for a fixed time period or need. We took out life insurance policies on each other about 10 years ago. 1 million on me and 500K on the wife. The main reason was to cover any business problems that would arise if either of us died. The business was doing about a million a year, so that was barely enough but at least instant tax free cash.
These were term life policy with a term of 10 years. That ten years is now here and we met with the shyster...errrr agent last week. He said mine was non renewable because of my health issues and the wifes had to be converted to another policy, which they could do for mine as well for the small sum of $ 500 per month each. 250K death benefit and a payback of $ 13,000 a year starting in 15 years. Hello, we call these Roth IRAs. Just not one we could control and the fing insurance company got all the profits.
Our needs have changed since the business days. We no longer have the business and hence the need for 1 million cash is not there. We are within a year of paying off the mortgage on this place and buying another for cash. If anything was to happen to either of us, the other has sufficient cash to cover expenses. The presence of that policy was comforting to me in my illness since I knew the wife would be fine and the kids would get something.
I had hoped to be able to keep the policy and have that as my kids inheritance, but not paying that much for that coverage. Since my kids now all make well more than I did at their age they are on their own. There will be some guns, personal property, old pickup, vintage airplane and such for them and depending on how I do in the real estate market the next 6 years or so maybe some property.
We are taking the same amount we were paying in life insurance and putting it into one of our Roth IRAS, self managed and building the wealth for ourselves instead of that shyster agent who probably gets the first years premiums as a commission. Make sure you check this all out and have a strategy for that if you are using term insurance.
That ten years went by real fast.
These were term life policy with a term of 10 years. That ten years is now here and we met with the shyster...errrr agent last week. He said mine was non renewable because of my health issues and the wifes had to be converted to another policy, which they could do for mine as well for the small sum of $ 500 per month each. 250K death benefit and a payback of $ 13,000 a year starting in 15 years. Hello, we call these Roth IRAs. Just not one we could control and the fing insurance company got all the profits.
^^^ This is good advice!This is a good strategy and I applaud you for making sure your family is taken care of, as many do not. But this can be a short term strategy for a fixed time period or need. We took out life insurance policies on each other about 10 years ago. 1 million on me and 500K on the wife. The main reason was to cover any business problems that would arise if either of us died. The business was doing about a million a year, so that was barely enough but at least instant tax free cash.
These were term life policy with a term of 10 years. That ten years is now here and we met with the shyster...errrr agent last week. He said mine was non renewable because of my health issues and the wifes had to be converted to another policy, which they could do for mine as well for the small sum of $ 500 per month each. 250K death benefit and a payback of $ 13,000 a year starting in 15 years. Hello, we call these Roth IRAs. Just not one we could control and the fing insurance company got all the profits.
Our needs have changed since the business days. We no longer have the business and hence the need for 1 million cash is not there. We are within a year of paying off the mortgage on this place and buying another for cash. If anything was to happen to either of us, the other has sufficient cash to cover expenses. The presence of that policy was comforting to me in my illness since I knew the wife would be fine and the kids would get something.
I had hoped to be able to keep the policy and have that as my kids inheritance, but not paying that much for that coverage. Since my kids now all make well more than I did at their age they are on their own. There will be some guns, personal property, old pickup, vintage airplane and such for them and depending on how I do in the real estate market the next 6 years or so maybe some property.
We are taking the same amount we were paying in life insurance and putting it into one of our Roth IRAS, self managed and building the wealth for ourselves instead of that shyster agent who probably gets the first years premiums as a commission. Make sure you check this all out and have a strategy for that if you are using term insurance.
That ten years went by real fast.
I can't preach enough, always get the longest term you can, get more than you think you'll need, don't neglect other forms of securing your future. Don't depend on Social Security....
)
