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Daeus posted:Normally I think people are trying to buy way too much car on these forums but you seem to be almost under-buying based off your position. I'd still advocate a used car, but one that is newer than you are talking about (2001 car will be 12 years old!). I'd look at used cars in the 2007-2009 time frame with high reliability ratings. Hyundai's come with a 60,000/5 Year bumper to bumper warranty that transfers to subsequent owners. Well, I like small hatchbacks. Unfortunately, car sales were abysmal during that time frame, so there are fewer 2007-2009 cars available, and many of the cars I'm looking at have 50k+ miles and are only $3-4k off the original sale price. Cars like the Versa, Fit, and Yaris have retained their value remarkably well. Cars like the Mazda3 are a better deal, but more expensive to start with. If I expand my search to sedans, a lot of options open up, which is ultimately the more frugal option, but isn't my preference. So it isn't as much a questions of, "Am I doing the most frugal thing?" as much as, "Am I doing something criminally foolish?"
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Jan 31, 2012 19:20
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Zuph posted:Well, I like small hatchbacks. Criminally foolish, absolutely not. Since your preference isn't for a brand new $30,000 car I'd say buy whatever suits you. Head to BFC for car specific detailed advice.
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Jan 31, 2012 19:40
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kaishek posted:
Thank you for the link, I had heard of that program but wasn't going to worry about it until after I finished up school. Also, I am unable to enroll in any school (even the local community college) while my transcripts are held at my other school. Thanks for the well wishes. Zeta Taskforce posted:Do you know what you want to do? There seems to be a wide gulf between physics and philosophy. I have always wanted to teach, but I am constantly discouraged from pursuing it by everyone around me due to its financial viability. Towards the end of my academic career I was getting into the Philosophy of Science and Epistemology was tickling my fancy, so in my eyes Philosophy and Physics were a nice match. I have been listening to Dave Ramsey for a couple months now. My girlfriend's uncle bought her The Total Money Makeover for her birthday last year and I read it in one sitting. I finished with Baby Step 1 and now I am in my debt snowball so I was confused as to what direction to go in regarding my specific situation. I also live with my girlfriend and we treat it as a roommate situation, so my expenses aren't crazy high. I am unable to move home, because home does not exist anymore. Once my grandmother passed my entire family kind of disintegrated. I am only in contact with my younger sister and everyone else is either in rehab or doesn't give two fucks about each other. After reading his book and listening to his show I've been seriously considering getting an evening job and basically having no life until I make some headway in getting out of this Retail Rut. Thank you all very much for the advice, hopefully if I just follow what I am passionate about and ignore "advice" from my friends and co-workers I will be the most badass professor in the world! unoplank fucked around with this message at 20:28 on Jan 31, 2012 |
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Jan 31, 2012 20:25
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Is there a way to find out if there is student loan interest or tution fees from years prior that I could have deducted from my taxes but never did? This year I claimed student loan interest, tution fees and some other $2500 deduction through turbo tax. I did not know of such deductions until this year, is it possible I missed out on other special student loan interest deductions in year past?
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Feb 1, 2012 01:02
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TheShrike fucked around with this message at 20:24 on Nov 18, 2016 |
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Feb 1, 2012 01:32
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I bought a car from a good friend of mine around the $10k range and have been depositing money into his account every month. Will this raise a red flag with the bank and/or IRS?
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Feb 1, 2012 02:09
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Busy Bee posted:I bought a car from a good friend of mine around the $10k range and have been depositing money into his account every month. Will this raise a red flag with the bank and/or IRS? No.
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Feb 1, 2012 02:27
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Binary posted:Is there a way to find out if there is student loan interest or tution fees from years prior that I could have deducted from my taxes but never did? This year I claimed student loan interest, tution fees and some other $2500 deduction through turbo tax. I did not know of such deductions until this year, is it possible I missed out on other special student loan interest deductions in year past? You might have, but keep in mind that you must pay more than $600 toward interest on the loan in order to claim it on your taxes. You should be able to get your tax information from previous years on your servicer's website. If not, give them a call.
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Feb 1, 2012 04:02
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Namirsolo posted:You might have, but keep in mind that you must pay more than $600 toward interest on the loan in order to claim it on your taxes. You should be able to get your tax information from previous years on your servicer's website. If not, give them a call. I don't believe you can only deduct interest if you paid over $600 dollars on it. You can claim either the amount of interest you paid on qualifying loans or $2500, which ever is the lesser. The $600 only factors in in that if you paid over $600 in interest on a loan, the lender of the loan is required to send you a Form 1098-E showing how much interest you paid. http://www.irs.gov/taxtopics/tc456.html
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Feb 1, 2012 07:44
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I'm not sure if this deserves its own thread, so I'm defaulting with no. I'm a college student with a modest income from a part-time job and with parents who help me out. For my last year, I want to move off campus and split an apartment with a friend to save money. So far so standard. I've already rented a room before, so I've seen a standard lease/sublet agreement, and I was somewhat disturbed by the wording. The agreement said that tenants would owe some large sum (1300 a month or some such) in aggregate. Obviously we all paid our share and moved on with our lives, but the way it's worded I understand that if the rest of the tenants simply decide to skip town, I still have to pay 1300 dollars, and either find new roomies, or be obligated for the rest of the lease myself. Now, I'm sure my friend is not going to gently caress anything up financially, and he has parents that support him too, but just in case, I was wondering if there are any other lease formats besides "people in the house owe X money, and we don't care who pays, but someone will." Should a financial disaster befall my friend, is there any way for me to protect myself from paying all of the rent if he decides to move for whatever reason?
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Feb 1, 2012 08:10
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Not sure about the wording you saw but its standard that all residents are responsible for the total rent. The only time I ever had a lease that explicitly said I was only responsible for my portion was in college, in a college town, with a company that mainly rented to students. We also had to have parents co-sign that they were responsible if their kid didn't pay. This was great because my last roommate turned out to be a deadbeat and a liar who got an eviction notice while we lived there.
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Feb 1, 2012 15:40
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If you are all going to sign one lease it's pretty typical that the landlord is just getting paid, and whether that is by equal amounts from all of you or the full amount from one person doesn't matter. I have rented a room in a house with a bunch of other students before where this wasn't the case. In that situation, we each had our own lease for the specific amount we were paying for the room (and access to the common areas). If someone moved out, it wasn't anyone else's problem. This is probably only something you are going to find in areas/people very familiar with student renting. If you and your friends are all coming to a place together at the same time, its also more likely you'll get one lease - in that situation there were seven rooms, people had moved in at different times, and no one really knew each other well prior to renting.
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Feb 1, 2012 16:29
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Binary posted:Is there a way to find out if there is student loan interest or tution fees from years prior that I could have deducted from my taxes but never did? This year I claimed student loan interest, tution fees and some other $2500 deduction through turbo tax. I did not know of such deductions until this year, is it possible I missed out on other special student loan interest deductions in year past? No matter how you filed your taxes last year, you should have saved a copy of the resulting 1040 for your records. If you did, the quickest way to find out if you did is to just look at it. It will be on the first page on the bottom, perhaps 3/4 of the way down, and there is a specific line that says “student loan interest deduction”. If this line is zero, you can find out how much you paid last year from your lender, and you can file an amendment. An amendment is not hard to do, and if you paid that much last year, it is well worth your time to file it. If you didn’t save a copy, you can request a transcript of your taxes from the IRS.
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Feb 1, 2012 16:38
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Zeta Taskforce posted:No matter how you filed your taxes last year, you should have saved a copy of the resulting 1040 for your records. If you did, the quickest way to find out if you did is to just look at it. It will be on the first page on the bottom, perhaps 3/4 of the way down, and there is a specific line that says “student loan interest deduction”. If this line is zero, you can find out how much you paid last year from your lender, and you can file an amendment. An amendment is not hard to do, and if you paid that much last year, it is well worth your time to file it. If you didn’t save a copy, you can request a transcript of your taxes from the IRS. Ok, I filed online with the IRS to get my tax return summaries for the past 3 years and have contacted my student loan agencies on how to get past 1098-Es. Will these two pieces of information tell me whether or not I forgot to file past loan interest? Edit: the IRS will give the last three years back for free, I also need 2006 and 2007 and the (lovely) preparer I previously used claims to not have that information. Also, these are transcripts I am getting, not return copies. Can that be used to file an amendment? Binary fucked around with this message at 02:44 on Feb 2, 2012 |
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Feb 2, 2012 02:36
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Binary posted:Ok, I filed online with the IRS to get my tax return summaries for the past 3 years and have contacted my student loan agencies on how to get past 1098-Es. Will these two pieces of information tell me whether or not I forgot to file past loan interest? That should be enough, especially if you brought it to a paid tax preparer. Furu in the tax thread does lots of goon returns. No one will do an amendment for free but you are more than welcome to ask what this or that means. One small point. If you are filing an amendment and are entitled to a refund, you have to do it within 3 years. Otherwise you miss out. Which is unfair because if you owe money they can make you refile as far back as your birth. So 2006 and 2007 you missed out and 2008 is hanging by a wire.
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Feb 2, 2012 05:32
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Zeta Taskforce posted:That should be enough, especially if you brought it to a paid tax preparer. Furu in the tax thread does lots of goon returns. No one will do an amendment for free but you are more than welcome to ask what this or that means. So I'm SOL on 2006-2008 then? I guess that simplifies things. I was about to send in a form 4506-T by mail to get those years' transcripts but I suppose there's no point now, right?
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Feb 2, 2012 23:41
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Binary posted:So I'm SOL on 2006-2008 then? I guess that simplifies things. I was about to send in a form 4506-T by mail to get those years' transcripts but I suppose there's no point now, right? You would have filed 2008 in the spring of 2009. You have until April 15 of this year to claim that one, so you need to really get moving for that one. Especially if you need a paid professional to figure it out. They will happily do it on March 1, but on April 13th they will laugh at doing a 2008 ammendment. But 2006 and 2007, yeah you are probably SOL.
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Feb 2, 2012 23:48
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I was thinking of converting my emergency fund (10k) into I bonds in yearly 2k increments, so eventually all of it will be in bonds and I can redeem it at any time. Is there a limit to the dollar amount you can electronically redeem at once? The treasury direct site says $1000, more than that and you have to refer to the Treasury Retail Securities Site. My reasoning with the emergency fund is that I should be able to turn it all into cash (all deposits > 1 year of course) with minimal hassles and time. Will this idea work with I bonds?
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Feb 3, 2012 03:38
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Binary posted:I was thinking of converting my emergency fund (10k) into I bonds in yearly 2k increments, so eventually all of it will be in bonds and I can redeem it at any time. Is there a limit to the dollar amount you can electronically redeem at once? The treasury direct site says $1000, more than that and you have to refer to the Treasury Retail Securities Site. My reasoning with the emergency fund is that I should be able to turn it all into cash (all deposits > 1 year of course) with minimal hassles and time. Will this idea work with I bonds? I know I’m not answering the question you asked, but why are you doing this? Is it for the (slightly) higher interest rate? If that’s the case, my recommendation is to shop around for the highest yielding savings or money market account, collect the 0.8% interest and leave at that. The purpose of your emergency fund is to not be creative with investing it, it is to turn a crisis into an inconvenience. Or allow you to jump on opportunities when they happen. It is to make sure you never have to live off credit cards and do the game where you are shuffling debt around while you slowly sink. It is to prevent you from being broke, because when people are broke they get tunnel vision, life becomes a perpetual vortex of disaster. Broke, desperate and stupid are all joined at the hip.
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Feb 3, 2012 17:05
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Binary posted:I was thinking of converting my emergency fund (10k) into I bonds in yearly 2k increments, so eventually all of it will be in bonds and I can redeem it at any time. Is there a limit to the dollar amount you can electronically redeem at once? The treasury direct site says $1000, more than that and you have to refer to the Treasury Retail Securities Site. My reasoning with the emergency fund is that I should be able to turn it all into cash (all deposits > 1 year of course) with minimal hassles and time. Will this idea work with I bonds? I think 1k limits refer to paper bonds redeemed at local banks in which you do not have an account. Since paper ibonds are no longer offered i believe it is irrelevant. I think your idea is fine since the 2k annual increments mean you have taken the 1 yr rule into account. It is tax deferred and inflation protected and has a reasonable early redemption penalty, and redemption only takes a couple days to show up in your bank account. So it is a reasonable strategy IMO.
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Feb 3, 2012 17:15
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80k posted:I think 1k limits refer to paper bonds redeemed at local banks in which you do not have an account. Since paper ibonds are no longer offered i believe it is irrelevant. Wow, this seems like a great strategy for a substantial emergency fund (6 - 9 months living expenses or wages). I (like many) have looked at ways to get at least some interest on a emergency fund and ultimately came to the conclusion that you just could not do better then 1% or lower in a FDIC saving account. It looks like investing 20% - 25% of an your emergency fund per year in I bonds would get you at least inflation protection and likely more, surely better then .5% or what ever a bank is paying for the next few years. In 4 - 5 years you would be fully vested and liquid, the early withdrawal penalties are very small or nothing if you wait long enough you would only tie up 20% - 25% of your efund at a time. You could leave it for 30 years until you retire. I guess I am off to by some I bonds. Heck, I can cover the missing 25% of my efund with cash I have in a "buy a car" account I started a while ago if anything came up in the next 12 months that required more then 75% of my emergency fund. This sounds almost to good, I am missing anything? Looks like some folks on Bogleheads do this, does anyone here? I am surprised it is not recommended more, unless I am missing something.
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Feb 3, 2012 21:23
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spandexcajun posted:Wow, this seems like a great strategy for a substantial emergency fund (6 - 9 months living expenses or wages). I (like many) have looked at ways to get at least some interest on a emergency fund and ultimately came to the conclusion that you just could not do better then 1% or lower in a FDIC saving account. It looks like investing 20% - 25% of an your emergency fund per year in I bonds would get you at least inflation protection and likely more, surely better then .5% or what ever a bank is paying for the next few years. you've got it right. if you know all the rules and have a good plan, I say go for it. "Too good to be true" given the current fixed rate of 0% may be an exaggeration, but in some way, you are right. 5 yr TIPS are in very negative territory and even 10 yr TIPS are slightly negative. So I Bonds are mispriced relative to marketable securities, and a benefit to the small investor.
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Feb 3, 2012 22:02
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Zeta Taskforce posted:I know I’m not answering the question you asked, but why are you doing this? Is it for the (slightly) higher interest rate? I understand your reasoning, that's why I gave up on any efforts to squeeze any profit off my e fund until I heard about I bonds. Here's what I plan on doing: designate 10k to be my e fund, get 12k in my ING account, then start with the yearly 2k deposits, that way I will always have 10k immediately accessible. They can't lose value, so I don't see any downsides to this plan. Edit: The treasury direct site says I bonds have 0% fixed interest right now, but an inflation interest of 1.53%, so the compound interest is 3.06%. Does this mean the same thing as 3.6% APY? Because that's pretty good as far as I can tell. Even high value long term CDs don't have that rate right now, if I'm understanding CDs rates correctly. I'm assuming a CD rate of say 1% means 1% APY for each year you keep the CD. If that's true the I bonds seem to be a clear winner with the 1 year before withdrawal date. Binary fucked around with this message at 23:41 on Feb 3, 2012 |
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Feb 3, 2012 23:37
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I have been doing some thinking lately and I think it is time to file for bankruptcy. I guess I'll spit out all my details: Credit card debt: $11,200 Hospital & doctor debt: $6,800. Ballpark estimate, I get so many statements I lost track. Sent to collections: $350 Income: full-time $10.50/hr, just the best job I can get right now. Though it is 60 miles away (120 miles each day), which adds up to $15/day in gas.. Every week my money just disappears to stay where I am. Just miscellaneous poo poo I have to pay for on top of my debt (license plate stickers, car tune-ups, legal fees, whatever comes up). I have almost no assets. I was robbed twice in 3 months and literally left only with the clothes on my back (had to borrow furniture, a computer, etc). The only thing I have is my car, worth maybe $6000. I guess my questions are: -How much does the bankruptcy process cost? Lawyers and court fees included and all. I am estimating $2000, which I can probably scrap together in a month with my tax return coming in and assuming I don't have to pay in one lump sum. -Would I have to make payments on my car to keep it? Only own one car and I need it for work.
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Feb 4, 2012 00:38
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Hi Meta, I will let someone more knowledgeable than I am address the bankruptcy cost questions - but can you post your credit card interest rate? I think it might be inevitable if it's a high rate given your income and commute expenses. Even if you do declare banktruptcy, I think your employment situation needs serious further consideration. Will you ever be able to move closer to work or ditch the car and get a job within walking distance. I assume not but worth asking.
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Feb 4, 2012 02:46
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SCUBADOOBADOO posted:Hi Meta, 14.24% on CC#1 ($8200), about $95 interest accumulation per month and $185 min payment 24.24% on CC#2 ($3000), about $55 interest & $90 min payment I quit my job and moved in November (the job I had at the time was even worse, a minimum wage job) due to a lot of poo poo that went down. And yeah, I am looking into moving closer to work. I just want to fix up my financial situation a bit before I start paying rent again. I'd never get rid of my car though even if work was within walking/biking distance. I would love to find a job nearby, the cost of living here (Greeley, CO) is much lower than where my work is (Boulder). It is just that out of 50+ applications, even for lovely minimum wage retail jobs, I got 2 interviews. And out of 2 interviews, I got the job in Boulder. It took nearly 2 months to get that job too. If curious, it is a tech support/call center job and after a year of experience, I am thinking I might be able to find a higher paying help desk job closer by. Most pay $13.50/hr around here for the type of work I do, but I had literally 0 experience and no college degree so I am happy I even have this job.
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Feb 4, 2012 03:15
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What's the exemption for reporting savings account interest on US taxes? I've never received a 1099 from the bank, but I also don't think I've made more than $10 a year in interest ever. Am I in the clear? Edit: I was reading up on credit card reward taxes and am not clear on the issue either. It seems that cash back on a rewards card is tax exempt, but a bonus for opening the card can be taxed. I opened up a card that paid a $150 bonus for spening $1000 in the first month, is this taxable or not? Binary fucked around with this message at 06:07 on Feb 4, 2012 |
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Feb 4, 2012 05:32
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Binary posted:What's the exemption for reporting savings account interest on US taxes? I've never received a 1099 from the bank, but I also don't think I've made more than $10 a year in interest ever. Am I in the clear? Report all interest from your savings account, regardless of whether you get a 1099.
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Feb 4, 2012 06:11
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80k posted:Report all interest from your savings account, regardless of whether you get a 1099. Well crap, I have never done that. Am I supposed to add up the interest manually from April 15th of this year to April 15th of next year for next years's taxes? What will happen from not having done so in years past, albeit for a small amount?
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Feb 4, 2012 06:24
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Binary posted:Well crap, I have never done that. Am I supposed to add up the interest manually from April 15th of this year to April 15th of next year for next years's taxes? What will happen from not having done so in years past, albeit for a small amount? Relax. Nothing will happen. Just put year end total interest as of end of 2011 for your bank account. Your bank should have it even if no 1099 is generated. I would not worry about previous years.
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Feb 4, 2012 07:30
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80k posted:Relax. Nothing will happen. Just put year end total interest as of end of 2011 for your bank account. Your bank should have it even if no 1099 is generated. I would not worry about previous years. Cool then, I had no idea to do that until today. Will doing this actually increase my taxable income or is it more to cover your butt in case an audit happens?
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Feb 4, 2012 07:44
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Binary posted:Cool then, I had no idea to do that until today. Will doing this actually increase my taxable income or is it more to cover your butt in case an audit happens? Yes interest is considered taxable income. It clearly makes little difference in this case if it was so low that a 1099 was not sent. So you may pay a few extra bucks in taxes.
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Feb 4, 2012 08:24
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Meta Ridley posted:14.24% on CC#1 ($8200), about $95 interest accumulation per month and $185 min payment Meta, A few months ago your situation was the same and you had a similar question. I told you to stop paying the credit cards and concentrate on eating and getting your health back. Have you stopped paying them? Your problem is not that you have bad credit, or that your debt is ridiculously huge. Your problem is that you have no money, your health is uncertain, and you are being stretched too thin. Bankruptcy will cost a couple thousand dollars and not solve any of your problems. Your credit is the least thing you need to worry about. There is nothing you can do to make it good enough to qualify for the jobs that require good credit, you are not in the position to get any more loans and you will not be opening up any new accounts. Do you qualify for food stamps or any type of assistance? Yes, you do have to make car loan payments if you declare bankruptcy. Otherwise you have to give the car back. What kind of car do you drive and how much do you owe on it? What are your payments?
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Feb 4, 2012 15:35
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I have a question about credit reports. In May of 2005 I was late on a student loan payment for no other reason than the fact that I was bad at remembering to pay bills. The annoying thing is that I had three accounts through AES (subsidized, non-subsidized, and one rolled over from Sallie Mae). Since it was one payment, I have three accounts that show up on the credit report as late in May of 2005. I refinanced these accounts in 2007 so they show as closed in 2007. I didn't fight it back then because I figured it was my cross to bear and maybe it would remind me to stop being so stupid about sending checks. But, it's still there. When can I expect that to disappear from my report? If never, can I call and try to work something out with AES?
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Feb 4, 2012 19:31
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Zeta Taskforce posted:Meta, I don't believe I qualify for assistance (My job adds up to $1450/month). It isn't a ton of money but I think it would be enough to get by on my own again if I lived closer to my job. But like I sad, with an $8000 balance on one of my cards I would be very worried they would garnish my wages if I just stopped paying on it. It isn't my credit rating I am worried about right now, I've accepted it is trashed and will be for years. It is the debt itself, those CCs have like $150 combined interest, and around $300 minimum payment (and of course you can't pay the minimum and pay it off anytime soon). One idea I have is to just pay off the $3000 24% card over the next 6 months, but if I am spending thousands of my income on that it seems like I might as well just get a bankruptcy. Though I wonder if technically since I am able to pay my bills while living with my sister, I wouldn't qualify for bankruptcy? Healthwise, you are right. That is what got me into this hole, and until I am stable I will just end up with more and more debt. My car is paid off, it is a 2000 Honda Accord worth maybe $5500. Never had a loan for it, it is the car I bought straight-up with cash after receiving my insurance claim from my accident.
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Feb 4, 2012 21:05
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Zeta Taskforce posted:It was Walley World I am a bit late on this response, but thank you for the guidance. I sincerely appreciate it.
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Feb 6, 2012 04:41
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Meta Ridley posted:Back then I had no job at all, so my situation has changed a bit. The debt figures are roughly the same though. My current living situation isn't too bad actually, I have money for food. It is just that I'm sure my sister doesn't want me living here forever, I've been here two months now and just want to concentrate on getting back on my feet, and part of what is holding me back is my debt. Since you don’t have a loan on your car, no one has a right to take it back through the bankruptcy due to their status as a lienholder. Every state is different, but I imagine Colorado law allows its citizens to keep a car when they declare bankruptcy. Your car is old enough I don’t see any point in selling it and taking the cash to trade down in car either. But I just don’t see the point of bankruptcy. If you can stabilize your health, career, and living situation, you will be fine. Your debt might hold you back in the future, when it does you will take care of it. You will be able to settle all this stuff for pennies on the dollar, and have the income to do so with ease. If one of the credit card’s sues you, if they get a judgment against you, and the court garnishes your wages, and you are still fighting hard to barely survive, at that point you will be cornered into a bankruptcy, but all that is theoretical. We are talking years before that happens. They can charge you 30% interest if they want, but that doesn’t matter if you don’t pay it. In the meantime it is not a priority. You can do what you want, but if I were you, I would not use my last $3000 to pay the smaller credit card, I would not use it to pay for a bankruptcy attorney. I would open a bank account that none of your creditors have electronic access to, don’t pay any bills creditors, thank your sister for her generosity, do a lot of reading, save as much as you can and realize that you are in the middle of an emergency. Get yourself stable so you can move closer to work when your welcome does wear out, and you won’t be behind the 8 ball when you have to. In a couple years if one of the cards sues you, then hopefully you will have the cash on hand to kill it, but I don’t think you spend $2000 that you barely have for a bankruptcy attorney for what might happen. Zeta Taskforce fucked around with this message at 16:40 on Feb 6, 2012 |
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Feb 6, 2012 16:36
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Erwin posted:I didn't fight it back then because I figured it was my cross to bear and maybe it would remind me to stop being so stupid about sending checks. But, it's still there. When can I expect that to disappear from my report? If never, can I call and try to work something out with AES?
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Feb 7, 2012 01:25
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Is there a reason for me, a 24 year old unmarried female with no home ownership nor children and no immediate plans for children, to look into life insurance? My boyfriend's friend just got a job as a life insurance salesman or something and bullied his way into an "appointment" with us in our home tomorrow evening. I won't be buying from him regardless because I can't stand the guy, but I was just wondering if it's something I should even look into yet. I haven't even finished paying off my relatively small student loans (1 year out and have paid about 5k of the 10k) nor have I started any sort of retirement fund (It took me a year out of college to get a job, and I've only been at this place for a month. I qualify for their 401K starting in July and plan to opt for close to the highest percent while I've got no mortgage or kids to spend it on) Same question, but for my boyfriend (same situation but 1 year of steady employment at his parents' business and maybe 5k more in loans left than me. No retirement fund). Should he bother, either?
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Feb 7, 2012 06:29
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| # ? May 25, 2024 20:22 |
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drat Bananas posted:Is there a reason for me, a 24 year old unmarried female with no home ownership nor children and no immediate plans for children, to look into life insurance? Unless there is something unusual that you didn’t mention, no, you don’t need life insurance. He doesn’t either. Some would say that you should at least have enough to bury you should you pass, but even then, many employers offer plans as part of their benefit package that does exactly that, pays out a few thousand dollars upon your death. They can offer it because it probably costs them practically nothing. If you or he really wants, you can buy a half million, 20 year term policy, for the price of a pizza. I wouldn’t walk away from your boyfriends friend, I would run. Unless he was trying to sell you whole life, then you should punch him in the gut first. Seriously, he is doing real harm to his customers and manipulating their emotions to sell them a piece of crap. (He probably is selling whole life, that is where the fat commissions are). Tell him that you will buy term insurance when you need it, in the meantime you will do your investing within retirement plans and you won’t do it within his crappy, high fee insurance policy that he is making a monster commission on. I hope I was clear 
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Feb 7, 2012 14:38
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