+1 on insurance, I would review in depth what you believe your term life insurance needs are as well as disability needs. Everyone manages risk in a different way, and therefore your answer will depend on your personal situation. Some people don't need any, some people can't sleep at night without. For us, with my wife being a SAHM, we have term life insurance in place for her. I would not be able to keep my current job if she passes and would have to downshift to the point where it would impact our lives financially, or would have to get significant support at home. I manage that risk with term life insurance that is relatively inexpensive, hoping i will never need it.+1. Insurance is risk mitigation for some of life’s most terrible events. Everyone dies. You can’t mitigate death but youcan mitigate the financial consequences. Same for disability.IMO insurance isn't an investment at all, but in those cases where it is sold as or bought as an investment I'll agree probably is a terrible one.Insurance is financially a bad investment.That's just silly.Insurance is financially a bad choice in nearly every case.
Also review expenses and keep a view on budget as you settle into your new reality. I can echo the story above that for us, when my wife stopped working, her expenses INCREASED (more driving, more activities with the kids, more social activities to get out of the house, etc).
Statistics: Posted by Keebtree — Tue Sep 03, 2024 4:15 pm — Replies 25 — Views 2166