Whole life insurance as an investment vehicle
The one stands out and given by multiple of professional or so-called professional is to buy a "Whole Life Insurance" as an investment vehicle plus life insurance coverage vs. a "Term Life Insurance" policy.
Just do some calculations of the future value (Excel formula FV) in 20 years of the estimated monthly premium cost for a $1 million Whole Life Insurance vs. a 20 year Term Life Insurance (for the rate of return, you may assume 8%, in some estimates the long term retun of the stock market if you invest that money in Index Mutual Funds.) – you'll be SHOCKED!
Pressure Tactics and Poor Advice
I had one guy INSIST that I buy a costly Variable Life insurance policy. “Don’t read the prospectus! TRUST ME!” Sorry. “We’re not leaving until you sign!” Okay well you may want to order a pizza, because it’s gonna be a looooooooooong wait!
Another time I met with reps from a major financial firm who asked how my investments had been doing. “For the past ten years my compound returns have been 27%.” (That is, my portfolio was up 10x over ten years.)
This upset then tremendously, like I had just told them I kidnapped babies to use as firewood. “Well, THAT’s totally unsuitable!”Well, what do YOU recommend? “We have a program that will deliver 7% a year. But no promises!” (Perhaps double over ten years.) Okay! We’re done here!
Escape While You Can: The Hidden Costs and High Fees of Edward Jones
Run, don’t walk, away from Edward Jones. The damage is kind of done already, but they will inflict more unnecessary costs and will keep steering you to high load, big fee funds. It’s ridiculous in this day and age.
Financial advisors are very annoying
Does anybody else find cold calls from financial advisors extremely annoying? I have 3 accounts.
Schwab holds retirement accounts and it does what I need it to do. I use TD as a brokerage and it does what I need it to do. They fulfill their purpose and never bother me and are great. But I also have bank account w Bank of America / Merrill lynch and I get a call from them every week from a different dillhole offering me his financial services and I find it so annoying and violating bc I know what’s happening is that these back office bungoles are looking at my accounts and holdings, which is targeting me as a good call for their prospecting.
It’s like I’m paying them to upsell me on their services, which they have never actually are able to explain why I need
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The Impact of Bad Financial Advice
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