Financial Advice to 20-30 Somethings

[tikitoast]

Quote:

Originally Posted by ylm23 About life insurance - what DH and I did when we owned our home but weren't married yet was take out term life ins in the amount of the mortgage, sure we had about equal earning potential but the mortgage alone would have been a stretch for either of us and it is one less thing to worry about while mourning the loss of the love of your life. I do agree if you have no dependents and enough money to bury yourself, life ins. isn't necessary.

That's such a great idea, for the sake of any children also. I wish my father had had insurance for the amount of his mortgage.

When he passed there was no money to keep the house, which was sold in a hurry under pressure from my uncle--who recently admitted to me (vindicated at last!) that he should have worked harder to keep that property as part of my trust. Fifteen years later it would be valued at around 400k...Whereas the investments he kept churning for me had plummeted significantly when I finally inherited them.

Live and learn!

[newyorklady]

i truly believe that your choice of a spouse is the number one factor for financial success. also check into potential spouse's family to see if they will be a burden to you. i am not saying marry rich, which is always nice (i didn't do that btw) but marry someone who is into the lbym mentality. in addition to the financial benefits of this, there are so many more benefits such as a much more fulfilling and interesting life. someone who equates happiness with a new car is just a plain old bore in my book.