25, Los Angeles Area and eager to be FIRE

[Wu_wu]

Hello everyone!

I recently found this forum and think it could be a great resource to me! I am nowhere near being FI or able to RE, but from working in the financial field, it certainly has piqued my interest. I have no assets or any liabilities really as I just graduated in 2012 debt free, and have been working as financial service provider at a New York Life, which has been a wonderful company to work for! I've perused the website a bit before joining and I hope that I am able to become as FI as some of you amazing savers! I hope to learn and hopefully be able to better my practice from you all!

 

[LongPrime]

What is the latest spiel on CV life insurance?

OK, I'll look at couple of the annuities.

 

[Wu_wu]

Hi LongPrime!

I don't quite understand your question? What do you mean what is the latest spiel on CVLI? Do you mean what's the current dividend rate? current idea behind it?

 

[EastWest Gal]

I'm afraid you missed that it was a joke. Most of us here bought term life insurance and invested the money we saved.

I found this forum in February. I recommend you read the FAQs and spend some time on the FIRE and money threads. The main thing to do is live below your means and invest what you save after you have you have an emergency fund (6-12 months living expenses). If you have a credit card, always pay it off. Avoid debt when you can. Buy equities, mainly low cost mutual funds. A lot of people here have Vanguard funds, for example. Most of all, ER is a mindset which helps you delay gratification for the larger goal of financial independence. Good luck on your journey.

 

[Wu_wu]

Ah, Thank you EastWest Gal! Jokes and sarcasm are difficult to read in the internet world and as someone eager to learn and share, I guess I got caught off guard with that one. Also thank you for the quickstart tip on how to get started on this forum and in FIRE life! I hope to be able to learn a lot from everyone here! Seeing as this is my first real "financial" forum, I hope I don't come off the wrong way, this is more for personal growth, not business.

 

[38Chevy454]

Hang out here for personal knowledge and education is good. Hang out here to push your professional life is bad. Keep those separate and learn what you can, and ER can be an option for you. Hang around here and it may make you seek alternate employment though......

Or translated = there are not many fans of life insurance other than term life on here

 

[Wu_wu]

That is what I am here for 38Chevy454! My plan on this forum is to learn about doing the right things to help me get into FIRE as smoothly as possible since many of the members on here are well on their way to achieve it. I still believe that what I do, for as long as I plan to do it. What I do as a profession is not right for everyone, some people need the help, others find their own ways. I definitely will not try to push anything onto anyone in this forum, but it won't mean that I won't share insight every once in a while as to why what I do isn't all that bad. TBH, as long as people on here at least understand the needs of the loved ones left behind and purchase term life on themselves, is already good enough for me.

 

[LongPrime]

I have a philosophy about $$$$: Go-for-Broke, as many times as it takes to succeed. The alternative is to be safe and never get there.

Unfortunately, my own personality is contrary to my own philosophy and I am a wimp against my wife.

 

[REWahoo]

TBH, as long as people on here at least understand the needs of the loved ones left behind and purchase term life on themselves, is already good enough for me.

Here's some education for you: Many if not most of us who are FI have no need for life insurance, term or otherwise. We will leave behind sufficient assets and do not need to pay a third party for financial assistance.

 

[brewer12345]

That is what I am here for 38Chevy454! My plan on this forum is to learn about doing the right things to help me get into FIRE as smoothly as possible since many of the members on here are well on their way to achieve it. I still believe that what I do, for as long as I plan to do it. What I do as a profession is not right for everyone, some people need the help, others find their own ways. I definitely will not try to push anything onto anyone in this forum, but it won't mean that I won't share insight every once in a while as to why what I do isn't all that bad. TBH, as long as people on here at least understand the needs of the loved ones left behind and purchase term life on themselves, is already good enough for me.

You might want to spend some time singing small about this stuff and getting the vibe of the forum. NY Life is one of the few companies that I would buy insurance from and I have friends and former colleagues working there. However, singing the praises of permanent life insurance and annuities to a group of high net worth retired people who don't generally need either will win you no fans. We have all seen that movie many times before.

 

[Wu_wu]

Here's some education for you: Many if not most of us who are FI have no need for life insurance, term or otherwise. We will leave behind sufficient assets and do not need to pay a third party for financial assistance.

Hello REWahoo! That's great! The fact is that those of you that are FI and have no need for insurance. I'm talking about those still building up to be FI, or those who have other concerns, like estate planning and got some. I also just came from the life insurance thread when answering 38Chevy, which is where I was under the impression that those working towards FI had some coverage in the event they weren't able to make it to FI and want to leave their spouses and loved ones with something.

 

[Wu_wu]

You might want to spend some time singing small about this stuff and getting the vibe of the forum. NY Life is one of the few companies that I would buy insurance from and I have friends and former colleagues working there. However, singing the praises of permanent life insurance and annuities to a group of high net worth retired people who don't generally need either will win you no fans. We have all seen that movie many times before.

Thanks brewer12345! I understand where you're coming from and will try to keep the praising and "propaganda" a minimum. As it is the only real experience I have in the financial field, life insurance and annuities is the only things I'm knowledgeable about, hence why my few posts were in those threads. But I have been reading and lurking in a lot of the threads and taking in some good information. Again, thank you members that have commented in this thread and helped me get started here!