iFly86
Well-Known Member
Hello,
Yesterday my wife and I met with our financial advisor at Northwestern Mutual. We had been stashing too much money in our savings account at bank and wanted a way to put it to work better. He made a plan that for the most part sounded good. I had been making extra payments on mortgage to try to pay it off early. (Making at least an extra payment a year.) he suggested to keep that up. We were paying several hundred extra on car with a 3% interest rate. He suggested to stop that and use it elsewhere since it was such a low rate. I don't disagree. The part that I'm curious about is this. We have been fully funding a Roth for my wife for her retirement since she doesn't get a 401k from work. We decided to take the extra 10,000 and put in a mutual fund. I had been paying extra on my student loans. He suggested taking 200 a month from that and putting into mutual fund. Then 300 and overfunding an ACL policy with intent to pulling the cash value at year 10 to pay off student loans. To me it sounds better to put that in the mutual fund too but he argued this was a safer avenue and he doesn't want to be risky with the money used to pay off loans. Thoughts?
General opinion on Whole Life insurance....especially to be safe money for retirement if it happens to be a 2008 when I want to retire?
Yesterday my wife and I met with our financial advisor at Northwestern Mutual. We had been stashing too much money in our savings account at bank and wanted a way to put it to work better. He made a plan that for the most part sounded good. I had been making extra payments on mortgage to try to pay it off early. (Making at least an extra payment a year.) he suggested to keep that up. We were paying several hundred extra on car with a 3% interest rate. He suggested to stop that and use it elsewhere since it was such a low rate. I don't disagree. The part that I'm curious about is this. We have been fully funding a Roth for my wife for her retirement since she doesn't get a 401k from work. We decided to take the extra 10,000 and put in a mutual fund. I had been paying extra on my student loans. He suggested taking 200 a month from that and putting into mutual fund. Then 300 and overfunding an ACL policy with intent to pulling the cash value at year 10 to pay off student loans. To me it sounds better to put that in the mutual fund too but he argued this was a safer avenue and he doesn't want to be risky with the money used to pay off loans. Thoughts?
General opinion on Whole Life insurance....especially to be safe money for retirement if it happens to be a 2008 when I want to retire?
