We are close to debt free. And are looking at investment vehicles. It was suggested that we could use a life insurance as an vehicle at 6.5% interest. This seems better than a CD. And we would have access to it in 10 years for our daughter's education. What is your opinion? I have never consider this before as a way to build savings.Answer Question
Answer by Busimommi at 4:24 PM on May. 19, 2009
Answer by gaalar at 5:48 PM on May. 19, 2009
Answer by MumFerg at 5:59 PM on May. 19, 2009
Answer by gaalar at 7:12 PM on May. 19, 2009
Answer by gaalar at 7:13 PM on May. 19, 2009
Answer by rkoloms at 6:07 AM on May. 20, 2009
Answer by pamom222 at 7:41 AM on May. 20, 2009
Answer by MumFerg at 1:00 PM on May. 20, 2009
Answer by TrekkieMom at 7:35 PM on May. 20, 2009
THINK ABOUT THIS ONE OKAY
You hand your money over to an insurance company to do the investing for you. Yeah that doesn't make sense at all!! Life insurance is incase you die before you hit retirement- it's not for life. At retirement you should have enough money socked away to take care of your loved ones if and when you die. Buy term life. It is pennies on the dollar.
Invest the difference in to a mutual fund. If you don't feel comfortable picking out the funds, pick an investor to help you pick- not an insurance company.
BTW checkingfinder.com has checking accounts that give you 3 to 5% interest.
If your income is under $200,000 use Education Savings Accounts to save for your kids college funds. Bottom line is- be smart about it.
Answer by Erica_Smerica at 11:07 PM on May. 20, 2009
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