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cackalacky said:
Got any tips on where to find these magically awesome compound interest accounts?
Fixed annuities with lifetime guaranteed interest rates with short penalty periods and plain vanilla, old-school whole life life insurance policies with guarantees. Yes, they are still out there - welcome to 1977.
 

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Screw the whole life policy. Waste of money. Get a term life and take the money you'd spend on whole life and invest it in a mutual fund with long term growth. Spend less than you make. Get debt free (yes, it can be done). My wife and I have been debt free for 3 years now and pay cash for everything (we're 39 and 40). It's amazing how much bigger your paycheck becomes when it all goes into the bank.
 

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moto367 said:
Screw the whole life policy. Waste of money. Get a term life and take the money you'd spend on whole life and invest it in a mutual fund with long term growth.
The rest of your advice is spot on but I see SO many problems with this statement. Think of it this way; whole life (let's call it what it is, cash value life insurance) can be bad, but if used correctly these policies perform wonderfully. The best way to success is to find an advisor you trust and listen to their advice.
 
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