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Cash Value Life Insurance?

Hello all,

Im currently 22 and have been fairly successful in the sales industry for the past 2 years. I now have no debt and I am looking for the best way to add to the retirement fund. I have money going into my company's 401k on the ROTH and traditional side, but also have been interested in cash value life insurance to supplement my retirement funds. Anyone in here familiar with them or have tips or suggestions? Thank you in advance πŸ™πŸ»
πŸ’‘ Education/Resources
πŸ’΅ Finance
πŸ›‘ Insurance
8
mstl
Politicker
+7
Account Executive
Pretty much everyone I know in the personal finance field says it’s the absolute dumbest β€œinvestment” you can make.
paddy
WR Officer
+10
Account Executive
Save up and invest in real estate. If you're in California at least.
CaneWolf
Politicker
+12
Call me what you want, just sign the damn contract
Do not do that. Buy index funds.
OpalTiddyChurger
Arsonist
+9
Funbags Enthusiast
Put your money into the market. I would consult with an adviser on a short and long term plan. Short being something to give you fast cash in say 10 years and then use that money to invest into multi-family real estate and by the time you're 40 your mortgage will be paid off and the rent is pure income.Β 
braintank
Politicker
+6
Enterprise Account Executive
It's a scam. Don't do it. Don't work with any financial advisor who advises you to do it.
looper1010
Celebrated Contributor
+13
Account Executive
Take care of bills first.Β  Have an emergency fund (6 mo). Then max out all retirement options. 401k, Roth ira (most likely if you're young with a lower salary - less taxes vs. Older and higher salary). Max out your HSA next.Β Β 
Then some general investments (index funds).Β  Save for large purchases.Β Β 
If you have money leftover, then you can splurge on something fun.

Who the hell is selling you a cash value life insurance at 22? Are you terminal, have some kinda illness, have dependents already?Β  Are you not the typical healthy young man? High risk to die soon?


Oz
Ozz
Politicker
+6
Account Executive
It’s a scam and just a forced saving account. Index funds are much better and more liquid.
Co
Covfefe4ClosersOnly
VP of Sales
As an investment? There are better options.Β 

Firming up a cheaper rate because you are younger and planning it for income replacement for when you have a family in the future? That’s a better reason if you can afford all other savings and that.
5
Do you do it for the cash or the cred?
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I do it for the:
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inbravado , Β  Sunset , Β  Nairobi Β  and 82 people voted
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1
Benefits to negotiation when your financially stable.
Advice
6
29
"Is $250,000 a life-changing sum of money?"
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61
Is $250,000 a life-changing sum of money?
Dd
Sa
+309
Dday , Β  Cooper , Β  SaaSholeengineer Β  and 309 people voted
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