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The sooner everyone realizes that there is no difference between Suzie Orman, Dave Ramsey, Jim Cramer, Al Franken, and Rush Limbaugh, they happier they will be. They are entertainers at heart. They've picked an issue and will ride it as long as they can to make as much money as they can. They will all say whatever it takes to sell the next book, the next CD, keep the show on the air, and book the next speaking appearance.
Every once in a while they will be right on an issue. But to take everything one of them says at face value is asking for disappointment. They are no different than politicians, they are just more obvious in their whoring for money.
While most is correct not all is correct. Sure the majority of people they help but some they actually hurt.
The big picture for me is Dave's 16 million dollar house in Tennessee. Dave didn't build that house by savings he built it on the back of all of his followers. That is the way I look at it.
If a man is 50 years old and follows the strategy of buying term and investing the difference will he have enough time and will the market cooperate to the point that this will work out for him. Those are the big ifs they do not address.
If a man dies at age 60 with no insurance he will leave his widow savings of only a few thousand and then what will she do. Live on social security and work at Walmart? The reason he won't have any term coverage is it gets too expensive as he gets older. Currently the average balance of 401k's in the US is $32,000.
http://www.lifeandhealthinsurancenews.c ... k-Day.aspx
i cant believe people are still arguing against buy term and invest the rest. whole life is good for a very small percentage of society.
most of the people who watch dave and suze still have credit card debt for pete's sake. you want them to buy hwole life ins. when they still have credit card deebt. gimmeabreka.
i cant believe people are still arguing against buy term and invest the rest. whole life is good for a very small percentage of society.
most of the people who watch dave and suze still have credit card debt for pete's sake. you want them to buy hwole life ins. when they still have credit card deebt. gimmeabreka.
Common sense. You can't save at 4% or so while you're being charged at 19%. Makes zero sense. Anything you put into perm should have gone to pay down the high interest credit cards.
So what you are saying is, Dave and Suze's advice really don't work? If the majority of the people who follow them still have massive debt, then it must not be working.
1. You think like a salesperson instead of a problem solver. I use insurance products as tools to help people solve problems, not to sell them a policy.
2. Whole life is good for everyone. The question is - in what size? A small policy for $25,000 with plenty of term on top of it is a good enough taste of what whole life can do.
3. Until you understand how whole life can benefit you while you're alive, you won't ever sell it and offer it as a possible solution to problems your clients may have.
For healthagent's comment about paying 19% while trying to save at 4%... MATHEMATICALLY, you are correct. However, when some people have absolutely ZERO savings, it makes sense for them to put money away so they have some. But that money goes into a BANK, not whole life or any other permanent insurance until they have a savings cushion. It's amazing how much better you feel about life when you have some financial reserves - even if you paid more interest over time to get those reserves.