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From: Ralph Mowery on 14 Nov 2009 10:27

"dr_jeff" <utz(a)msu.edu> wrote in message
news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com...
>
> My dad is 82. He has for years been making really stupid financial
> decisions without asking for help from me, my brother or a financial
> planner. All you can do is offer her help.
>

When some people get some age on them , they will often do stupid things or
make stupid mistakes.

I went throw that for several years with my dad. My mother had passed away
and dad was living by himself. He had a new well drilled just because one
faucet had low water flow. He could water the garden for an hour with
plenty of water, so there was nothing wrong with the well. I had looked at
it once for him. Probably one of the low flow faucets they make now. He
had a HVAC company to check out his heat pump several times because he
thought smoke was coming out of the vents. When he was in his prime he
could have repaired it himself if it had actually needed it. He was handy
with tools. He made a living working a place repairing appliances like
stoves, refrigerators and washing machines. Before that he worked as a
plumber.


From: dr_jeff on 14 Nov 2009 10:32
Ralph Mowery wrote:
> "dr_jeff" <utz(a)msu.edu> wrote in message
> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com...
>> My dad is 82. He has for years been making really stupid financial
>> decisions without asking for help from me, my brother or a financial
>> planner. All you can do is offer her help.
>>
>
> When some people get some age on them , they will often do stupid things or
> make stupid mistakes.

Yeah, and that starts at age 0.

Unfortunately, in his day, there was no such thing as personal financial
education. And, people thought buying whole life insurance was a good
idea for them (in some cases it is, but mostly, it isn't). Now there is
some good education, like soundmoney (soundmoney.org).

> I went throw that for several years with my dad. My mother had passed away
> and dad was living by himself. He had a new well drilled just because one
> faucet had low water flow. He could water the garden for an hour with
> plenty of water, so there was nothing wrong with the well. I had looked at
> it once for him. Probably one of the low flow faucets they make now. He
> had a HVAC company to check out his heat pump several times because he
> thought smoke was coming out of the vents. When he was in his prime he
> could have repaired it himself if it had actually needed it. He was handy
> with tools. He made a living working a place repairing appliances like
> stoves, refrigerators and washing machines. Before that he worked as a
> plumber.

My dad's the same way.
From: Mike Hunter on 14 Nov 2009 13:32
There is nothing wrong with a whole life policy as long as it is a Family
Policy and one converts it to a self paid policy after about ten years.
One ends up with nearly twice the face value of the policy and no long needs
to pay anymore premiums. By the time one family is out of the house one no
longer need life insurance.


"dr_jeff" <utz(a)msu.edu> wrote in message
news:16ydnUyVA8MSUGPXnZ2dnUVZ_rFi4p2d(a)giganews.com...
> Ralph Mowery wrote:
>> "dr_jeff" <utz(a)msu.edu> wrote in message
>> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com...
>>> My dad is 82. He has for years been making really stupid financial
>>> decisions without asking for help from me, my brother or a financial
>>> planner. All you can do is offer her help.
>>>
>>
>> When some people get some age on them , they will often do stupid things
>> or make stupid mistakes.
>
> Yeah, and that starts at age 0.
>
> Unfortunately, in his day, there was no such thing as personal financial
> education. And, people thought buying whole life insurance was a good idea
> for them (in some cases it is, but mostly, it isn't). Now there is some
> good education, like soundmoney (soundmoney.org).
>
>> I went throw that for several years with my dad. My mother had passed
>> away and dad was living by himself. He had a new well drilled just
>> because one faucet had low water flow. He could water the garden for an
>> hour with plenty of water, so there was nothing wrong with the well. I
>> had looked at it once for him. Probably one of the low flow faucets they
>> make now. He had a HVAC company to check out his heat pump several
>> times because he thought smoke was coming out of the vents. When he was
>> in his prime he could have repaired it himself if it had actually needed
>> it. He was handy with tools. He made a living working a place repairing
>> appliances like stoves, refrigerators and washing machines. Before that
>> he worked as a plumber.
>
> My dad's the same way.


From: dr_jeff on 14 Nov 2009 15:04
Mike Hunter wrote:
> There is nothing wrong with a whole life policy as long as it is a Family
> Policy and one converts it to a self paid policy after about ten years.

However, it is not a good investment vehicle for a lot of people. And a
lot of people bought them without understanding them or their other
investment options.

> One ends up with nearly twice the face value of the policy and no long needs
> to pay anymore premiums. By the time one family is out of the house one no
> longer need life insurance.

Depends on the circumstances.

But my point is that a lot of people bought insurance policies without
understanding their needs or options.

That's why there are fee-only financial advisors.

Jeff

> "dr_jeff" <utz(a)msu.edu> wrote in message
> news:16ydnUyVA8MSUGPXnZ2dnUVZ_rFi4p2d(a)giganews.com...
>> Ralph Mowery wrote:
>>> "dr_jeff" <utz(a)msu.edu> wrote in message
>>> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com...
>>>> My dad is 82. He has for years been making really stupid financial
>>>> decisions without asking for help from me, my brother or a financial
>>>> planner. All you can do is offer her help.
>>>>
>>> When some people get some age on them , they will often do stupid things
>>> or make stupid mistakes.
>> Yeah, and that starts at age 0.
>>
>> Unfortunately, in his day, there was no such thing as personal financial
>> education. And, people thought buying whole life insurance was a good idea
>> for them (in some cases it is, but mostly, it isn't). Now there is some
>> good education, like soundmoney (soundmoney.org).
>>
>>> I went throw that for several years with my dad. My mother had passed
>>> away and dad was living by himself. He had a new well drilled just
>>> because one faucet had low water flow. He could water the garden for an
>>> hour with plenty of water, so there was nothing wrong with the well. I
>>> had looked at it once for him. Probably one of the low flow faucets they
>>> make now. He had a HVAC company to check out his heat pump several
>>> times because he thought smoke was coming out of the vents. When he was
>>> in his prime he could have repaired it himself if it had actually needed
>>> it. He was handy with tools. He made a living working a place repairing
>>> appliances like stoves, refrigerators and washing machines. Before that
>>> he worked as a plumber.
>> My dad's the same way.
>
>
From: Mike Hunter on 14 Nov 2009 16:05
One needs life insurance to protect the family if the bread winner is taken
away prematurely. A whole life policy is by far the lowest cost way to do
so IF as I suggest it is converted.

If you had done some research before you chose to comment yet again, on a
subject of which you seem to have little or no knowledge, you would have
discovered a family whole life policy guarantees the insurability of all of
ones children when they reach their majority.

No other policy does that. Term life appears to be less expensive when a
father is young, but the premiums go up appreciably, upon renewal and term
life does not offer insurability protection to either the insured or his
children. On the other hand if converted as I suggest ones coverage will
nearly DOUBLE and with NO further premiums being due on a family whole life
policy.



"dr_jeff" <utz(a)msu.edu> wrote in message
news:19OdnXt1yuTbkGLXnZ2dnUVZ_q9i4p2d(a)giganews.com...
> Mike Hunter wrote:
>> There is nothing wrong with a whole life policy as long as it is a Family
>> Policy and one converts it to a self paid policy after about ten years.
>
> However, it is not a good investment vehicle for a lot of people. And a
> lot of people bought them without understanding them or their other
> investment options.
>
>> One ends up with nearly twice the face value of the policy and no long
>> needs to pay anymore premiums. By the time one family is out of the
>> house one no longer need life insurance.
>
> Depends on the circumstances.
>
> But my point is that a lot of people bought insurance policies without
> understanding their needs or options.
>
> That's why there are fee-only financial advisors.
>
> Jeff
>
>> "dr_jeff" <utz(a)msu.edu> wrote in message
>> news:16ydnUyVA8MSUGPXnZ2dnUVZ_rFi4p2d(a)giganews.com...
>>> Ralph Mowery wrote:
>>>> "dr_jeff" <utz(a)msu.edu> wrote in message
>>>> news:HNadna7Ju5rePmPXnZ2dnUVZ_qpi4p2d(a)giganews.com...
>>>>> My dad is 82. He has for years been making really stupid financial
>>>>> decisions without asking for help from me, my brother or a financial
>>>>> planner. All you can do is offer her help.
>>>>>
>>>> When some people get some age on them , they will often do stupid
>>>> things or make stupid mistakes.
>>> Yeah, and that starts at age 0.
>>>
>>> Unfortunately, in his day, there was no such thing as personal financial
>>> education. And, people thought buying whole life insurance was a good
>>> idea for them (in some cases it is, but mostly, it isn't). Now there is
>>> some good education, like soundmoney (soundmoney.org).
>>>
>>>> I went throw that for several years with my dad. My mother had passed
>>>> away and dad was living by himself. He had a new well drilled just
>>>> because one faucet had low water flow. He could water the garden for
>>>> an hour with plenty of water, so there was nothing wrong with the well.
>>>> I had looked at it once for him. Probably one of the low flow faucets
>>>> they make now. He had a HVAC company to check out his heat pump
>>>> several times because he thought smoke was coming out of the vents.
>>>> When he was in his prime he could have repaired it himself if it had
>>>> actually needed it. He was handy with tools. He made a living working
>>>> a place repairing appliances like stoves, refrigerators and washing
>>>> machines. Before that he worked as a plumber.
>>> My dad's the same way.
>>

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