My girlfriend and I had a little conversation. She have saved up some bit of money and was wondering where to put it. I asked her if she has been talking to some financial advisers? She said yes. Then I told her that what I'm going to tell to her might not the one she wants to hear.
Her financial adviser told her to get the VUL then put in 10% every month from her salary. I told her, that's good. If you plan to work until 70. "What I'm going to tell you would be different, because I will not earn commission." And thus, my advise is something where I wont have anything to gain.
Every time you buy a VUL from a financial adviser, you are literally paying that financial adviser's kid's college tuition. Its even better if you just give him the money instead of buying. That will put his child to college.
My advise is to save money. 90% if you can, and buy the index every month. its that simple. Don't go to mutual funds, dont go to financial advisers, just learn to navigate a stock broker account and buy the index.
Now, if you follow that rule, in 3 years, you may retire. I mean MAY retire. In which I mean, quitting your job is optional.
Then if every year you only take 4% of that nest egg, it will never ran out of money. FOREVER. There I told you how to cheat the system. Its infinite money. Personal finance for me is just a game. Here's the cheat code, now go have some fun.
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