[Ren]

[quote=UCGal]Also – look at what your insurance needs really are. Insurance agents will try to convince you that you need X million. In reality look at what expenses your wife would have (burial and income replacement) and work from there.

For us – we figured the surviving spouse would be fine supporting themselves and the kids if the mortgage was gone… And we want to cover the kids college. So that’s the number we used for insurance…[/quote]

Their estimates for the amount of coverage needed are ridiculous. They assume that as soon as one spouse gets the money, they’re going to stuff it in a mattress until it’s time to pay things off (college, etc.), and never work again, completely ignoring what decades of investing (not to mention working) can do. When we were interviewed by the nice NYL man, he came up with a number well over $1m+ each. $500k fit our situation much better.

[Ren]

[quote=UCGal]Also – look at what your insurance needs really are. Insurance agents will try to convince you that you need X million. In reality look at what expenses your wife would have (burial and income replacement) and work from there.

For us – we figured the surviving spouse would be fine supporting themselves and the kids if the mortgage was gone… And we want to cover the kids college. So that’s the number we used for insurance…[/quote]

Their estimates for the amount of coverage needed are ridiculous. They assume that as soon as one spouse gets the money, they’re going to stuff it in a mattress until it’s time to pay things off (college, etc.), and never work again, completely ignoring what decades of investing (not to mention working) can do. When we were interviewed by the nice NYL man, he came up with a number well over $1m+ each. $500k fit our situation much better.

[Ren]

[quote=UCGal]Also – look at what your insurance needs really are. Insurance agents will try to convince you that you need X million. In reality look at what expenses your wife would have (burial and income replacement) and work from there.

For us – we figured the surviving spouse would be fine supporting themselves and the kids if the mortgage was gone… And we want to cover the kids college. So that’s the number we used for insurance…[/quote]

Their estimates for the amount of coverage needed are ridiculous. They assume that as soon as one spouse gets the money, they’re going to stuff it in a mattress until it’s time to pay things off (college, etc.), and never work again, completely ignoring what decades of investing (not to mention working) can do. When we were interviewed by the nice NYL man, he came up with a number well over $1m+ each. $500k fit our situation much better.

[Ren]

[quote=UCGal]Also – look at what your insurance needs really are. Insurance agents will try to convince you that you need X million. In reality look at what expenses your wife would have (burial and income replacement) and work from there.

For us – we figured the surviving spouse would be fine supporting themselves and the kids if the mortgage was gone… And we want to cover the kids college. So that’s the number we used for insurance…[/quote]

Their estimates for the amount of coverage needed are ridiculous. They assume that as soon as one spouse gets the money, they’re going to stuff it in a mattress until it’s time to pay things off (college, etc.), and never work again, completely ignoring what decades of investing (not to mention working) can do. When we were interviewed by the nice NYL man, he came up with a number well over $1m+ each. $500k fit our situation much better.

[Ren]

[quote=UCGal]Also – look at what your insurance needs really are. Insurance agents will try to convince you that you need X million. In reality look at what expenses your wife would have (burial and income replacement) and work from there.

For us – we figured the surviving spouse would be fine supporting themselves and the kids if the mortgage was gone… And we want to cover the kids college. So that’s the number we used for insurance…[/quote]

Their estimates for the amount of coverage needed are ridiculous. They assume that as soon as one spouse gets the money, they’re going to stuff it in a mattress until it’s time to pay things off (college, etc.), and never work again, completely ignoring what decades of investing (not to mention working) can do. When we were interviewed by the nice NYL man, he came up with a number well over $1m+ each. $500k fit our situation much better.

[Ren]

I like to think in terms of other people’s money. 30 years of PITI being paid entirely by someone else is a beautiful thing, and a couple of paid properties can make up most of your retirement income. If one becomes a maintenance hassle, sell it and buy newer construction.

Try to detach yourself from the place emotionally. Drywall can be repaired (and even whole sections replaced for not much $), nail holes filled, flooring replaced. Knowing you could fix a place up as good as new IF you wanted to, will help you accept a do-it-yourself patch job on the occasional doorknob-shaped hole. I would not personally want to live with a doorknob-shaped patch in my own wall, but renters are usually okay with it, and I’ll concentrate on making the house that I call “home” perfect.

Price below market and thoroughly check references, and you’re much more likely to get a respectful tenant.

[Ren]

I like to think in terms of other people’s money. 30 years of PITI being paid entirely by someone else is a beautiful thing, and a couple of paid properties can make up most of your retirement income. If one becomes a maintenance hassle, sell it and buy newer construction.

Try to detach yourself from the place emotionally. Drywall can be repaired (and even whole sections replaced for not much $), nail holes filled, flooring replaced. Knowing you could fix a place up as good as new IF you wanted to, will help you accept a do-it-yourself patch job on the occasional doorknob-shaped hole. I would not personally want to live with a doorknob-shaped patch in my own wall, but renters are usually okay with it, and I’ll concentrate on making the house that I call “home” perfect.

Price below market and thoroughly check references, and you’re much more likely to get a respectful tenant.

[Ren]

I like to think in terms of other people’s money. 30 years of PITI being paid entirely by someone else is a beautiful thing, and a couple of paid properties can make up most of your retirement income. If one becomes a maintenance hassle, sell it and buy newer construction.

Try to detach yourself from the place emotionally. Drywall can be repaired (and even whole sections replaced for not much $), nail holes filled, flooring replaced. Knowing you could fix a place up as good as new IF you wanted to, will help you accept a do-it-yourself patch job on the occasional doorknob-shaped hole. I would not personally want to live with a doorknob-shaped patch in my own wall, but renters are usually okay with it, and I’ll concentrate on making the house that I call “home” perfect.

Price below market and thoroughly check references, and you’re much more likely to get a respectful tenant.

[Ren]

I like to think in terms of other people’s money. 30 years of PITI being paid entirely by someone else is a beautiful thing, and a couple of paid properties can make up most of your retirement income. If one becomes a maintenance hassle, sell it and buy newer construction.

Try to detach yourself from the place emotionally. Drywall can be repaired (and even whole sections replaced for not much $), nail holes filled, flooring replaced. Knowing you could fix a place up as good as new IF you wanted to, will help you accept a do-it-yourself patch job on the occasional doorknob-shaped hole. I would not personally want to live with a doorknob-shaped patch in my own wall, but renters are usually okay with it, and I’ll concentrate on making the house that I call “home” perfect.

Price below market and thoroughly check references, and you’re much more likely to get a respectful tenant.

[Ren]

I like to think in terms of other people’s money. 30 years of PITI being paid entirely by someone else is a beautiful thing, and a couple of paid properties can make up most of your retirement income. If one becomes a maintenance hassle, sell it and buy newer construction.

Try to detach yourself from the place emotionally. Drywall can be repaired (and even whole sections replaced for not much $), nail holes filled, flooring replaced. Knowing you could fix a place up as good as new IF you wanted to, will help you accept a do-it-yourself patch job on the occasional doorknob-shaped hole. I would not personally want to live with a doorknob-shaped patch in my own wall, but renters are usually okay with it, and I’ll concentrate on making the house that I call “home” perfect.

Price below market and thoroughly check references, and you’re much more likely to get a respectful tenant.

[Ren]

You people are too negative. Whole life is awesome for those who make $300k and can afford to throw money at bad investments.

[Ren]

You people are too negative. Whole life is awesome for those who make $300k and can afford to throw money at bad investments.

[Ren]

You people are too negative. Whole life is awesome for those who make $300k and can afford to throw money at bad investments.

[Ren]

You people are too negative. Whole life is awesome for those who make $300k and can afford to throw money at bad investments.

[Ren]

You people are too negative. Whole life is awesome for those who make $300k and can afford to throw money at bad investments.

[Author]

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