Not too long after we got married, we decided to be smart. We decided to get life insurance and start saving for retirement. Unfortunately, we got introduced to whole life insurance. We were excited about it. We thought, "Hey! We'll hit both goals in one shot." Now, we're kind of regretting that. So sorry to any of you that we advised to "Be smart, like us." I hope you didn't listen.
Now, under better advice, we're getting term life insurance and doing our own savings for retirement. Well... Okay. Never mind. It's a long story. But the short story is we're much more financially-wise now. The thing that kills me is when I told this to my mom, she said, "I could have told you not to do whole life insurance." Could have just asked mom and saved ourselves some money. Oh, well...
For some good advice, read Dave Ramsey's "The Total Money Makeover." And if, like us, you're a little wary of financial advice, read Elder Hales' talk from this past conference and see how much they agree!
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3 comments:
I do very much dislike learning lessons the hard way--especially the financial ones. But they are some that definitely stay with me afterwards! It's unfortunate so many do not want to listen to others' wise, been-there-learned-from-that financial advice. I was sadly too guilty of that myself. That's why I must cheer "Yay! for Total Money Makeover!"
Craig and I just finished reading Total Money Makeover! It's great!! We are really excited to get things going in the right direction :). Sorry you had to face those challenges. But we live and learn, right?
Heidi - luckily, we haven't made too many big mistakes. And this one wasn't huge either. Glad we are not too much further behind for it.
Shara - Glad y'all found the book so early in your marriage! That will make things much easier. :) We've been lucky in that we've never fought about money, or even really disagreed, but it's nice to have something to look to for practical advice.
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