Life Insurance/Burial Insurance/Preneed Arrangements

[LAW DAWG]

I have been trying understand for a while why so many of our people fail to prepare for what is inevitable. Leaving your family with the burden and worry of having to take care of your final arrangements is a very selfish act.

With that said, can any of you explain why this type of dysfunction is pervasive in our community? Why is it so many could care less about leaving their kinfolk better off financially as result their coverage?

 

[Olde Hornet]

Americans are not taught about money and finances. When you grow up where there is no education about money, you cannot expect their children to get what you are talking about. The wealthy and upper income people that I konw, especially those with generational wealth, educate their children about what you are talking about.

Poor Education about money is the answer to your question.

 

[LAW DAWG]

Americans are not taught about money and finances. When you grow up where there is no education about money, you cannot expect their children to get what you are talking about. The wealthy and upper income people that I konw, especially those with generational wealth, educate their children about what you are talking about.

Poor Education about money is the answer to your question.

If only it was that simple. I agree that is some of it, but I have known people that knew better but gave no thought to doing better. It almost seemed like it was a cultural norm to them to remain trifling.

 

[Olde Hornet]

Its hard to break a lifetime of no training about money.

One of my best friends in the Philadelphia area was from old money (main line if you know anything about Philadelphia), when I was having a conversation about money with their daughter, it was so clear that the knowledge she had about money vs someone without that knowledge was amazing. This was knowledge passed down through the family.

Many in our community reject knowledge, they feel that you don't respect them when you are just trying to educate them. Their street committee knowledge about money is more important than reality.

 

[bernard]

Here is a good read on how to obtain wealth.

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.
View: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=asc_df_1589795474/?tag=hyprod-20&linkCode=df0&hvadid=312673449485&hvpos=&hvnetw=g&hvrand=13164376549099721767&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9013951&hvtargid=pla-334747853238&psc=1

View: https://www.youtube.com/watch?v=VwOAQXlcC8I

 

[LAW DAWG]

Here is a good read on how to obtain wealth.

The bestselling The Millionaire Next Door identifies seven common traits that show up again and again among those who have accumulated wealth. Most of the truly wealthy in this country don't live in Beverly Hills or on Park Avenue-they live next door. This new edition, the first since 1998, includes a new foreword for the twenty-first century by Dr. Thomas J. Stanley.
View: https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=asc_df_1589795474/?tag=hyprod-20&linkCode=df0&hvadid=312673449485&hvpos=&hvnetw=g&hvrand=13164376549099721767&hvpone=&hvptwo=&hvqmt=&hvdev=c&hvdvcmdl=&hvlocint=&hvlocphy=9013951&hvtargid=pla-334747853238&psc=1

View: https://www.youtube.com/watch?v=VwOAQXlcC8I

I read the first edition, let someone borrow it and I never saw it again. It was an illuminating book that challenged notions in my head about who the wealthy are, and it further convinced me some of the earlier moves I made, prior to reading it, were the right ones for the path I set out for myself.

Just some fyi for anyone this can help:

A man once told me he shunned whole life insurance and chose term insurance instead because it was cheaper. He took the difference and invested it into a 457B account. He also said through the years whenever his compensation increased he put half of the increase into the account. His last words were it has worked out very well.