I applied for life insurance and was asked a question. What is your net worth?
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Viewing 7 posts - 1 through 7 (of 7 total)
Viewing 7 posts - 1 through 7 (of 7 total)
It made me take a hard look at what we have. We don’t have a million but there’s strong savings, a decent home and two old cars, all paid in full. I always felt that it wasn’t enough.
Then I remembered a friend telling me about her daughter and son in law who make great money but have zero savings due to a rich lifestyle.
Their net worth is hardly anything. I used to agree that there’s a limit to what you can save but no limit to what you can earn.
Now I know that earning way too much is only good for appearances if you are also spending way too much.
Yep! A lot of so called wealthy people don’t have a lot of savings because they gotta “ keep up with the Jones”. Brand new cars, upkeep on expensive homes, gym memberships at the high end ones etc.
Read “The Millionaire Next Door”. They are not the people you think they are.
Why would an insurance company ask your net worth. Red flag.
I heard about a car insurance asking to see 3 past years of tax forms. Red flag
My finances are nobodies business. It’s called tracking. Go elsewhere.
It’s not what you make, it’s what you spend.
I wonder when I see so many younger people with nice houses newer cars. Yeah. In the end, you can’t go back to redo. Make a plan early. Retirement is not cheap and really scary when it comes. You can’t devalue saving and planning early. One never can fully prepare for the future but try.
It’s not how much you make but rather how much you save.