04 Oct 080 Financial Excellence: Buy a Boat or Buy a House?
Episode 80: From the Mailbag: Should I Buy a Boat (and more) Oct. 4, 2011.
Today Guest Steve Stewart from Money Plan SOS joins me to answer questions from listeners about buying boats, life insurance for children, and where debts with judgments fit in the debt snowball.
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- Rita wrote in with a question about a whole life insurance policy on her daughter. She wants to know if she’s wasting money on whole life insurance or if she should buy term insurance for her daughter.
- Matt called in a question about old debts with judgments on them. He wants to know if he should pay them first when he saves up a little money or if he should work the rest of his debt snowball first.
- Dave Ramsey’s advice on debt doesn’t make any sense either. That’s because his advice isn’t based on math or current financial philosophies. It’s based on emotions, behaviors, and the advice you’d find in the Bible.
- My favorite question for the day came from Jackie. She and her husband are debt free and currently renting a house. They live near Lake Michigan and love to spend time on the water. Jackie wants to know if they should buy a house or if it’s ok to keep renting so they can buy the boat they want to live the lifestyle they want. They also have retirement and college savings in place, and her husband earns a great income.
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