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Assess Financial Needs First
- Before adding complexity like a LIRP to your finances, assess if it aligns with your actual financial needs and goals.
- Maxing out all possible accounts without a strategic reason can be suboptimal and unnecessarily complex.
Term Life Plus Brokerage Investment
- Invest in a brokerage account and buy term life insurance if you want life insurance plus investment flexibility.
- Term life covers family needs temporarily, while investments grow for retirement and other opportunities.
Focus on Financial Goals
- Focus deeply on your financial goals before deciding where to allocate funds.
- Consider near-term goals alongside retirement plans to ensure a well-rounded financial strategy.