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Radical Personal Finance
988: Friday Q&A: Critiques of Joshua's Recent Advice, Too Many Businesses, Too Little Time, Converting Term to Whole Life
Jan 5, 2024
The podcast covers topics such as critiques of recent advice, the struggle of focusing on multiple businesses, converting term to whole life insurance, the importance of mindset and practical tools in achieving financial success, deciding between a nine-to-five job and self-employment, aspirations for affluence and family life, challenges of self-employment and hedging against potential loss, analyzing certifications and the ATM business, and the importance of valuing life insurance.
01:20:03
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Quick takeaways
- Assess the coverage needed for whole life insurance by considering funeral expenses and cash reserves.
- Evaluate your financial class and asset base to determine the appropriate coverage for whole life insurance.
Deep dives
Using Whole Life Insurance as an Emergency Fund
When considering using whole life insurance as an emergency fund, it is important to first value life insurance and appreciate the benefits of having permanent coverage. Start by assessing the amount of coverage needed for funeral expenses and cash reserves, typically around $100,000 or a relevant number for your situation. Consult with an insurance agent to determine the premiums for the desired death benefit. Review the cash accumulation projections after a certain period, typically five years, to ensure it aligns with your financial goals. Adjust the coverage and premium amounts to meet your specific needs and circumstances.
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