The guy is stupid and is my mentors idol. He means whole life is good for rich people only but if you are stupid, you will never be rich.

I would love to get advice from you. Love the YouTube show. So informative

But one cannot guarantee good return with mutual funds either.

Guys Dave Ramsey doesn't know what he is talking about regarding insurance. Term insurance gets more expensive as you get older. Unless you die it is worthless.Ramsey is giving bad advice.

I stupidly signed up for a whole life insurance 2 years ago. Do I just bail out of it now ?

?

If the mom is still the payer she is probably still the owner.

Man that's such bad advice. Take a policy loan and use that $7300 to help pay off higher interest debt. the $7300 Keeps growing and you can use it as many times as you need to pay down the debt. It is a waste of capital and a financial mistake to cash this policy out. Especially if his mom is still paying for it. It's FREE Capital.

Just leave your money in a chase saving account and savor the sweet annual interest of 0.01% each year.

Im sure his mom set this up to benefit her grandchildren, not to spoil those years of premiums paying off foolish debt. This selfish instant gratification is cringeworthy.

My newborn sons policy costs $50/mo for fifty years then its paid in full. An estimated death benefit around $400,000, this for premiums of $30,000. All tax free.

So you're saying this mom made a bad move for having insurance on her child? There is no term insurance available on a child… So that rules this out. What would you suggest Mr. Ramsey on an adult without insurance in their 50s-70s that did not buy term and invest anything. Who is going to be there to pay for their burial? Leave this financial burden on their families? I am trying to wrap my head around this concept.

Why not take low interest loan on policy to pay off high interest credit cards?

I think I have one of the best whole life policies where my annual payment is only about 250. With gain of cash value about $1200 a year. Dividends used to purchase more coverage. I’m 25 and sitting at 21k cash value so idk sounds like there are good and bad policies

How ridiculous giving tax advice without even asking what her cost basis is! There’s no way Dave knows how much she paid into into it because he didn’t ask! This guy very well could have a taxable event, but he wouldn’t know because Dave is giving him bad advice. Ignorant !

The cashed out money is only a band aid solution to this couple's debt, they need to modify their spending behavior and never get back into debt again.

Well if he has term insurance through his wife's employer he doesn't need a whole life policy

Buy term invest the difference by the time your term policy is up the goal is to be self insured.

12 times my income in term defiantly costs more than a pizza. Also not everyone is a track star so if your not perfect on the BMI chart your cheap rates double.

That Mom got ripped off. That's terrible.