I’m new to Reddit/this sub and figured I’d ask for advice. Thanks for reading!
I make $4,000 after taxes/deduction in DC, mid twenties. I just moved back home because of covid, and contributing about $500 at home. Since graduating in 2018, I’ve paid $20k for a car loan (barely used, reliable car so should last a while) and $9k in student loans.
I got a financial advisor last year because I knew nothing about finances after school. She suggested getting a whole life insurance and the term plan. Once I hit the emergency savings of $12k, she suggested I get the whole life plus 65 to build more wealth/borrow from it for future investments. Now, I’m thinking I’m paying way too much for life insurance with no children.
Insurance plans (paying $160 monthly for first three, $15 for last one): - 65 life - Whole life plan - While life plus 65
- Government basic life insurance plan
Assets: - $12k in savings account - $8k in Roth IRA (through my financial advisor’s company). I pay $500 a month. - Stocks: $1.5k in Robinhood (just started in March) - Contributing 5%(max match) to Roth TSP
Liability: - $16k in federal student loans (will pay aggressively after CARES act )
- Should I cancel some/all the private insurance plans?/
- Any advice on how to save for a house in the future and grad school?
Thank you all!
Submitted November 10, 2020 at 07:37PM by adjjjjj https://ift.tt/35h9dNe
