Me [24M] and my girlfriend have been living together for about 2 years. We're both getting our life and careers on the way. My concern is that her father (who owns his own company and makes ~$200,000/year) and her Step-Mother (nurse practitioner making probably around $130,000/year) are giving her imo poor advice financially.
I've always talked to her about saving money and building for the future ahead. She just got a job at a hospital and she sent her dad a picture of her offered benefits. He told her she's too young to start putting away money in her 401k for retirement or to start paying life insurance. While i disagree strongly with the 401k decision and a bit with the life insurance.
I told her me and her should be putting money into our retirement as soon as possible. I showed her the difference in her 3% - 6% 401k which is matched up to 6% by the hospital. It showed that if she starts today at 21, she should have around $1.5 - 2 mil in retirement at 65. But if she waits until 25 it drops by more than $400,000. I'm trying to convince her the earlier we start the better off we'll be. But she says her Dad says that she's too young to be putting money into retirement.
My Dad has also told me I should have a life insurance policy because the younger you are the cheaper it is. It's dirt cheap for a 21 year old, and increases in price by a shit ton by 30 or 40. But her Dad also says she's too young to have life insurance
My girlfriend is also trying to be a nurse. It will cost her roughly $3,000 at a community college to complete her RN where the hospital will pay her a wage of $80,000 (They hire from this college a lot). We can pay for that easily out of pocket, and then once she's making $80,000 she can go for her BSN and not have to go into student debt. And also the hospital will help pay for it.
Her stepmom says she should just take out the student loans now and go for her BSN from the get go, and just pay off the student loans afterwards.
So basically putting her in a 2 years to become an RN and possibly another 2 years to get her BSN. But she'd do it debt free.
Or take 2 years to get her BSN from the get go, and spend 1 year paying off student debt.
My girlfriend already has an associates in science. But if she goes straight for the BSN, and fails a class or 2, or god forbid she changes her mind about her career path, she still has to take out more and more student loans. When she could just do the whole thing debt fucking free. But my girlfriend keeps leaning towards her parents advice, and I feel like they're honestly bad decision, who cares how much money they make. Am I wrong? Should she follow her parents advice? Because out financial vision is drastically different, and it's putting a toll on me.
EDIT: Life insurance seems to be a non-necessity.
EDIT 2: It's not stated here but marriage is on the table, hence why we started talking about finances.
Submitted July 17, 2019 at 05:54PM by Pinanims https://ift.tt/32youWw
