Hello All,
And thank you for any advice provided.
For the past couple of weeks I’ve been trying to reevaluate my finances and there’s one spot that I just can’t seem to choose a side of the fence to land on.
For a little background my financial picture looks a little like this:
Income: $1800/week. Soon to become $1,710/week due to restructuring.
This is post-tax and includes insurance and 401k deductions
Mortgage: $1808/month
Owe $149,800 on a 15 year plan
Student Loans: $410/month
Owe $75,000
Currently deferred due to COVID-19
NewYork Life insurance: $308/month
The NewYork Life Insurance is the portion of my finances that has me questioning what to do. I currently have my 401k maxed out and all other savings go towards a high yield savings account. I also have a few thousand that I use to play in the market with but these haven’t been very fruitful. I am single and got the life insurance because I was told that with time the dividends would begin to add up and it would turn into a positive investment that I could dip into for retirement, but even now I’m still very confused as to how it works.
Am I better off keeping the life insurance even though it ends up eating ~$3,600 a year, and will it be an accounts I can pull money from in the future without any penalties, or am I better off saving that money and throwing it into my high yield savings/paying off mortgage faster? Thank you again for any advice :)
Submitted July 29, 2020 at 10:38PM by IAmTheLemmingKing https://ift.tt/2DfZzyT
