Financial Debates – Debt, Mortgages, Life Insurance & Mutual Funds

Today’s Prep:

This or that? Depending on who you listen to, you may have heard a variety of opinions on these financial debates. Eric shares his thoughts on debt, mortgages, life insurance, and mutual funds.

(Click the featured times below to jump forward in the episode)

 

Equipping Points:

[1:06] – IN THE NEWS: STUDENT LOAN DEBT

  • Bernie Sanders wants to forgive about $1.6 trillion in student loan debt. Is this a good idea or realistic?
  • Who is going to pay for it?
  • The first rule you should learn about taking out loans.
  • Eric gives his take on the topic.

[3:55] – PAY OFF DEBT OR BUILD UP SAVINGS?

  • Both are important but here’s how you treat yourself.
  • Strategy you should use in your life.

[5:00] – KEEP A MORTGAGE OR PAY OFF HOUSE AS QUICKLY AS POSSIBLE

  • Why do people say mortgage debt ‘better’ than other types of debt?
  • Eric shares a client example of someone wanting to pay off their mortgage with retirement account money.
  • Is it advantageous to refinance?

[7:11] – TERM LIFE INSURANCE VS PERMANENT LIFE INSURANCE

  • What is term life insurance?
  • When would term life benefit you?
  • What type does Eric carry?
  • What is permanent life insurance?
  • Both have advantages and disadvantages.

[8:54] – MUTUAL FUNDS: GOOD OR BAD?

  • What can mutual funds provide and are they still as solid as they used to be?
  • Are exchange-traded funds better?
  • With mutual funds, the actions of others can impact you.

 

Related Resources:

PODCAST: 3 Questions You Should Ask a Potential Advisor

PODCAST: If Retirement Were Like a Game Show

Today’s Takeaway:

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Should You Adhere To Conventional Financial Wisdom?

October 10, 2019

What common financial advice have you heard that is actually worth following? Do these concepts provide a better financial future for you and your family? Or are these ideas more damaging in the long-run?

Read More

How To Create A Retirement Plan Without Compromises, Part 2

October 3, 2019

We all want a certain sense of safety and security, but we also need the growth and potential that comes with risk. So how do you weigh out the two and create a plan without compromise? What tools can be used to achieve the right combination of both safety and growth?

Read More

How To Create A Retirement Plan Without Compromises, Part 1

September 26, 2019

When making any decisions, you may get to a point when you have to make some compromises. How about when it comes to your retirement plans, are you making too many compromises?

Read More

How To Handle Financial Pain Points in Retirement

September 19, 2019

When planning for retirement, there are a number of pain points that can come up to cause stress and fear for the future. What are some ways you can address these pain points now?

Read More

Can Financial Planning Be A DIY Job?

September 12, 2019

Wondering whether or not you really need a financial advisor or if you could just figure it out on your own? Why do people choose to approach financial planning like a DIY project, and why do some of those DIYers later change their mind?

Read More

What’s In Your Financial Junk Drawer?

September 5, 2019

We all have that drawer in the house with random odds and ends–some of it valuable and some of it you have no idea what to do with. What about in your financial files or folders? Do you know what’s what and what needs to go?

Read More

What You Should Ask (But Probably Forgot) When Planning For Retirement With Your Spouse

August 29, 2019

Did you take the trash out? Oh, and what is our income plan after one of us dies? One of these is a question you might ask your spouse regularly after dinner while the other one is important but often overlooked. We’ll talk about five questions you should start to ask now when it comes to planning your retirement with your spouse.

Read More

Strategizing for Retirement (Just Like In Chess)

August 22, 2019

The fun and challenge of games such as chess is a bit similar to planning for retirement. We’ll talk about how it takes a lot of pieces and the right plays to win in the end.

Read More

How To Ask Better Financial Questions

August 15, 2019

Asking questions is always a good thing. The more you ask, the more you understand. But sometimes you don’t get the answer you need until you ask the right question. These four common financial questions are a bit better when they are rephrased and reconsidered.

Read More

Financial Mythbusting: Making A Financial Plan Based On Reality

August 8, 2019

Do you know the difference between a financial myth and financial reality? When you make a plan for your future, you want to make sure it is based on what’s true. We’ll talk through four ideas to discover whether they are myths and real.

Read More

Leave a Comment