Comments on: I just got 500k, what can I do with it? [Financial Fridays] http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/ The Blog of J.J. Merrick Wed, 24 Feb 2010 09:55:25 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: J.J. Merrick http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3460 J.J. Merrick Sat, 07 Jun 2008 00:49:10 +0000 http://jeremiahx.com/?p=147#comment-3460 Yeah, it reminded me that I needed to up my term insurance. I am going to work on a post today about the rates for term going down... so you might want to reapply for your term insurance. Yeah, it reminded me that I needed to up my term insurance. I am going to work on a post today about the rates for term going down… so you might want to reapply for your term insurance.

]]> By: Pinnacle Trade Show Booths http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3457 Pinnacle Trade Show Booths Fri, 06 Jun 2008 22:31:07 +0000 http://jeremiahx.com/?p=147#comment-3457 hi JJ, good advice. I feel for the lady. It's good she had the life insurance policy in the first place, and that it was $500K instead of a "free" work policy that is 2 years salary or something. But its terrible to actually use it. One nice thing though that wasn't pointed out is that life insurance proceeds are tax free (at least at this point). Imagine the added pain if the government took half of it! I agree (1) DON'T listen to the salesman, (2) pay off the house (and leave it paid off!), (3) put some in an FDIC "emergency" fund, and (4) put the rest in a domestic stock INDEX fund (don't bet on a single stock). One should also consider putting some in an IRA or ROTH though where it can grow tax-free for retirement. Bottom line to all of us (at least those with kids). Get life insurance (and enough), pay the premiums every year, and pray you never use it! hi JJ, good advice. I feel for the lady. It’s good she had the life insurance policy in the first place, and that it was $500K instead of a “free” work policy that is 2 years salary or something. But its terrible to actually use it. One nice thing though that wasn’t pointed out is that life insurance proceeds are tax free (at least at this point). Imagine the added pain if the government took half of it!
I agree (1) DON’T listen to the salesman, (2) pay off the house (and leave it paid off!), (3) put some in an FDIC “emergency” fund, and (4) put the rest in a domestic stock INDEX fund (don’t bet on a single stock). One should also consider putting some in an IRA or ROTH though where it can grow tax-free for retirement.
Bottom line to all of us (at least those with kids). Get life insurance (and enough), pay the premiums every year, and pray you never use it!

]]> By: Martin http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3431 Martin Wed, 04 Jun 2008 14:46:36 +0000 http://jeremiahx.com/?p=147#comment-3431 Nice post and right on the target! Nice post and right on the target!

]]> By: Jeff http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3276 Jeff Sun, 18 May 2008 03:24:07 +0000 http://jeremiahx.com/?p=147#comment-3276 The only change I would make is to put the money in FIVE money market accounts that are FDIC insured. Paying off the house would be contingent on the payment and interest rate. With $500k, you can be very close after growing it for a few years to being set for life. While it's tempting to pay off the house, that could do some long term harm if her current income is enough to keep up with all the bills. The only change I would make is to put the money in FIVE money market accounts that are FDIC insured.

Paying off the house would be contingent on the payment and interest rate. With $500k, you can be very close after growing it for a few years to being set for life. While it’s tempting to pay off the house, that could do some long term harm if her current income is enough to keep up with all the bills.

]]> By: J.J. Merrick http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3275 J.J. Merrick Sun, 18 May 2008 03:14:31 +0000 http://jeremiahx.com/?p=147#comment-3275 hahaha, yeah being in Nashville it is hard to miss him :-) Have been listening for about 8 years now so it is slightly ingrained in my head. hahaha, yeah being in Nashville it is hard to miss him :-) Have been listening for about 8 years now so it is slightly ingrained in my head.

]]> By: Troy Allen http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3270 Troy Allen Sat, 17 May 2008 17:39:01 +0000 http://jeremiahx.com/?p=147#comment-3270 Solid advice indeed...it as if you are channeling Dave Ramsey himself. You must be a fellow DR follower, eh? Solid advice indeed…it as if you are channeling Dave Ramsey himself. You must be a fellow DR follower, eh?

]]> By: Mike http://jeremiahx.com/2008/05/16/i-just-got-500k-and-what-can-i-do-with-it-financial-fridays/comment-page-1/#comment-3269 Mike Sat, 17 May 2008 17:29:57 +0000 http://jeremiahx.com/?p=147#comment-3269 Excellent advice and thoroughly right on target. Hopefully this solid and conservative approach is heeded. Excellent advice and thoroughly right on target. Hopefully this solid and conservative approach is heeded.

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