How to Get Your Finances Back on Track in 6 Steps

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influenza of MD 7:16PM July 05, 2009

hehe. muser couldn't be more wrong about long term care insurance. it has the highest payout of benefits of any type of insurance. personally, i still can't stand it (long term care insurance) because it's no different than car insurance... you pay and pay and pay and hope you never have a claim and if you don't you DO lose your money. but i still have car insurance. same for my house. odds of losing a house in a fire are something on the order of 1 in 50,000. odds of going into a nursing home are on the order of 1 in 5.
i didn't buy long term care for my wife and i because my life insurance policy has a benefit that would allow me to spend the death benefit while i am alive to pay for long term care. i know i'm gonna die one day, so that seemed like a sure bet.

papatotriplets of TN 10:06AM May 16, 2009

AMEN to Muser of NM !!!
I trust myself more than either. Especially now, after the collapse of prominent icons like Merrill Lynch, Lehman Brothers, AIG, Bear Stearns, et. al.
Obviously the seller of these products has to make a profit, but I wonder if they are going to pockets of the top 7000 insider millionaires (as with Merrill Lynch) instead of caring for me in the future when I need it. Or will they be out of business and NOT too big to fail.
Any way you slice it, they have to collect more from you than they pay out for your care, so on the average you loose.
So I have for years invested those premium equivalents and more wisely for myself. My investments were NOT hurt by the recent financial disaster.
(When you hear rumours of Credit Default Swaps, Collateralized Debt Obligations, TV ads for "interest only mortgages", know that the movers and shakers are living it up on YOUR money, so take your money and run BEFORE they do.}
If not needed, my kids can enjoy my savings instead of an insurance executive.
I trust me. I DON'T trust CEO's. Protect yourself from them. "Government" (AKA the SEC) obviously doesn't, even in spite of repeated warnings about Madoff. Learn from it.
Above all DON'T put more than you can tolerate loosing in one investment (i.e.Bernie Madoff). And never take your eyes off investments for one day. Put trailing stops on your stocks, use low cost brokers, CD's and all other means to insure you loose little, if any, when the big shots take their Golden Parachutes (YOUR money) and run as "government" says "tsk, tsk".

W. L. Head of NC 9:49AM May 16, 2009

but I'll bet that your chances of beating the house are better at a blackjack table or slot machine than your chances of actually winning a gain from either long term care insurance or an annuity product.
Yes, I know there are serious conservative reasons to insure against living too long or too ill. But can someone please tell us the flat-out percentage of all money going into old age insurance products (plus imputed interest at a market rate) that actually comes back to policyholders?

Muser of NM 11:13AM May 15, 2009