Saturday, November 08, 2008

Financial Service

Hi there..help me settle a discussion. Over on the sidebar I've placed a poll. Really simple question.

If you HAD to choose from one of the following, which would you prefer:

I would contribute $50 per month into an Individual Retirement Account (IRA) in your name, for the next 40 years or,

I would pay $50 per month for a $250,000 term life insurance policy in your name for the next 40 years.

You can only have one, and can't change your mind once we start. Which one would it be?

OK go over and vote your choice on the poll.

And for my friends who are dummies, that means votes don't count in the comment section. You know who you are, too!

23 comments:

  1. I'll go vote in a moment, I'm just curious if I can leave a comment. I tired a few times the other day and nothing would happen.

    Anyway, I got my calculator out and did some calculations and an now ready to vote.

    Monica

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  2. It saved my comment! Woo Hoo

    Monica who is now leaving.

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  3. I'm like Mon...I've had trouble leaving comments a couple times here too. Hopefully this one will save.

    But I did vote! Hope it helps. :)

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  4. I voted but can't wait to hear your reasoning about they vote!
    xx
    lyb!

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  5. I voted, but I thought I would add in some assumptions to my vote. I assumed I had children and no previous life insurance and no trust fund. Change any of those assumptions and my vote would change too.

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  6. Hi Jimmy I voted ~ look forward to knowing the final outcome and the reasons ~ Ally x

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  7. Most people are unaware that after a certain age, with some policies you can cash in your life insurance. With kids, for me it's the best bet. Not to mention it's all dependent on your age when you started each or either. Just my humble opinion. (Hugs)Indigo

    p.s. hope you got my email the other day, I sent it that way in lieu of not being able to comment on that particuliar post. (Hugs)Indy

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  8. Paul just pointed out some life insurance policies can be a scam, the ones that are term life (if I understand this can't be cashed in). Yet you take the risk of losing your IRA with another scare like the recent one we just had...I guess I'm just as confused at the moment...(Hugs)Indigo

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  9. I picked mine, hit vote, but all that came up was web page cannot be found, so don't know if I got a true vote in or not. Let us know which was the most picked. Thanks. Have a good weekend.

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  10. I voted for an IRA. I'd be 68 forty years from now and it would come in handy and would be worth quite a bit. I hope I voted right. LOL You are the financial wiz here. Have a happy weekend JP.

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  11. You left out a few details so it's not all that simple. (our age, do we have kids, etc). I selfishly picked an IRA.
    It's not all about which one would accrue more or when can it be taken.
    Well, you know all that...I just wanna know where you're heading!

    Nance

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  12. PS
    How about answering my email?

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  13. IRA would be worth much less than the insurance.

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  14. I voted but I really have no clue which is better, so I'll be interested to hear about it.

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  15. Isn't term life insurance the wrong kind if you want to draw money out of it? Term is only good a limited time right?

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  16. I picked the IRA, only because I have one now and don't have children so the life insurance is kind of n/a.

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  17. I voted for the IRA because you can't cash in a term life insurance so it wouldn't help you in your retirement. Of course if they tax IRA's like they want they may not be worth much either but at least you get some money back

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  18. good question...I voted just like I did in the election...

    I chose the one I would have less risk with.

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  19. Actually, I would love to hear your thoughts on the topic. I could use some edumacation on this....

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  20. Gut instinct vote. But I really didn't think about it lol

    Curious what the follow up is to this? :o/

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  21. I'm voting and not telling you which one until you tell me that favor you mentioned on myspace. ; )

    BTW I'm "following" you but no seeing when you are updating. SO You must now send me an email each time you do update so I can come and tell you how dumb it is. : P

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  22. I got here too late to vote, but not too late to say hi while I'm on my weekend blogathon blog jog! :-)

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I love comments. I won't lie about that!