MoneyWise Live | March 4, 2019

Riverboat Gamblers (Unnecessary Financial Risk)

Show Notes

A lot of folks who wouldn’t dream of going into a casino or buying a lottery ticket are actually some of the biggest gamblers around. Without even realizing it, they put their financial well-being on the line every day. 
So let’s make sure you’re not one of them. On this MoneyWise Live, our host Rob West reveals some of the unnecessary risks people take with their finances. You’ll want to take notes. Why are we pointing fingers about gambling today?  Well, perhaps we should call it risk-taking - where folks taking unnecessary risks with their finances.

  • Four out of 10 adults have little or no emergency fund.  FYI - these are the 3 legs of the stool of basic financial stability:
    • Developing a spending plan
    • Living on less than you earn
    • Building up an emergency fund
  • Surveys show 1 out of 5 households with children under 18 have no life insurance. 
  • We recommend an inexpensive term life insurance policy that pays 10 to 15 times the take home pay of the breadwinner.
  • 10% of us are still taking a health insurance risk.
  • 1/3 of working Americans have no disability insurance? 
  • Long term care insurance. Too many people heading into their “golden years” don’t have it. 

Next, Rob and Steve answer these questions at 800-525-7000 or via email at Questions@MoneyWiseLive.org:

  • What is the best way to apply your tax refund to some credit card debt with respect to credit score?  Should you pay in a lump sum or gradually?
  • What are the pros and cons of investing your money into annuities?
  • If your husband is advising you to roll your investments into an indexed annuity, should you do it?
  • If you currently have a savings account for your 16 month old daughter that isn't earning much money, what should you move the money to?
  • If you're a few years from retirement, have about $200,000 from the sale of a business, you have no debt and your mortgage is paid, in this time of transition, what should you do with the money?
  • If your daughter is married with a new-born and entered into her marriage with about  $15,000-$20,000 of combined credit card debt, what should their priorities be for directing their money?
  • If you received a flyer from CITI for opening an online savings account, should you go for it?
  • If you recently began receiving disability benefits, what should you do with the money you receive?

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