When he wasn’t flying kites in thunderstorms, Ben Franklin often wrote thoughtful sayings. One of his wisest goes like this: “He who goes a-borrowing goes a-sorrowing.” On this edition of MoneyWise, Rob West and Steve Moore explore the dangers of debt with Kingdom Advisors founding director, Ron Blue. Next, they answer your questions at (800) 525-7000 and Questions@MoneyWise.org about the following:
- My wife and I are retired. I’ve had a life insurance policy for years. Is it OK to cash it in and prepay for funeral expenses?
- We were part of an adoption fraud case. We are out $25,000 to $30,000. We are stuck with this burden until the court case is resolved. Should we take some money out of my husbands retirement to make ends meet?
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